ADVERTISEMENT

Should you invest in ethereum in 2018?

ADVERTISEMENT

Must Read

Price Analysis of BTC, ETH, XRP: 19th September

With the recent addition of $53 billion by the Feds in the banking system has affected the price of...

North Korea’s latest weapon: Cryptocurrency

After China, now North Korea is planning to work on building its cryptocurrency to avoid strict international sanctions and...

Arab Switzerland Bank accepting cryptocurrencies: Swiss crypto interest increasing?

As more and more banks are collaborating with fintech firms to enter the growing list of well-known players entering...

If you wish to know the details of Ethereum without delving into highly technical depths of it, this is your best option. It is vital to understand the basic underlying principles of the working of Ethereum and how it is different from other cryptocurrencies. Just like Bitcoin, Ethereum uses the technology of blockchain and is an open source platform enabling distributed computing to feature smart contracts. These smart contracts run exactly as programmed and do not fall prey to any network downtime, fraud, system failure or third party interventions.

Blockchain has been reconfigured to allow developers to build smart markets, store logs of liabilities and move capital in accordance with long given instructions. This powerful shared global infrastructure helps in exchanging value and displaying ownership. Developed voluntarily for Ethereum Foundation, a Swiss non profit organisation, this platform is supported by several operating systems including Linux, Windows, MacOS, POSIX, Raspbian. Applications such as electronic voting, trading, digital record of property assets are being developed and deployed at faster rates and brilliant customer satisfaction.

In even more simpler words, Ethereum is an open source and public platform developed upon the concepts of blockchain to help users create smart decentralized applications.

 

How does Ethereum differ from Bitcoin?

Both Bitcoin and Ethereum are decentralized, distributed open source, public blockchain networks however, there are major differences in its potential and purpose. Bitcoin is a peer-to-peer electronic cash system that enable transactions and purchases via Bitcoin payments. The Distributed Bitcoin network keeps a track of the ownership of each and every Bitcoin in the community. On the other hand, the focal point behind the concept of Ethereum is to run the programming code of a  decentralized application. Just like E-mail was one of the most particular and spectacular use of the Internet, it wasn’t the only use and many more applications were developed based upon its concept. Similarly, Bitcoin was the foremost application of the Blockchain technology but isn’t the only one application.

 

In the Bitcoin community, Bitcoins are mined. However, a different form of cryptocurrency is used in Ethereum called Ether. Users do not mine Ether but earn them and make transactions and purchases on the Ethereum network using this Ether. Settlements on Bitcoin take an average of 10 minutes to pull through, however, Ethereum aims at an even faster processing time of just 12 seconds. Unlike Bitcoin mining which has a notoriously energy consuming process and is recommended only on industrially large scales, Ethereum works on a ‘proof of work’ algorithm which enables and encourages even individuals towards decentralized mining.

Another feature to take note of is that the internal code of Ethereum is Turing complete. In simple terms this means that as long as one has enough computer power and time anything on the network can be computed. This gives developers innumerable possibilities to work with.

 

Currency and Fuel of Ethereum, should you invest in ethereum?

Ethereum in itself is not a digital currency but an open source decentralised platform which no single point of control. All operations are not run by a central governing authority but a group of volunteers all around the world. The computational asset used to pay for services on this network is Ether. Not only are transactions settled using Ether, but it is also used to make any changes in any applications on the Ethereum network. This is a sort of transaction fees one needs to pay for successful processing of changes and thus Ether acts as a ‘fuel’ in the Ethereum network too.

 

Why should you invest in Ethereum in 2018?

Owing to the decentralised nature of the Ethereum network, it is immutable. Censorship is impossible and it is corruption and tamper proof. With no point of central control and secure cryptographic methods used, it is immune to fraud and hacking activities. The distributed network is run by a group of dedicated volunteers worldwide owing to which there is no scope of network downtime or network failure.

Any and all centralized service or application can be turned into a decentralized application. The only limitation one encounters while working with Ethereum is their own personal creativity. Anything from bank loans to voting systems and regulatory compliance and much more can be executed on Ethereum. One can also build a DAO – Decentralized Autonomous Organisation. Run on an ensemble of smart contracts written on Ethereum’s blockchain, DAOs are run on a code which replaces a traditional structure. This eliminates the need of a single regulatory body.

 

What does one mean by a smart contract?

A smart contract is simply a code which enables exchanges with respect to money, property or anything that holds some value on the Ethereum network. Once run, it acts like a self operating program when required conditions are favorable. Ethereum gives its users the flexibility of doing whatever sort of operations they wish to.

 

How to access Ethereum?

If one has educated themselves with the basic working and principles of Ethereum (which is the most important step before starting any venture), one would now obviously want to know where they could actually do all this work.

One of the simplest ways to get started is using the ‘Mist’ browser. Not only does it provide a user friendly interface to build smart contracts but also provides you a digital wallet. A digital wallet or Ethereum wallet is where one holds and secures their Ether and/or other digital assets that have been developed using Ethereum which are basically your smart contracts. Needless to say, it is important to keep the private key of your digital account wallet in a safe and secure location to avoid any unfortunate incidents.

Another option available is the MetaMask browser extension available on Google Chrome. One could easily get it from the Chrome Web Store here.

 

How to get Ether?

The next obvious step for a user would be to learn about how to get Ether. One of the most easiest and convenient sources to buy Ether is from a cryptocurrency exchange. There are several options one could explore such as Bitstamp, Coinsquare, Coinbase, Kraken, Cex.io, Shapeshift, Poloniex, Coinmama. It is important to choose the exchange which falls under your area of jurisdiction i.e. one which is not illegal in your country since you wouldn’t be wanting to face any criminal charges. Simply set up an account on either of these exchanges and use you money – hard cash via wire transfers or money in your bank accounts, to buy your Ether tokens. Always make sure that you store your assets in a secure digital wallet which is mostly always provided by these exchanges too.

One could also get their Ether tokens via peer-to-peer trading or by mining. However, the supply of Ether is virtually unlimited unlike Bitcoins (where only 21 million Bitcoins are available), users usually get their Ether tokens via a secure exchange. Once you have as many tokens as you wish or require, you can start building your own decentralised applications on the Ethereum platform.

 

What next?

Ethereum has slowly gained mainstream attention and more and more people are now actively considering building smart contracts using this decentralised platform. Ethereum is an invention which is here to stay and would soon change the way the Internet works. Ethereum is set to revolutionise the way industries work and the way services and products are provided to their users.

If one is still unsure about working with the Ethereum platform, there are several online courses one could make use of. Blockgeeks is one such option one could look into for assisted guidance. There have recently been several books in both paperback and Kindle editions, which could guide you and clear your doubts regarding Ethereum. Introduction to Ethereum and Solidity by Chris Dannen, Ethereum: A look into the world of Ethereum and how to trade and invest this cryptocurrency! by Ben Abner, Investing in Ethereum: The Ultimate Guide to Learning and Profiting from Cryptocurrencies  by Oscar Flynt a few books one could look into.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

38 comments

  1. […] is possible to affix affiliate marketing links in both your articles and through banners and ads. invest in ethereum will probably pay you each time each of your audiences click throughs by means of. Together with […]

  2. […] a knack for producing, there are several online portals that offer help writers of all amounts. how to invest in ethereum like iWriter and Create.com let you write for many different options who require properly-written […]

  3. […] invest in ethereum can be among those that make money from working online. Utilize the suggestions which were just given to you. Soon, you will learn that you can to generate a stable earnings. Begin with the suggestions which can be the easiest and make the right path approximately taking care of all kinds of jobs. […]

  4. […] ways to generate money on the internet, so don’t pigeon pit yourself to merely one approach. invest in ethereum up multiple avenues of income so that one drying out up won’t make you in the lurch. If you […]

  5. […] the notion that you believe they may be incapable of looking at for their own reasons. As soon as should i invest in ethereum set out to feel insulted, it will likely be harder so that you can convince them to hear […]

  6. […] on. Do some extensive investigation that offers everybody edges of the topic at hand. Make should i invest in ethereum with this and use it inside your conversation. You’ll be happy you well prepared when you can […]

  7. […] you must create the presentation in. Determine if your speech will hold well without a microphone. invest in ethereum with the equipment to find out how it works. Use any graphic tools about. Look at the volume of eye […]

  8. […] one particular person from the audience who seems trustworthy and concentrate on them. Imagine like should you invest in ethereum of you would be the only folks in the room. A significant reasons why people are scared of […]

  9. […] will recoup your preliminary financial expense, what’s more a income. By failing to guarantee invest in ethereum , your investment conclusion is only an asset that could maybe information to a drop in extra of […]

  10. […] it to a rental. In this way, you can make a much more compact down payment and get increased terms. should i invest in ethereum can do the occupation on the home at your leisure and then ret it out when you are completely ready […]

  11. […] Should you invest in ethereum in 2018? If you wish to know the details of Ethereum without delving into highly technical depths of it, this is your best option. It is vital to understand the basic underlying principles of the working of Ethereum and how it is different from other cryptocurrencies. Just like Bitcoin, Ethereum uses the technology of blockchain and is an open source platform enabling distributed computing to feature smart contracts. These smart contracts run exactly as programmed and do not fall prey to any network downtime, fraud, system failure or third party interventions. Blockchain has been reconfigured to allow developers to build smart markets, store logs of liabilities and move capital in accordance with long given instructions. This powerful shared global infrastructure helps in exchanging value and displaying ownership. In even more simpler words, Ethereum is an open source and public platform developed upon the concepts of blockchain to help users create smart decentralized applications. […]

  12. […] Should you invest in ethereum in 2018? If you wish to know the details of Ethereum without delving into highly technical depths of it, this is your best option. It is vital to understand the basic underlying principles of the working of Ethereum and how it is different from other cryptocurrencies. Just like Bitcoin, Ethereum uses the technology of blockchain and is an open source platform enabling distributed computing to feature smart contracts. […]

  13. […] Should you invest in ethereum in 2018? If you wish to know the details of Ethereum without delving into highly technical depths of it, this is your best option. It is vital to understand the basic underlying principles of the working of Ethereum and how it is different from other cryptocurrencies. […]

  14. […] It actually is also about how the countrywide latest market and your group sector are trending. If should i invest in ethereum see a probable dip coming prior to lengthy, you may probably want to hold out out on developing an […]

  15. […] you. It really is also about how the countrywide market and your group market area are trending. If is it good to invest in ethereum see a option dip coming swiftly, you may perhaps properly want to maintain out out on earning an […]

  16. […] for investing your income. Stick to what can make you revenue, and that is it. Ordinarily review is ether a good investment ‘s receive cost as opposed to what you can make from it in phrases of rental or repairing up […]

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Price Analysis of BTC, ETH, XRP: 19th September

With the recent addition of $53 billion by the Feds in the banking system has affected the price of...

More Articles Like This