What is Ethereum?
Ethereum is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency – ETH (the Ethereum’s ticker). Both service and the cryptocurrency asset were launched in early 2015.
By decentralized asset we mean Ethereum is not controlled by any single governing entity.
While many cryptocurrency assets work on Bitcoin blockchain, Ethereum creators preferred to launch their own one – Ethereum blockchain. It’s worth noting the fact that as Bitcoin blockchain supports not only BTC transactions, Ethereum blockchain supports other cryptos as well. On the Ethereum blockchain, a smart contract is working as a self-operating program that automatically executes when specific conditions are met. Blockchain allows smart contracts’ code to be run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Ethereum is not just a platform or a same called cryptocurrency coin, but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications. In other words, as the code is open-sourced, other teams can create their own projects using Ethereum blockchain because anyone around the world is able to freely connect to the Ethereum network.
Ethereum is a cryptocurrency coin which is gaining popularity quite rapidly. And today, ETH is the second-largest cryptocurrency. In all respects, this asset is second only to Bitcoin, the king of the cryptocurrency market.
But, there is something in which ETH is superior to BTC – transactions through the Ethereum blockchain are much faster: the average transaction time is about 14 or 15 seconds, while Bitcoin transactions on average process takes about 10 minutes. And, in the current circulation there are many more Ether units than Bitcoin.
Although Ethereum is sometimes called as “bitcoin 2.0” their purposes are quite different even despite a certain similarity in these projects. The main value of the Ethereum network is not cryptocurrencies, but the capabilities of a virtual platform.
History of Ethereum
In 2013, a young Canadian programmer, the founder of Bitcoin Magazine, Vitalik Buterin, together with his colleague, David Wood, introduced the concept of the Ethereum blockchain platform. Cryptocurrency in this network played the role of not only a means of payment but also allowed the exchange of resources to many web services operating in a peer-to-peer network. Next year the ICO company managed to collect 31,000 BTC, 18,000,000 USD in equivalent. Vitalik Buterin managed to attract the attention of reputable banks and financial organizations to the new project. The Ethereum network was launched in test mode in the summer of 2015. But the whole set of options became available only after 9 months when the Homestead protocol was created and implemented.
30 July 2015 is known as the start of Ethereum’s carrier on the Cryptocurrency Market. The Ethereum network went live with 73 million ETH pre-mined. And today, ETH is the #2 famous crypto in the world.
In 2016, Ethereum was split into two separate blockchains, Ethereum and Ethereum Classic, after a massive theft of funds by an attacker. The new Ethereum was a hard fork of original software designed to protect against further malware attacks.
Talking about price – it’s a very volatile asset (as all cryptocurrencies). And, from the early beginning till today Ethereum’s price was not stable. Of course there are periods of “stability” and “lull”, but in case of taking into account the overall picture for the entire period of existence, the price was jumping up & down without ceasing.
The current Ethereum’s (ETH) Market Cap is equal to $22,438,515,658.
Circulating supply is 111,087,184 ETH.
Total supply is also 111,087,184 ETH (all the coins are now running).
There is no maximum supply for ETH. The Ethereum emission is not limited, therefore, production can continue forever, but the developers have repeatedly voiced plans to switch from traditional POW mining (proof of work) to POS (proof of ownership).
Ethereum All-Time High was 1,432,88 USD. The situation happened on the 13th January 2018.
The ETH All-Time Low was fixed on 21st October 2015, and the price was $0,420897 (which is even lower than one USD).
Why to invest in Ethereum?
- Strong and active traders’ community
- №2 cryptocurrency in the world
- Fast transactions
- Own blockchain system
- Coins and teams trustworthy
- A wide selection of trading pairs with both crypto and fiat currencies
How do Ethereum transactions work?
There are several ways of how Ethereum can work:
- Ethereum (ETH) transaction can be used as an instrument for money transferring between Ethereum wallets;
- Like an asset for the cryptocurrency exchange – it gives you the ability to convert your ETH funds into other crypto or fiat money;
- And as a trading tool for the trading platforms (crypto exchanges etc).
As we previously mentioned Ethereum transactions are popular due they are really fast speed ones. Many users trade other cryptos and later convert all their profits in ETH coins in order to have the ability to make as fast transactions, as even possible (when needed).
Some important facts about Ethereum to note:
Ethereum platform is a base on many ICOs (Initial Coin Offerings) and, that’s why a unified standard of issued tokens was developed under the name ERC20 for it.
Like Bitcoin, Ethereum is available for mining. But there some disadvantages. Miners are working on a hash signature search. A hash is a result of processing a cryptographic function that operates as a data encoder. To create a new block, computing equipment is used. Generation takes about 15 seconds, after which the block is checked and written to the blockchain. For each added block, miners receive a reward of 3 ETH. Sole mining has not been practiced for a long time, so the collective mining server usually receives a reward, then distributing it among all participants in the process. This is how Ethereum coins appear in the current period.
How to choose the correct time to trade?
Everything depends on the current market situation. There is no “high-time” for sure. Ethereum (and other cryptocurrencies) is traded 24/7 and the asset’s price changes every second.
Fundamental and technical analysis is suitable for such situations, as never before. Do not neglect analytics, Market Situations, often, has a recurring nature, and, knowing the result of past similar conditions, it is easier to navigate the current actions at the moment.
How long does Ethereum (ETH) transaction take?
It is not a secret that different payment methods provide different coins delivery speed. It is important to understand that all the cryptocurrency assets transactions depend on the network congestion.
Compared to traditional bank transfers, Ethereum transactions have several advantages:
- they are much faster;
- they are anonymous;
- transfers are available 24/7;
- worldwide transactions.
Sometimes, the network may be overloaded, but it is happening literally never. Ethereum’s transactions are known to be almost the fastest, and they take less than one minute. Even is Ethereum’s blockchain is overloaded – the transaction will be done less than in 5 minutes.
For comparison, it is worth noting that Bitcoin transactions take up to 30 minutes normal, and up to a couple of hours in case of network congestion.
How to exchange Ethereum on Binaryx?
If you are wondering how to exchange ETH on Binaryx, we will assume that you already have a registered account with a positive Ethereum balance (ETH coins amount). The following data is provided according to this information. In case if you are Binaryx user and Ethereum holder exchanging your assets will take less than a minute.
Binaryx gives a chance to exchange Ethereum (ETH) to:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- Tether (USDT)
- US Dollar (USD)
The process is extremely easy and suitable for everyone (even for the Market newcomers). Fast Exchange module is the simplest way to make your fist cryptocurrency operations.
The simple steps are outlined in a “How to Exchange Ethereum” guide:
- Step 1. Log-in to your personal account.
- Step 2. Check your balance. Go to the Wallet section to check your Ethereum balance.
- Step 3. Use the Quick Exchange option. Quick Exchange option of your Wallet will calculate the exchange amount after specifying the exchange amount
- Step 4. Confirm the operation
Please note: We charge a 0.7% fee for completing your operation
- Step 5. Successful exchange. Congratulation, now exchanging ETH to another currencies is no longer a problem!
How long the exchange goes?
Binaryx Exchange Module is known to be the fast way to exchange your funds. Ethereum to Fiat exchange and ETH to other cryptocurrencies exchange (or vice versa) is just lightning fast and takes only a few seconds. The exchange operation occurs at the current rate (the rate is being updated every second).
And, after a successful operation, funds are immediately displayed in your personal account. Binaryx charges a 0.7% commission for processing your payment (exchange).
Can I purchase a part of Ethereum (not a full coin)?
Sure! ETH cryptocurrency coin is created in such a way that you can buy a small part, not the full coin at once. The minimum Ethereum amount available for purchase is 0.00000001 ETH. But, please note, usually higher orders are popular on the market, not the lowest ones. It does not mean that you can not Buy or Sell the minimum ETH amount – you can, but it won’t be much profitable.
Am I linked as an Ethereum holder (the identity who owns ETH)? Who can see this information?
If you are interested in whether there is an existing register where you, as an individual, is listed as the owner of assets in ETH, then of course not. You own a cryptocurrency wallet, and the coins themselves are tied to your wallet, and not to you, as an individual or identity. So, talking about security reasons – no one can “fine” you for owning cryptocurrencies, due to the absence of any significant arguments. And furthermore – cryptocurrencies are not illegal!
How to Buy Ethereum on Binaryx?
We live in a modern world where the convenience, speed, and reliability of money transactions are extremely important. We understand the importance of fast and easy transactions and implemented the best practices for Binaryx platform.
Today, you can buy cryptocurrencies in just a few simple clicks. The whole process takes no more than 1-10 minutes. We have tried the best to do these operations as much as user-friendly, as it is even possible.
Many services worldwide give users the opportunity to Buy Ethereum, but we promise, it will never be so fast and simple deal as while using Binaryx. Binaryx offers traditional Buy/Sell, Fast-Exchange, and Trading operations, as well as its personal services. It also helps to convert ETH to or another cryptocurrency or fiat assets in record fast time! And, for sure, we guaranty the safety of your funds during the purchase operation.
The simple steps are outlined in a “How to Buy Ethereum” guide below:
- Step 1. Create an account (if you still haven’t got one)
Registration won’t take long. Log-in using your Social Media profiles or create a brand-new account indicating your email.
Please note: Specifying your ID-data is not mandatory for creating the account, after the completed registration you’ll get an automatically generated personal cryptocurrency wallet for storing your funds. Also, you’ll have the ability to perform trades.
- Step 2. Explore the website
Check the list of available assets on the exchange and get ready to deposit your personal account.
- Step 3. Congratulations, you are ready to refill your personal account!
Go to the “Wallet” section, and choose an asset for the Deposit.
- Step 4. Choose the way to Buy Ethereum
Deposit your account with your fiat or crypto-currency, for the future “trade” to Sell your asset and Buy Ethereum for it.
- Step 5. Go to the “Exchange” section
Buy the Ethereum cryptocurrency in the “Quick Buy” window. We charge 0.7% fee. Congratulation, now Buying Ethereum is no longer a problem!
How to Sell Ethereum on Binaryx?
If you are wondering how to sell ETH to Binaryx, we will assume that you already have a registered account with a positive Ethereum (ETH) balance. The following data is provided according to the information above. In case if you are Binaryx user and Ether (ETH) coins holder – selling your assets will take less than a few minutes.
The simple steps are outlined in a “How to Sell Ethereum” guide below:
- Step 1. Log-in to your personal account
- Step 2. Go to the Wallet section to check your Ethereum amount available for the further trade/exchange.
- Step 3. Choose the asset to Sell ETH for
- Step 4. Go to the “Exchange” section
Sell ETH in the “Quick Buy” window. Choose the fiat or crypto-currency for the exchange. We charge 0.7% fee. Congratulation, now Selling ETH is no longer a problem!
How to trade Ethereum on Binaryx?
The trading feature will be shortly available on Binaryx, we are currently working on it. Below you can discover more about this method, how it works, and the key goals of what it can be used for.
Cryptocurrency trading is an integral part of the work for the majority of users who want to make to get profits from working with cryptocurrencies.
It’s worth noting that there are different types of trading approaches.
Mostly, types of trading differ in the amount of time devoted directly for the trading operations and the market analysis. But, no matter what kind of trader you are, do you prefer long-time or short-time investments, the basic idea is invariable: you need to Buy at the low price and, Sell as expensive as possible, to the higher profits.
Please, note: Since volatile markets have favorable trading conditions, buyers and sellers are attracted to trading more. For many, who ignores market analysis, it can end as a lousy decision, due to unstable markets also produce higher losses. Make your trades wisely and always evaluate risk levels before doing any kind of operation.
Store ETH in Binaryx Wallet
Storing cryptocurrency and fiat assets in Binaryx Wallet is totally free and safe procedure. You do not longer need to have several different wallets – Binaryx Wallet is a perfect place to hold all your cryptocurrency portfolio in a single place! For the convenience of users, every wallet is personalized. It displays the current position of your balance and the history of all completed transactions. Track all the movements of your assets, or Deposit and Withdraw your funds with a few simple clicks. Only you have access to your wallet (portfolio), so it automatically makes your wallet safe (if you keep your login and password safe).
Probably the biggest plus of storing Ethereum on your exchange wallet is that you can make a transaction any moment, day, or second you want to! And in comparison with the case of storing at different sources – you will need to Deposit (refill) your Binaryx ETH amount first, wait for the account replenishment and only then – make any trading operations.
Binaryx Wallet has a build in system form tracking your profits and your assets current prices. Also, your Bitcoin (BTC) and Dollar (USD) equivalent amount are always displayed in your personal wallet.
Why to choose us?
The most priority thing for Binaryx team is the best customers’ experience, stability, and safety. We try the best for to give the most favorable conditions as it is even possible.
- 24/7 support
- Easy-to-use interface
- Our representatives in your region
- Low fees
- Active traders’ community
- Wide range of assets
- Both cryptocurrency and fiat support
- Daily handcrafted news from our editorial team
- Fast exchange module
- Favorable conditions on the market
- Competitive liquidity
- Personal cryptocurrency wallet