What is Ethereum? | How to Create ETH Wallet | About Ether Token

The Ethereum is the blockchain based open source digital software platform. The Ethereum is created for various purposes while the Bitcoins are only created for one purpose i.e. the digital currency. The Ethereum is developed with several benefits by rectifying the minor mistakes made while developing the bitcoins. Since the Ethereum uses blockchain technology, it is the safest platform to build the application that can be protected from frauds, hackers, leaks.

What is Ethereum?

What is Ethereum?

The Ethereum is the open source software platform that enables the developers to develop and deploy the decentralized applications. The Ethereum was invented by Vitalik Buterin. The Ethereum applications are not controlled by an individual or a central entity. Instead, the Ethereum blockchain network is run by millions of volunteers across the Globe.

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Ethereum Smart Contract:

  • The Ethereum is not just created for peer to peer digital currency transactions. The smart contract mechanism is used for creating applications to automatically process the conditions.
  • The smart contract is the script or the code that runs on the blockchain network. Based on the application, the code is executed to process the instructions.
  • This technology is used in hundreds of application that runs on blockchain including real estate, shares, exchanges, digital banking, mortgages, money exchange, voting systems, financial applications, etc.

About Ether Digital Currency(ETH):

  • The Ether(ETH) is a digital currency similar to the Bitcoin, Litecoin, etc. The ETH is used for operating the smart contracts on the Ethereum network.
  • The ETH is called the Ether token and few searches for Ethereum coin.
  • The Ether is used by the application developers to pay for transaction fees on the Ethereum network.
  • The ETH value is determined by the real-time buying and selling. The Ether value is volatile and it varies depending on the availability and market balance.
  • When the users continuously sell the ETH, its value decreases and similarly hikes on demand.

Bitcoin vs Ethereum:

  • The Bitcoin is the peer to peer digital currency and is only used for transactions. The Bitcoin is the base for all the applications using the blockchain technology.
  • The Bitcoin is used only as of the money by the Bitcoin users.
  • The Ethereum operates similar to the Bitcoin network. While the Bitcoin is primarily used as the digital currency, the Ethereum does not act as the form of money, but it operates the smart contract.
  • The Ethereum allows the users to send and receive the value of ETH tokens over the open network.
  • Bitcoin Mining is limited to 21 million Bitcoins but there is no limit in Ethereum mining.

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Ethereum Virtual Machine(EVM):

  • The Ethereum Virtual Machine(EVM) is the software that runs on the Ethereum network simplifies the creation of blockchain applications.
  • It is easier to build applications using EVM. Such applications are highly efficient.
  • The EVM helps the development of various applications all on one platform.

What is the use of Ethereum for the Earners?

  • Though the Ethereum helps the huge organizations and app developers to create their own safe applications using smart contract technology, here we talk about the uses of Ethereum for the online earners.
  • The ETH is similar to Bitcoin which can be used as the virtual money. By earning ETH, we can sell it for USD or any other currency.
  • Like ETH can be sold for USD, EUR, INR, and other major currencies, the ETH can be exchanged or converted into other cryptocurrencies like BTC, LTC, zCash, etc. based on the current market value.
  • While the BTC is the major cryptocurrency that is accepted widely around the world, some of the online websites and services accept ETH as a payment option. So, you can send ETH to purchase products and services on those sites.
  • Since ETH value is volatile similar to the Bitcoins, we can trade ETH to make the profit. So, make use of the ETH trading to make a decent profit. While ETH value is volatile, it’s not as fluctuating as BTC price in the market. Hence, to make a higher profit, I recommend you to go with the BTC trading instead of ETH trading to earn more money in the shortest period of time. Been said about the positives of Bitcoin trading. It has higher risks if you don’t have any knowledge about trading.
  • Ethereum technology is growing every day. So, this will be the right time to earn ETH. The ETH value is said to reach thousands in the future so it’s not too late to earn or invest in ETH.

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How to create Ethereum Wallet Online:

  • Creating the Ethereum wallet is as simple as creating a BTC wallet. Moreover, the Coinbase has the feature to store both Bitcoin and the Ethereum in the same account.
  • So if you have an account on the Coinbase already, go to the Coinbase account and click Accounts. You will find both the Bitcoin and the Ethereum wallet as shown below.
Ethereum wallet
  • To explore over 250 currencies including ETH, BTC, ETC, LTC, Dash, at the same place, I recommend using CoinPayments instead of Coinbase.
  • Click the “Get wallet address” link at the right side to get the Ethereum wallet address.
ETH Wallet Ethereum Address
  • We can store the Ethereum, Litecoin, Ethereum Classic, Bitcoin, etc. safely on the Coinbase account. This helps us to maintain the major cryptocurrencies at the same place. The Coinbase will add the functionalities to store more cryptocurrencies in the future.
  • If you don’t have an account in Coinbase, click the link given below to start a free online wallet right away.

Click here CoinPayments.

Click here Coinbase.

How to Create the Ethereum wallet for Mining ETH:

  • The Coinbase advises its users not to send the mining rewards directly to the wallet. So, if you’re planning to mine ETH, I recommend you download the Jaxx wallet.
  • The Jaxx wallet allows us to store multiple cryptocurrencies in a single place. So, we don’t have to create an individual wallet for each cryptocurrency. 
  • Jaxx is available on different platforms including Windows, IOS, Android, Linux etc.

Click here to download Jaxx.

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