What is Ethereum?
The price of Ethereum has risen over 6,000% since January 2017!
Ethereum has seen a substantial rise in price during 2017 going from strength to strength as the year progressed. Ethereum was initially created by Vitalik Buterin who is a Canadian/Russian programmer and writer, back in 2013 his initial vision was to create a decentralised mining network and software development platform rolled into one. Fast forward to 2018 and the cryptocurrency sits as the second most valuable coin behind bitcoin and doesn’t look like slowing down anytime soon with strong financial and corporate backing. Ethereum is quite comparable to Bitcoin, it allows you to make payments online, there’s low transaction fees and there’s a public blockchain that records every transaction.
Ethereum should be viewed as much more than a conventional currency replacement though as the technology behind it allows for so much more development. Ethereum has been designed as a decentralized platform allowing developers to build decentralised applications (DAPPS) using smart contracts making this technology a highly desirable asset for big businesses. Below is the official description of what Ethereum is from their website:
“Build unstoppable applications – Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.”
When reading into the history of Ethereum and the path it has taken there have been notable difficulties in the early days. One notable example is The DAO event which was a coordinated attack by an anonymous group which left an ICO $50 million US dollars out of pocket. This prompted the Ethereum development team to initiate a hard fork leading Ethereum (ETC) onto a safer more stable blockchain whilst the newer Ethereum classic (ETC) stayed on the original blockchain.
Global investors are getting excited about this technology and we’re seeing more and more Fortune 500 companies and financial institutions get on board with Ethereum. The future is looking bright and it’s hard to discourage a technology that has the potential to disrupt and revolutionize the world. For example, Ethereum will completely revolutionize the health-care system. All hospitals around the world can store, access and share their patient’s records instantly.
What’s the Difference between Bitcoin and Ethereum?
Bitcoin has led the way in terms of price and market cap in 2017 but hot on the heels of it has been Ethereum. Many people when researching both technologies should look at some of the similarities and differences between them:
- Ethereum and bitcoin are powered by distributed ledgers and cryptography.
- The programming languages that they both use is different. Bitcoin uses slack based language and Ethereum uses Turning complete.
- Block time – The Ethereum blockchain records things far more rapidly than Bitcoin — processing transactions in 12 seconds, as opposed to Bitcoin’s 20 minutes.
- The main difference between them is that bitcoin was developed as a currency, designed to store value and be used in transactions and Ethereum was developed as a platform where developers can run and develop applications.
- Ethereum can be thought of as a cryptocurrency that allows others to make crypto currency.
Why Should I Buy Ethereum?
When researching which cryptocurrency to invest in Ethereum looks like a solid investment. The technology is enabling developers the power to be creative and push the boundaries. You should look to the Enterprise Ethereum Alliance to see which Fortune 500 companies are getting on board with Ethereum, Deloitte, Microsoft, JP Morgan, Thomson Reuters & Intel to name a few. These companies are in it for the long haul and are investing not only in the platform but the smart contacts that come with it. Ethereum is being not only tested but adopted my more and more financial and corporate institutions, for example Bank of America recently adopted the blockchain technology that will help secure their customers transactions. Finally, It’s important to know that when you purchase Ethereum, you are purchasing the network’s digital currency, Ether. Ether powers the Ethereum network so by purchasing it, you invest in the network itself.
Buying Ethereum in Canada on QuadrigaCX
Coinspot offers investors instant delivery and easy verification in Canada. This is a great place to start when looking to buy Ethereum. The process is outlined below:
Visit https://www.quadrigacx.com/register and register for a free account.
Your client ID, Password and transaction pin will be sent to you in you’re welcome email.
The next step is to get verified so that you can deposit and withdraw funds, this can be found in the account information section. You’ll have to provide some documentation to get verified.
Once verified next step is to deposit CAD into your account on the member dashboard and buy Ethereum directly in there or the trade tab at the top.
Your order will then be processed and you’ll receive your Ethereum directly into you online wallet.
How to store Ethereum
Once you’ve bought Ethereum for the first time it’s time to have a think about the way you want to store it. Initially when you buy from an exchange you’re Ethereum will sit in your wallet held on the exchange. Veteran crypto traders will suggest that you hold your crypto currency in a safer place in your own private wallet, this way if the exchanges get hacked you won’t lose what you have. Once you’ve bought on the exchange you can transfer the Ethereum to your own wallet. Below are a few places to read up on that offer safe storage:
This wallet was created in 2014 by Ethereum co-founder Anthony Di Lorio. It’s available for most devices (Windows, Apple and Linux desktop, Android and iOS mobile and tablet, and Google Chrome and Firefox extensions.)
Ledger Nano Hardware Wallet
Ledger Nano S is a Bitcoin, Altcoins and Ethereum hardware equipment wallet which depends on robust security features for putting away cryptographic assets and ensuring advanced instalments. This wallet is like a USB stick and is highly secure.
My Ether Wallet
MEW is a free client-side interface that interacts with the Ethereum blockchain. Although you can easily create new wallets in your web browser with MEW, it’s not actually an online wallet. Even though you create the wallet through the web, all your information and your funds are stored on your computer, not on the MEW servers.
Mist Ethereum Wallet
In terms of safety, it makes sense to download the Mist wallet as it is the official Ethereum wallet, created by the same developers who are responsible for the Ethereum ecosystem. There are versions available for Linux, Mac OS X and Windows. For the Ethereum Mist Wallet to work, it must be connected to a running, fully synced Ethereum node.
Ethereum in 2018
There are many predications about the future of Ethereum, Bitcoin and cryptocurrencies in general flying about on the internet. As an investment opportunity Ethereum is looking like a safe bet as it’s proven to be less volatile than Bitcoin, has faster transaction fees and the brand is going from strength to strength. The development team are hot on innovation and pushing the boundaries, this is something that has attracted the large sized investors to come to the table. The Ethereum market capitalization is set to surpass that of Bitcoin’s in 2018 as there is currently 92 million Ether coins in circulation compared to 17 million Bitcoins.
2018 is looking bright for cryptocurrencies but there is still volatility in the market with impending regulations lurking around the corner. In 2017 we’ve seen coins lose 35% of their value overnight which then recovered and jumped another 70%. Blockchain technology is still in its infancy, but has excited the world thanks to its revolutionary technology. The technology and the widespread financial institution adoption of Ethereum paints a bullish future for this cryptocurrency in 2018.
Official Ethereum Website
Understanding the DAO event
Coin Telegraph – Ethereum
Bitcoin Vs Ethereum: Driven by Different Purposes
What is Ethereum? A Step-by-Step Beginners Guide
2017 Was Bitcoin’s Year. 2018 Will Be Ethereum’s
Ethereum – Wikipedia