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All You Need to Know About Ethereum & ETH

By May 15, 2019 No Comments

Launched in 2015, Ethereum is the world’s leading programmable blockchain.” Its native currency is Ether (ETH), which is a cryptocurrency. As all other cryptos, Ether is decentralized, digital store of value. You can transfer it instantly worldwide. The number of ETH units in circulation is small.

Ethereum – World’s Second Largest Blockchain

Ethereum, on the other hand, is a blockchain network. Furthermore, it is a real community. And a very active one. What does it mean? Basically, it is open for developers to build applications on it. Such apps are considered to be reliable, as once uploaded to Ethereum, they will function as programmed.  Ethereum is a community, because it involves a great number of developers globally, who work on development of new applications. It also includes a significant number of contributors who work on improving the protocols, as well as apps. Ethereum is the place where most of the apps we are using today was built. Some of those include e-wallets, various payment apps, investment apps, entire crypto markets, popular games where you can own in-game items and trade them among other users. All this live on Ethereum.

ethereum crypto

ETH & How to Purchase It

Going back to the cryptocurrency itself, the ETH, you should remember that it is a digital currency and shares basic features with other cryptos. Enclosed below is a step by step guide on how to purchase the ETH.

  • Create your account on either Gemini, Coinbase, or Kraken.
  • Verify that account by uploading a variety of docs to prove your identity, as requested. Verification will take a day or two, depending on the overall usage of the platform or price fluctuations.
  • The next thing you should do is secure funds in your exchange to enable you to buy ETH. This can be done by simply following instructions on the exchange platform.
  • Once you have purchased the ETH, make sure to withdraw the ETH to your e-wallet (secured with private keys) so you can have full control over your assets.
  • Private keys are actually passwords secured with other passwords, all in order to let you enjoy the safety and anonymity.  Make sure to open your account and set the passwords before you withdraw the ETH to your wallet. Once you have an account, you will receive the address – which you should enter on your exchange in order to transfer the ETH to your own account.

There are apps that can help you do all this by simply following the steps. One of those apps is MyCrypto Desktop App.  Dealing with cryptos for the first time can be confusing until you get used to it. That is why we suggest you try the smaller amounts first. After all, it is better safe than sorry. With cryptocurrencies, there is no going back and reversing the transfer. However, the platforms, the software and the protocols are all there to protect the users and make your assets handling easier than ever before.     

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