Rival Of Bitcoin
Ethereum, one of the largest platforms for making digital transactions, has changed the way it works, reducing its large energy consumption by up to 99.9%, according to those who manage this system. It is important to understand how the Ethereum network works because the Ether cryptocurrency lives on it.
Are Ethereum And Ether The Same?
No, although many people use both terms as synonyms, they are not the same. Ethereum is the digital system and ether is the cryptocurrency.
How Does The Ether Cryptocurrency Work?
With the ether cryptocurrency, ordinary people or companies can make simple exchanges.
To buy Ether, it is enough to use an exchange, exchange house, or digital stockbroker, which exists all over the world, you pay the ether with the money you have in the bank. The process is similar to buying dollars by online transfer.
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How Did Ether Become A Rival To Bitcoin?
The Ethereum network was created in 2013 by Vitalik Buterin, a 27-year-old Russian-Canadian programmer.
The Ether cryptocurrency was born in 2015, with a price of less than 1 dollar, and since then it has managed to rise to second place in the currency market.
Little by little it grew, as the Ethereum network, which is where your transactions are made, gained much more recognition.
Since 2015 when Ether appeared, its growth has been linked to the expansion of Ethereum, the system where it is located.
Those who operate on the Ethereum network have to pay with ether, which is why ether is said to represent the gasoline that powers that network.
Much of the rise of ether is due, according to some experts. The fact is that it is the same cryptocurrency chosen for the purchase of non-fungible assets or well-known NFTs, which are digital works of art and other collectibles that become unique assets. And verifiable that are easy to trade on the blockchain.
So far, the future of the Ether cryptocurrency and its Ethereum network is uncertain
Ethereum’s developers have indicated that the new system implemented has safeguards to protect against hackers, while others claim that cybercriminals could attack the new block system.
Currently, Bitcoin is still the king of cryptocurrencies, but it is not ruled out that Ether can steal the position.
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