What is Ethereum Used For?

Ashish Nishad

Ethereum is the second most popular cryptocurrency.

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Peoples are very curious about cryptocurrency after they listen to the word cryptocurrency they very excited about investment but it a very necessary to understand and know the basic about cryptocurrency and How it works. Let's start with the first cryptocurrency. 

What is Cryptocurrency?

Cryptocurrency is a digital asset or virtual currency that is designed to work as a medium of exchange and transaction purpose. Individual coin ower record and store cryptocurrency in a ledger in a computerized database using a strong crypto secure transaction record. 

Cryptocurrency is decentralized it can't control regulated by a government organisation and central bank. It works on blockchain technology and distributed ledger which enforce by a network of computer. 

What is Ethereum?

Ethereum is a decentralized opensource cryptocurrency that works on blockchain technology. Ethereum is the second most popular cryptocurrency it's a market capitalization of $493.65 Billion. It trading at $2,462 after a tweet by Elon Musk. It affects Ethereum prices it lost $1500 in ten days. 

Ethereum developed by Vitalik Buterin in 2014 with an initial supply of 72 million coins it went live in June 2015. Its uses as both form transaction and programming language. Most developers are using Ethereum to build a decentralized application.  

Ethereum works on a blockchain network that makes it more secure for a transaction. In the coming years, Ethereum will gain more market capitalization because used to build a decentralized application that is more secure to other applications.

How does Ethereum Work?

It is a cryptocurrency and works on a blockchain network. A blockchain is decentralized all the transactions are recorded which makes a network more secure and efficient.  

It is a public distributer network anyone participates in the Ethereum network and holds an identical copy of this ledger and sees all the past transactions. It is a decentralized network that can't control or manages by any central organisation.  

Blockchain has a very important role it is used in a cryptocurrency to keep all the transaction secure and verify the network. Peoples have used a computer to mine and solve a complex mathematical equation that confirms a transaction and adds new blocks. 

Ethereum is used to buy and sell good and services same as bitcoin. Recently Ethereum gets more attention from an investor for its different working structure after that, its prices grow rapidly.  

Is It Safe To Buy Ethereum?

Ethereum is volatile in nature its prices are going up and down every day it can be risky but it has a strong foundation and in coming years it will be most use developing decentralized application. Currently, around 2 lakh developers are working and contributing to Ethereum.  

Ethereum lost $1500 in the last 10 days but right now it performance are stable. Ethereum is the future of the internet in future most application will develop by the using Ethereum programming language.

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It will be the best option for long term investment in Ethereum. It has the ability to become beat Bitcoin.  

Before investment chooses a trusted wallet read all terms and condition. In the cryptocurrency market fraud happen every month. Be aware!

In this month DeFi100 cryptocurrency runs away with $32 million. But after DeFi100 tweet on its Twitter account DeFi100 website hack by a hacker. Fraud happens in a cryptocurrency market before investing in any cryptocurrency do proper research and take advice from the investor. 

Can Ethereum Make You Rich?

It is possible! There is no such way you can get rich quickly!

Ethereum is different from all other cryptocurrencies it uses both programming and transaction purpose. In future, Ethereum will be most used to develop the decentralised application. 

Investor and expert predict that Ethereum will gain more value over time. This indeed method you can hold Ethereum for a long time it will gain more profits.  

If we see Bitcoin as an example it gets a quick hike at the end of 2020. Many investors make lots of profits. Right now the situation is different after a tweet by Elon Musk. Bitcoin gets half of it to price it volatile in nature it valures quickly turn and goes an up and down. 

Ethereum is more stable compare to Bitcoin and it has a different working structure. It has the ability to gain more crypto market value in future. 

It is Worth Buying Ethereum?

If we see the past of Ethereum it will definitely worth investing in Ethereum. In 2020 Ethereum prices between $130 to $740 but 2021, it touches high and break all previous record and reach $3649. 

After a tweet by Elon Musk, it goes down its current value to $2,361. 

Final Thought

Ethereum is a great digital asset for a long term investment. Its working structure different from other cryptocurrencies. It can be the next internet. 

Most developers are using Ethereum to build decentralized applications. In future, most application develops by using the Ethereum programming language.

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Engineer, Content Writer, Dreamer. I write About Productivity, Investment, Money and Ideas.

New York, NY
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