Ethereum (ETH): what it is, An overview of the cryptocurrency and platform, the price and chart of the ETH rate
Ethereum (ETH) is a platform for creating decentralized applications (smart contracts or smart contracts) on the blockchain. It has a variety of applications in many areas, but among the main ones are the use as a cryptocurrency, writing smart contracts, conducting ICOs. The editorial staff of Btcnewsweb.com will try to understand in detail what Ethereum is, what it is for, how it works, and will tell you about the process of obtaining the ETH cryptocurrency,
The Ethereum project started in 2014, money for the development of the platform was collected during the Initial Coin Offering. In total, 31,549 BTC were collected through the sale of tokens. The project was successful, so the investors made good money. One of the founders is a Canadian with Russian roots – V. Buterin.
Cryptocurrency Ethereum (In English, the short form of Ethereum is ETH), or, as it is also called, simply Ether, is the second largest by capitalization after Bitcoin. It is the platform’s internal currency. The market value (capitalization) of coins as of December 17, 2021 is more than $465 billion, which is almost 20%; cost 1 ETH = 3920 USD. It is traded on almost all crypto-exchanges, including Binance, EXMO, Currency.com, OKEx, Huobi, Bybit, Cex.io, FTX.
Unlike Bitcoin, Ether has unlimited emission, although the annual number of new coins is 18 million. The number of coins already issued is more than 103 million ETH. Compared to Bitcoin, it has a faster confirmation time of transactions on the network. According to the developers, Ethereum does not compete with Bitcoin, but complements it in the digital ecosystem.
ETH price to USD
|Name||Price||Market Cap||Supply||Change % (7D)||Performance|
ETH to USD chart
|Name||Ethereum (in Russian Эфириум)|
|Market capitalization||465 616 504 841 $|
|Current issue||118 778 182 ETH|
|Maximum emission||Not limited|
|Consensus Algorithm||Proof of Work|
|Number of transactions per second||15|
|Time to process one block||0,25|
|Cryptocurrency exchanges||EXMO, Binance, Currency, Bybit, Gate.io, Huobi Global, etc.|
Ethereum (ETH) to Tether (USDT) chart
Exchange rate chart Ethereum (ETH) to Tether (USDT) according to Binance exchange rate.
Ethereum wallet for storing cryptocurrency
Before purchasing Ether, you need to create an Ethereum wallet to store them securely. For this purpose, there are several ways, but be sure to check their performance by entering a small amount before making a large purchase or transferring ether coins, and do not forget about the safety of passwords and keys:
- Download the EthereumWallet client program from the official website of the platform developers: ethereum.org.
It is used to store Ethereum cryptocurrency and other ERC-20 coins created in the Ethereum application. Each operating system and its bitness has its own version of the EthereumWallet program. After downloading the archive to your computer, unzip it to the desired folder and run it.
After starting the program, the process of synchronization with the Ethereum network will start, and information on all transactions will be downloaded. The process is lengthy and takes several hours. You also need a lot of free space on your computer – several tens of Gigabytes, so it is advisable to buy an external hard drive. When the synchronization is complete, assign a name to the wallet and use it.
On the site and the ability to download the EthereumWallet wallet to a mobile phone with Ios or Android support.
- We use a cryptocurrency exchange to store Ethereum.
After opening an account on the exchange, wallets are created where you can store the purchased cryptocurrency. But it is recommended to use this method for short-term exchange operations (buy cryptocurrency or sell it) and subsequently transfer virtual coins to other wallets.
For example, on the EXMO exchange, immediately after registration, a wallet is created in 12 currencies, including Ethereum (ETH). On this exchange, you can buy Ethereum for rubles, hryvnia, dollars and euros.
- Create an Ethereum wallet using online services.
For example, the sites MyEtherWallet or Blockchain. The registration procedure is simple. Follow the instructions on the websites carefully and keep the keys or files in a safe place. You don’t have to download anything to your computer, which will save free space and time.
- Using local third-party wallets (desktop and mobile applications). They are usually used to store many cryptocurrencies. For example, multicurrency wallets – JAXX, Coinomi, Exodus, etc.
- Purchase hardware wallets. This is the safest way to store coins. The most popular device is the Ledger Nano S.
Where to buy or exchange Ethereum
Ethereum cryptocurrency can be purchased in several ways, the main ones are:
- Buying from online e-currency exchangers is the fastest way to get Ether, and the rate will be weighted average.
The main thing is to choose a reliable exchange office. List of trusted services:
For example, the exchange service Prostocash. Reviews on the Internet are positive. In addition to Ether, you can buy Bitcoin (BTC), Dash (DSH), Zcash (ZEC), Litecoin (LTC), Dogecoin (XDG), and other coins.
For example, we change in the direction “Sberbank – Ethereum”. For 20000 rubles RUB we get 0.08 ETH.
Thus, exchange operations can be performed with other currencies (Advcash, Payer, Perfect Money:
Exchanger website – prostocash.com
✅ Buy Ethereum on a cryptocurrency exchange.
You can use any reliable and top cryptocurrency exchanges to exchange fiat currencies (rubles, dollars, etc.) for any cryptocurrency.
Consider buying Ethereum on the EXMO exchange, since there are ways to recharge in Russian rubles, dollars, hryvnia (from any Visa or Mastercard of a Ukrainian bank) and other fiat money.
We register on the official exmo website (the procedure is simple, it takes a couple of minutes). Then we replenish the wallet with the proposed methods: for a wallet in rubles – Qiwi, Advcash, Payeer, OKPAY, MoneyPolo (the list changes periodically, payment systems can be added or removed). For a dollar account: Perfect Money, Neteller, wire transfer and others are added. You will see all this in the “Wallet” section.
After depositing money into the account, go to “Exchange” and perform the conversion operation by selecting the desired directions and amounts:
Or go to “Trades”, select a trading pair at the top (for example, ETH / USD) and buy by limit – we indicate our own buy rate, and if the Ethereum market rate becomes equal to it, then the placed order will automatically trigger. In the same way, you can put a pending sale at the price we are interested in.
Or we buy by the market, which is similar to the “Exchange” tab – we indicate how much the purchase was made, and we immediately see how much Ethereum (ETH) we will receive:
On exchanges, the rate is more profitable than on exchangers, but the whole process will take some time.
After purchasing Ethereum, you can transfer it from the exchange to another wallet for further storage, simply by specifying its address.
Continuing the article: bitcoin exchangers.
How else to get and earn Ethereum cryptocurrency
In addition to buying in an exchanger or on an exchange, Ether coins can be obtained:
- For the provision of services or for payment of any product.
- Mining. If you have free money and time, then it may be profitable to collect a “farm” by purchasing special equipment (Asic or powerful video cards) for mining cryptocurrency. Due to the increased complexity, it is no longer profitable to extract ether using a regular computer.
- Earn Ethereum for free on special sites – Ethereum-faucets, where after a certain time a couple of coins drip.
ICO on the Ethereum platform
Holding an ICO on the Ethereum blockchain implies attracting investment in projects by issuing a new cryptocurrency – tokens, which, after the ICO procedure (initial placement of coins), will be traded on exchanges.
Tokens have an initial value and are offered for purchase to investors. The main currency during the ICO is Ethereum, then Bitcoin and the rest of the altcoins. After fundraising, cryptocurrency is usually converted into fiat currencies and goes to the development of the project. An increase in the value of a new coin on the exchange will mean that investors who buy tokens receive income on their initial investment.
Cryptocurrency ICOs are used by companies that do not have their own funds for development. For them, this is an opportunity to attract investment, for society, it is a possible receipt of an innovative product and new technologies. For an ordinary person, this is a good opportunity to buy tokens and thus become a co-owner of a company and receive income.
Currently, this procedure for raising money in this way has become very popular. As you can see from the picture, in 2017 there was a sharp increase in the number of ICOs and funds raised (more than $ 4.0 billion for the entire time).
ICO is somewhat similar to the usual IPO, but there is no legal protection for the investor, since this procedure is not controlled by the state, therefore, fraudulent projects may appear, the purpose of which is only to collect money and deceive the investor. Therefore, you need to carefully study the project, documentation, whitepaper, development team and clearly understand that any investment is always a risk.
ICO attracts investors by the fact that you can get very good profits if you choose the right project. There is a risk, but it can pay off in the form of, for example, 1000% profitability.
Ethereum’s rate, like any cryptocurrency, is very volatile, so changes per day can be several%.
Since the beginning of 2017, there has been an increase and update of the maximum values of the value of many popular virtual coins, including Ethereum. At the beginning of the year, its cost fluctuated in the range of $ 8-10. A sharp rise in prices began actively in the spring, and in June the rate came close to $ 400 per 1 ETH, but then fell due to the hacking of the Bithumb cryptocurrency exchange and the theft of coins from users’ wallets. But the decline was short-lived, and in August, the rise in the value of the virtual Ethereum coin resumed.
By the beginning of autumn, the ethereum rate against the dollar had almost completely won back the June fall and on September 1, 2017, $ 386 was already given for 1 ether. After that, the rate went into correction and on September 4, it is trading less than $ 300.
The Ethereum course is greatly influenced by:
- General position of the crypto market.
- Investors’ demand for its purchase (there is demand – the cost rises and vice versa);
- Restrictions and bans by the authorities have a negative impact (for example, the ban on ICOs in China was reflected in the decline in all cryptocurrency quotes in early September 2017).
- Information about exchange hacks is also negatively affected (June 2017, Bithumb exchange).
- At the same time, the main driver of the growth of all coins in 2017 is the beginning of regulation of the cryptocurrency market in Japan (April).
- Unlimited emission (issue) of new Ether coins also slows down the rate increase.
- Since the Ethereum cryptocurrency is one of the main ones during the ICO, any restrictions on its conduct can lower the value of the Ether coin.