What is Ethereum?
Ethereum can be better understood if you understand the internet and how it works. For starters, we all use the internet. You are reading this now through the internet.
What is the internet and how does it work? The internet in simple terms in the interconnection of computers around the world through what is called servers or routers. The connected computers can receive and send all kinds of information such as videos, voice, graphics and text. What this implies is that the owners of these servers or routers (Facebook, Google, Amazon etc) can interfere with or control the information on the computers connected to them. If they can, the government also can. For example.
For example, Facebook can shut down your Facebook account if you fault their policy, google and yahoo can also do the same. A whole website can also be shut down by a hosting company. Secondly, hackers sometimes attack this system and get hold of people accounts.
Ethereum was basically created to give users full control of their content online. Just as Bitcoin was created to decentralize money by removing 3rd parties in money exchange, Ethereum was created as a decentralized platform for developers to build apps on.
Ethereum was invented by Vitalik Buterin in 2013 (he was only 19year old then). He proposed Ethereum because he felt Bitcoins should include script language for apps on the Bitcoin Blockchain but was not able to gather support to implement it on the Bitcoin Blockchain.
When Ether (ETH) became tradeable in 2015. One Ether was traded for $0.3, today (Aug. 2017) one Ether is well above $300.
What is Ether (ETH)?
The Ether is the value for one Ethereum Blockchain token. In a more simpler term; Ether is the currency of Ethereum Just the USA has the Dollar (USD) and Nigeria the Naira (NGN). You must have Ether to be able to develop an app on the Ethereum network; it is used to pay for Transaction fee and computational service on the Network.
Ether was not designed as a currency for exchange of goods and services like Bitcoin. However, you can buy Ether as an investment and sell it when the value increases.
What is Ethereun Classic (ETC)
Ethereum Classic is a cryptocurrency that resulted from a split in the Ethereum Blockchain. This split took place because of a disagreement in the Ethereum community.
What really happened?
A hacker found a way to steal 60 million USD worth of Ethereum coin. To salvage this event, one group in the Ethereum community proposed that there be a hard fork in the Ethereum block chain and the stolen Ether be returned to the original owners. Another group disagreed, stating that ‘Code is Law’, that is should not be tampered with. So the ETC, in reality, is the original Ethereum while ETH is the Ethereum that has undergone hard fork.
Ethereum Wallet: Where can I store My Ether?
There are lots of Platforms that provides wallet for Ethereum both free and paid. To get you started I will state 3 platforms where you can store your Ether for free.
- Coinbase: Coinbase now provides wallet for 3 cryptocurrencies; Bitcoin, Ethereum and Litcoin.
- Blockchain.info: Use to provide wallet for only Bitcoins, now they have expanded to include wallet for Ethereum and Bitcoin Cash. Users can also exchange these coins for one another on this platform for a minimal fee.
- Coinomi: Coinomi is a secure Application available only to Android user for now (desktop and iOS coming soon). They provided wallet for 278 cryptocurrencies. You can also exchange cryptocurrencies on this platform. Read my review on Coinomi
How to Buy Ethereum Instantly and Reliably
Here are some well know companies where you can buy Ethereum from anywhere in the world.
Buy Ethereum On Coinmama
Coinmama was launched in 2014. They have sold Bitcoin worldwide and have now included Ethereum. You can Buy Ethereum on Coinmama from anywhere in the world with your Debit / Credit Card. Coinmama has gained a reputation over the years by offering good services. Their exchange rate is also quite fair when compared to other exchanges.
Buy Ethereum on Coinmama
Buy Ethereum on Cex.io
CEX.io is a worldwide seller of Ether. This site allows users to buy Ether Instantly with Credit/Debit Card. The exchange rate on Cex.io is quite high where compared to other exchanges this is exchanges this is because they integrated their fees into their exchange (which I think is quite good so you see all you are paying at once.)
Buy Ethereum on CEX.io
Buy Ethereum on Coinbase:
Coinbase is the cheapest platform to buy Ether with Credit/Debit Card. The challenge with Coinbase, however, is that their exchange service is only available to 33 countries. If you are from a country like Nigeria for instance, you can open an Ethereum wallet on Coinbase but you cannot buy Ether directly from the Coinbase platform.
Buy Ethereum on Coinbase
Buy Ethereum through Bitcoin
Another way of buying Ethereum is through Bitcoin. If you already have Bitcoin, you can easily exchange it for Ethereum. If you don’t have Bitcoin, there are numerous methods of buying Bitcoin using various payment methods as you find suitable. Once you have your bitcoin, you can exchange it for Ethereum on these platforms.
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