What is Ethereum?

Ethereum was created in 2015 by Canadian-Russian programmer Vitalik Buterin and English computer scientist Gavin Wood. At the time, Bitcoin was starting to increase in value and popularity, but Vitalik saw a need for a cryptocurrency that could achieve more, and so he created Ethereum.

Ethereum is more than a standard cryptocurrency, as it allows users to trade all sorts of items, including NFTs. When people say they want to buy Ethereum, they’ll actually purchase Ether (ETH), which is the coin (or token) used on Ethereum. When you’d like to interact with the Ethereum blockchain through applications or by purchasing items (such as NFTs), you’ll need to buy ETH. You can also buy Ethereum, hold onto it, and then sell it after its value increases.

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Learn more about Ethereum

An easy way to understand Ethereum is to think of it as being similar to your smartphone. A developer can build an app that works on smartphones, and users can interact with the apps. Instead of developing apps suited to work on smartphones, crypto developers will build apps on Ethereum.

Today, smartphones are ubiquitous, and many crypto developers are only just starting to uncover the full potential of developing using applications on Ethereum. New technologies take time to develop, but developers and users are coming to understand the benefits of operating on decentralised networks.

A common use for Ethereum is peer-to-peer lending. For example, a developer can build an app using Ethereum that allows individuals to lend money to each other. This type of transaction removes banks from the equation and allows people control over where their money is used. To participate in this type of transaction, you’d need to buy Ethereum (ETH). There are many benefits that come with peer-to-peer transactions, including speed, removal of human error and bias, and reduced fees.

Ethereum works in a similar fashion to Bitcoin, where it exists on thousands of computers. These computers act as nodes, and if one computer was to fail (or is attacked), it can be removed without harming the structure of the entire network. The people who operate the computers are known as miners as they are rewarded with ETH after processing a certain number of transactions.

All transactions carried out using Ethereum are entirely open to the public. People who mine ETH will regularly release verified transactions to the public.

Unlike Bitcoin, the supply of ETH is infinite, but it is capped at 18 million new coins each year. New ETH is created by collecting a fee attached to each transaction, and new ETH is used to pay miners for their work. The fee attached to each transaction also aids in limiting the number of transactions carried out on the network allowing it to function correctly.

Buy Ethereum

When you buy Ethereum, or any cryptocurrency, having a solid understanding of what it is can help you choose if it is the right option for your investment dollar. Ethereum is a decentralised blockchain platform, and its primary purpose was to offer more functionality compared to Bitcoin.

If you’re interested in buying ETH and other cryptocurrencies, you’ll need a secure crypto wallet and an account with a broker or crypto exchange. At BTC.com.au, we offer a simple, secure, and trusted method to buy cryptocurrency in Australian dollars (AUD), and we even provide an efficient crypto wallet that integrates seamlessly with our platform so you can easily access your funds on the go.

How to buy Ethereum?

If you find yourself searching online ‘where to buy ETH’, then our exchange platform at BTC.com.au can help you get started on your trading ventures as we provide you with access to an efficient cryptocurrency wallet service through which you can buy Ethereum or other cryptocurrencies.

After you have ETH in your crypto wallet, you can use it to make purchases, play games, or even lend money to others. Using Ethereum, you can do almost anything you’d typically complete over the internet. One significant reason to use ETH for transactions is that you can do it anonymously. When you use the internet for transactions, it is not free to use as many people think because you’re selling your personal information and data – often without being informed.

When you select a broker or crypto exchange, you can have any coins purchased added to your wallet. You can decide to spend your ETH on Ethereum or choose to hold them for a while and then sell to convert your ETH or BTC for cash.

What affects Ethereum’s price?

Many factors contribute to Ethereum’s price. The first factor is how many people want to buy Ethereum. If there is a high demand and a small supply, prices will tend to rise. If many people are looking to sell and there are not as many buyers, the price will drop.

The price of Ethereum can also be dictated by the price of other cryptocurrencies, especially Bitcoin. While Bitcoin currently dominates and influences the crypto market, some think Ethereum will soon overtake Bitcoin and become more popular. Investors will often speculate about how this could affect the price of ETH.

If you’re interested in trading and buying cryptocurrency, including ETH and BTC, you can open an account with BTC.com.au and start trading immediately. At BTC.com.au, we can show you how to buy cryptocurrency, and offer you an easy solution for investing in ETH, BTC, and many other popular crypto coins. Open your account today!

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