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Elaborating Ethereum And Understanding How It Works

cryptonewstrending_bgpqv5 by cryptonewstrending_bgpqv5
October 6, 2022
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Elaborating Ethereum And Understanding How It Works
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As Bitcoin and Ethereum are some of the oldest and most influential cryptocurrencies with the largest market capitalisations, they are often compared. While Bitcoin and Ethereum do share many similarities, there are also some major fundamental differences between them. While the Bitcoin blockchain was created only as a form of cryptocurrency for the exchange of funds in a decentralised manner, Ethereum on the other hand is a programmable software platform that enables others to create smart contracts, crypto tokens, NFTs and more on the Ethereum blockchain.

While Bitcoin was designed to strictly be a method of payment, Ethereum was built to serve a multitude of technological applications. Moreover, the maximum number of Bitcoins that can ever be created is 21 million. Once these 21 million Bitcoins have been mined, they can only be traded among users, but no new coins can be made. On the other hand, an endless amount of Ether can be mined. As of April 2022, around 120 million Ether had been mined. However, the amount of time it takes for a single Ether to be mined ensures that the total amount of Ether grows slowly over time.

As mentioned above, you will need to create your own crypto wallet where you can store Ether and other cryptocurrencies. An online wallet like Metamask or Trustwallet can serve your purpose. You will then have to register yourself and create an account on a cryptocurrency exchange like Binance or Coinbase. You can then purchase Ethereum or other cryptocurrencies through these crypto exchanges and then transfer them to your personal crypto wallet. Moreover, if you do not wish to purchase Ether through an exchange, you could find a seller that is willing to do a P2P (peer-to-peer) transaction and buy Ether or other cryptocurrencies from them.





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