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How much does Ethereum cost?
Ethereum, as a cryptocurrency, is characterised by a very dynamic price volatility. The chart changes at every moment of the day, for every day of the year. Even the smallest positive or negative news related to cryptocurrencies can be reflected on the curve of the chart, so the ability to follow the live price is very important.
Since its beginnings in 2015, Ethereum has increased in value by tens of thousands of percent - exactly
Ethereum is a global cryptocurrency, but its prices can vary between currencies, countries and even individual digital currency exchanges. Different cryptocurrency rates are due to different factors and characteristics, the most common factor being differences in liquidity between exchanges, but any this platform is a good source of data - it all depends on where you want to sell cryptocurrencies and at what price.
ETH USD Price Within 24h
The current price of Ethereum (ETH USD) today is which means that in the last 24 hours, the price of ETH (Ethereum) has changed its value by .
ETH PLN Price Within 24h
On the Polish market, Ethereum (ETH PLN) is priced at , which means that the price of Ethereum has changed by in the last 24 hours.
Staring at ETH charts has started to bore you? Maybe it's time to buy Ethereum? Get in the game and start your trading adventure now!
What is Ethereum (ETH)?
Ethereum is an open-source decentralised blockchain that has its own cryptocurrency - Ether (ETH), also called ethereum and its own programming language, Solidity. The project was outlined in a whitepaper back in 2013 and the blockchain was launched on 30 July 2015.
Ethereum was created as a groundbreaking project - which is why, as the world's first cryptocurrency, Ethereum's ICO is based on crowdfunding. Thanks to its unique properties, users have gained access to a simpler way to build decentralised applications that are resistant to censorship, downtime and fraud. Projects that can be executed on ETH include security programs, payment methods, but also voting systems.
Another unique feature of Ethereum, are smart contracts, which facilitate the exchange of money or any other value. Such contracts are created using the Ethereum Virtual Machine (EVM).
How does Ethereum work?
Ethereum can be described as a global, programmable blockchain. It differs from BTC in that financial services, games, but also applications can be created on it - decentralised and supporting payments in Ether - a currency free from fraud, theft and censorship.
Transactions on the ethereum blockchain use cryptography to verify and maintain security. Analogous to BTC, users use
computers to dig
mining, and to solve complex mathematical problems that confirm the transaction and add a new block to the blockchain.
Ethereum's evolution from PoW to PoS
Users of the Ethereum network, currently, receive tokens for granting computing power based on proof-of-work consensus. In 2020, the network underwent a streamlining, evolving into Ethereum 2.0. The streamlining changed the way transactions are confirmed and new blocks are mined from Proof-Of-Work to Proof-Of-Stake, which will significantly reduce the energy required for mining.
What is a Smart Contract on the Ethereum Network?
A smart contract is a program that runs on the Ethereum blockchain. A smart contract, is code and data that resides at a specific address on the blockchain. Contracts, are a type of ETH account, meaning that they have balance (funds) and are able to execute transactions on the network. However, the funds on contracts are not disposed of by the user - they are executed according to a pre-programmed code.
User in the Ethereum Blockchain
The user's role is limited only to confirming transactions executed by the automated code. A Smart Contract can be created by any user - all that is needed is the knowledge of how to create such a contract and a sufficient amount of available ETH in the wallet. Running a smart contract, from a technical point of view, is very similar to executing an ETH transaction, so you also need the means to pay for it.
Who Created Ethereum (ETH)?
Vitalik Buterin - Creator of Ethereum
Vitalik Buterin was born in 1994 in the Russian region of Moscow. When he was only 6 years old, he emigrated with his family to Canada. Already in the 3rd grade of primary school, Vitalik was perceived as a gifted student and he realized that he was attracted to mathematics, economics and programming.
Buterin learned about bitcoin at the age of 17 - from his father and just 2 years later, he created and published the Ethereum white paper. In 2014, he fully committed to the ETH project. Before his own cryptocurrency, Vitalik was a contributor and author at Bitcoin Magazine.
Gavin Wood - Co-founder of ETH
Equally important founder-co-founder of ETH, is Gavin Wood - a British programmer who programmed the first technical version of ETH in C++ and co-created ETH's programming language, Solidity. Before ethereum, Gavin worked at Microsoft.
Charles Hoskinson - Co-founder of ETH and Founder of ADA
One of the fundamental founders of ETH. He left the team in 2014, disagreeing with the Non-Profit path that Ether and its associated platform were facing. After leaving the ETH team, he got involved in creating his own crypto project, Cardano. The project has become very popular with users, making the cryptocurrency owned by all major exchanges, with the volume of exchanges and transactions completed catching up with the first cryptocurrency he got involved in - namely Ether.
What is the Supply of Ethereum (ETH)?
Ethereum has no set upper supply limit, meaning it is an inflationary currency. The current supply of ETH is , and the 24h volume was . Currently, the idea of setting a supply cap for ethereum is still under consideration. In 2019, co-founder Vitalik Buterin proposed setting the limit at 120 million, although a proposal of 144 million has also come up for discussion.
Despite the lack of an overall supply cap, since the 2014 ICO, an annual supply cap of 18 millionhas been set and is decreasing every year, meaning that ethereum inflation is declining.
By introducing a supply limit, the price of 1 eth would skyrocket very quickly, while chasing bitcoin's quotations.
Why is Ethereum So Expensive And What Affects Its Price?
The launch of Ethereum was met with great optimism by business giants, which has had a very positive impact on the Ethereum (ETH) exchange rate since the beginning of this cryptocurrency. Santander, Microsoft, JP Morgan, ING German Bank and Ubisoft, among others, showed interest. Each of these huge corporations saw the huge potential in the Ethereum network from the very beginning.
The ability to build decentralised applications, or use cryptocurrency to create tokens based on the Ethereum ERC-20 standards (the most popular), have caused a furore.
Tokens that were created on smart contracts in the ethereum blockchain (ERC-20):
- Tether (USDT);
- Uniswap (UNI);
- ChainLink (LINK);
- TRON (TRX);
- BitTorrent (BTT).
The most popular decentralised applications based on the Ethereum blockchain
The popular mobile app Brave, which is integrated with both BAT and ERC-20 tokens, was also developed based on Ethereum (ETH). Of the decentralised apps (dapps), it is also worth mentioning the popular NFT project CryptoPunks, which is currently worth almost $2 billion.
Already knowing some of the factors affecting the current ETH exchange rate, start your investment adventure today and buy your first ETH!
Ethereum wallet - Which cryptocurrency wallet to choose?
Security is the most important aspect of investing in cryptocurrencies - as the philosophy of crypto goes - everyone is their own bank, which means that the level of security of the user's funds is at a level that the user himself will take care of. What to look for when choosing an ethereum wallet?
First of all, as an Ethereum Hodler you need to decide whether you want to hold funds offline or online - what's the difference?
Hot cryptocurrency wallets
Hot cryptocurrency wallets, A characteristic feature of this type of wallets is a constant connection to the network, which on the one hand allows you to react to the current exchange rate of ethereum - so that a quick sale is not a problem, but on the other hand - a constant connection to the network can expose our funds to cyber attack. The most convenient of these are cryptocurrency exchanges (an account on a cryptocurrency exchange is always free!), desktop wallets, but increasingly also recommended wallet - mobile application.
Are you going to be farming your ETH and not really interested in using them in the short term? The convenience of a mobile app doesn't change much in this regard? You might be interested in storing your funds offline....
Cryptocurrency cold wallets
Cold cryptocurrency wallets tend to be characterised by staying offline. Most often they are hardware wallets, less often a piece of paper. Cold wallets are a guarantee of the highest level of security. Their downside is that they are not very mobile - they come in the form of a specifically designed flash drive. Apart from their mobility in the real world, they also have a significantly lower mobility in the digital world.
Which ethereum wallet to choose?
It depends - if you become a true hodler who keeps your funds and doesn't intend to do anything with them, but you also want the highest level of security and backup capabilities - be sure to check out the hardware wallets available.
If in addition to being an ETH Hodler, but you also want to earn extra money from owning a significant amount of Ethereum - be sure to check out why you should stack on the Ethereum 2.0 network. One example of a Node-Wallet on the Ethereum (ETH) network is Geth, which is the official Ethereum app.
Is it necessary to buy all of Ethereum?
Like BTC, the ETH cryptocurrency is also divisible into smaller parts - analogous to fiat currencies into pennies. Ether, on the other hand, is much more divisible than Bitcoin. 1 BTC is divided into 100,000,000 SATs, while 1 Eth is as much as 1,000,000,000,000,000,000 Wei. In contrast, the more commonly used unit is the GWei (Gigawei), which is equal to 1,000,000,000 Wei.
ETH Cryptocurrency - Detailed Breakdown
Interestingly, each Eth subdivision has a unique name.
- Wei (wei) - From Wei Dai, who created the concept of all modern cryptocurrencies. He is best known as the creator of Bitcoin's predecessor, B-Money;
- Kwei (babbage) - From Charles Babbage, a mathematician, philosopher and inventor who designed the first computing unit - also known as a differential machine - which is regarded as the precursor to the computer;
- Mwei (lovelace) - From Ada Lovelace, a mathematician, writer and programmer who published the first algorithm;
- Gwei (shannon) - From Claude Shannon, American mathematician, engineer and one of the founders of information theory, known as the Father of that theory;
- Twei (szabo) - From Nick Szabo, a scientist and cryptography specialist who did pioneering research into digital contracts and digital currencies;
- Pwei (finney) - From Hal Finney, a scientist and cryptography specialist who was one of the early developers of BTC;
- Ether (buterin) - From Vitalik Buterin, the creator of Ethereum.
Is Investing in Ethereum Safe?
As with BTC and other cryptocurrencies, ETH is secured through cryptography. In the past, there was a way to orchestrate an attack on DAOs (Decentralized Autonomous Organization), the smart contracts contained in the ethereum network. Ether worth $60,000,000 was stolen using one attack.
As the DAO contained almost 15% of the entire Ethereum asset, the attack had a very negative impact on the cryptocurrency community. Fortunately for the project, Vitalik Buterin and the Ethereum Foundation reacted very quickly to the attack by proposing a soft-fork containing a security enhancement. The fork split Ethereum into two parts - enhanced ETH and Ethereum Classic.
Since unbundling, cryptocurrency listings have drifted significantly apart, the idea of a completely secure and decentralised network like ETH has kept the community larger, which has translated into a higher price and further improvements (although this was the last update that resonated so much in the crypto world).
Attack resistance 51%
In addition to its value storage properties, ETH shared another property with BTC - vulnerability to a 51% attack. This type of attack, involves taking over 51% of the computing power present in the blockchain, which translates into the ability to block transactions, dig up new blocks and even enable double spending.
For good reason, the above paragraph is written in the past tense. On December 1, 2020, Ethereum 2.0 was introduced, and the project is no longer based on a consensus of work (PoW), but on a Proof of Stake (PoS).
What is the difference for the attacker?
Citing 2018 data.
To run an hourly 51% attack on Ethereum in 2018 when it was based on PoW ,
only about $283,000 was needed, but to run one with a consensus PoS, you would need a takeover of half of Ethereum, which would then consume about $19,720,000,000.
Differences between PoS and PoW
PoS is the second most common consensus. In contrast to PoW, it is much more efficient. First of all, it does not require as much computing power.
In the case of bitcoin, the entire security of the network is based on massive computing power, and as is well known, computing power comes at a cost. Among the biggest of these are the cost of computer hardware and the cost of electricity. Due to its use of electricity resources, BTC is considered by manyto be
a polluter ofthe earth, which has affected the perception of this cryptocurrency by many internet investors.
In the case of PoS, those network users who own a significant portion of a given asset are responsible for posting funds. As understood by the creators of the PoS consensus, no one in their right mind, owning the majority of a given cryptocurrency, will act against it. Therefore, the Proof of Stake is gaining a growing number of followers and is likely to become one of the leading consensus in the world of digital currencies.
Is Ethereum Better Than Bitcoin?
Bitcoin and Ethereum are two different worlds. BTC, is a store of value - identical to gold. Ether, on the other hand, despite its ability to store value, has a wide range of technologies that make up more of its value.
What does Ethereum bring to the table?
- Solidity programming language (more user-friendly than BTC blockchain);
- Facilitated construction of decentralised applications (dApps);
- Smart contracts;
- More scalable transactions than BTC.
The Ethereum network, together with the programming language, is a huge platform that allows smart contracts or the creation of decentralised exchanges.
Despite the technical ability to bet smart contracts on BTC's blockchain technology, Solidity and the thriving developer community behind the Ethereum blockchain are making a huge difference, creating a huge likelihood that ETH will outperform BTC's listing.
Another weak point for BTC is high transaction fees, which often involve a decision to move to newer, more scalable solutions - where each transaction is faster and carries lower costs. The substitute used for transactions, are very often currencies built on ERC-20, which are a great part of a decentralised network.
Remember that investing in cryptocurrencies requires more awareness and knowledge than in the stock market, and is even sometimes more difficult to comprehend than CFDs (here it is worth mentioning that CFDs on cryptocurrencies have also been around for a while). Before you decide to fill your portfolio with Ethereum or any other cryptocurrency, first repeat the moves of the best investors and check Google for all the necessary information.
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