Ethereum is a community-built technology behind the cryptocurrency ether (ETH) and supports thousands of blockchain applications. Ethereum is one of the world’s largest programmable blockchains and the second-largest cryptocurrency platform. Ethereum was originally built on Bitcoin’s system and was the brainchild of Vitalik Buterin, a Russian-Canadian programmer who proposed the idea in 2013 when he was 19 years old, and brought it to life in 2014.
Ethereum is the do-it-yourself platform for Decentralized Applications, also known as Dapps. It allows the creation of a decentralized program that no one person can control or takedown, not even the creator, because thousands of computers are used to create and verify the network.
Even though both Ethereum and Bitcoin utilize blockchain technology, they differ when it comes to their purpose and functionality. Bitcoin’s main offering is a peer-friendly digital money system. Ethereum, on the other hand, concentrates on creating a system that supports the coding for blockchain technology such as Dapps through its coding language, Solidity. Ethereum showcases how the interconnected system surrounding digital currencies has expanded along with the increase in demand for altcoin currencies. The more a system and its supported currencies are used in transactions of various kinds, the higher the value of that system and the associated value of the token in its ecosystem.
The blockchain technology that supports digital currencies can at times have high fees for associated actions within the platform, such as gas fees. Gas fees are costs paid by users for the computing power required to validate transactions on the Ethereum blockchain. Additionally, the stability of the governance that oversees a token plays a key part in determining the price of a cryptocurrency. If there is little faith in the governing system or those making decisions within a currency ecosystem, the price may decrease.
The price of Ethereum can be influenced by what the news reports on it, such as market conditions, geo-political occurrences and technology updates. Good news could result in a price increase, while bad news could negatively impact the price. Additionally, the public’s perspective on the cryptocurrency market can generally affect the prices of specific tokens as well.
To buy or sell Ethereum, first it is required to set up a wallet. A wallet can be installed on a phone or computer, or an account can be created on a trading platform, like a centralized exchange or decentralized exchange. Follow the below steps and you’ll be ready to make your first purchase. In addition to crypto trading exchanges, you can purchase Ethereum through the following methods including:
Localcryptos.com can connect you with people in your area who are willing to trade crypto for cash. State that you’re interested in Ethereum and then specify your location and that cash is your preferred mode of payment. Once you pay in cash, the seller will transfer the Ethereum to your personal wallet.
PayPal enables PayPal customers to purchase Ethereum. However, you must keep the Ethereum in your PayPal wallet. You cannot transfer it to your own wallet. If you want to withdraw, you can only sell it back to PayPal and withdrawal the cash.
Ethereum is available on almost all trading platforms. Below is an overview of two of the most reputable trading exchanges that offer Ethereum:
First launched in China in 2017, Binance has quickly grown into the largest cryptocurrency exchange platform by trading volume.
Binance boasts a robust asset portfolio with more than 100 currencies and 500 trading pairs including Ethereum. With its expansion, it has already supported multiple payment methods which is exceedingly beneficial to the users.
Coinbase is the oldest crypto exchange platform. It is regulated to engage in business in more than 40 states in the U.S. and it also supports users in different countries around the world. Coinbase also offers a platform with more advanced trading features called Coinbase Pro.
Cryptocurrencies like Ethereum can be unpredictable. When investing it’s important to bear in mind that highs and lows are both likely. The best time to buy is when the price is low to incur maximum gains when the price rises. Follow the trends to figure out the days when the price is low.
If you are still thinking about buying Ethereum but would like to know what other cryptocurrencies you can purchase, here are some other options for you to consider:
PKT is listed on Bittrex and BitMart exchanges for purchase. These are reputable exchanges that trade globally and provide access to worldwide liquidity markets. In the future, investors will be able to purchase PKT from numerous other cryptocurrency exchanges.
PKT can also be purchased OTC via the PKT Trading Group on Telegram. You will need to join the Telegram and it is recommended to use escrow services which are available in the chat. Once you join the group, you can post and view bids to purchase PKT. Before you buy PKT, you will need to set up a PKT Wallet.
PKT can also be acquired as wrapped PKT ($wPKT) on PancakeSwap. WPKT is a Binance Smart Chain token that is pegged to PKT on a 1:1 basis. To trade wPKT you must go to PancakeSwap and set up a MetaMask wallet. Fund your wallet with $BNB and then you buy wPKT. Once you have wPKT, you can choose to safely swap back into PKT using a website called ODApp.io, or keep your tokens in your wallet.
There are several ways to mine PKT. PKT is a proof-of-work mined coin, which means it is mined using the world’s first proof-of-work algorithm called PacketCrypt.
When mining PKT miners are paid in PKT Cash. There are two types of mining: announcement mining and block mining. Announcement mining is done with CPU and bandwidth. Anyone can participate in announcement mining by simply installing the PacketCrypt software on a computer or server and joining a PKT pool or multiple PKT pools of their choice.
Another way to mine is through block mining. This type of mining is much more technologically demanding and can only be initiated by setting up a PKT mining pool.
The appeal of PKT is that it’s a legitimate and new type of technology with a low barrier to entry. Anyone with an internet connection and a computer can participate and begin to accumulate the PKT Cash currency. As more people connect bandwidth to the network, the result of a new decentralized network powered by the people. The PKT Network is designed to provide low cost internet access. This real-world application, along with fast transaction speeds and near-zero gas fees will help get the next 1 billion people get access to the internet.
Have you decided where to start investing in cryptocurrency yet? Having established itself as the world’s second-largest cryptocurrency blockchain platform, Ethereum is ideal for beginners and experienced traders alike.
Go back to Blog →
Share this article with your friends
Blockchain & Internet Decentralization
Hi Pkteers! On October 25, 2023, the PKT Community held its bi-monthly Discord roundtable discussion, where Pkteers shared the latest news and updates about the project. Read along to get…
Updates
An inside look at the blockchain that pays based on internet bandwidth.