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June 23, 2021

Ethereum explained: What is it and why is it important?

Bitcoin may have revolutionised the concept of financial assets, but let’s face it, it still bears some downsides. So, years later, the market welcomed the subsequent rise of altcoins (alternative cryptocurrencies), where each provides different rules, technology, and services to cater for the shortcomings of the premier currency, as well as to appeal to various types of users. 

When it comes to specially enhanced functions, it’s none other than Ethereum. While it has long been deemed the second-best and largest crypto after Bitcoin, its network is actually highly programmable — a much faster and more powerful platform. Let’s unpack what more it entails here on this page. 

What is Ethereum?

First things first, a lot of users have misconceived that Ethereum is a digital coin. On the contrary, it’s an open-source blockchain-based platform that singly holds its own virtual currency, called Ether (ETH). It’s the correct term to use whenever you trade or play online games at Bitcasino.

Launched in 2015 by a group of blockchain innovators, namely Joe Lubin and Vitalik Buterin, it’s a programmable network intended as a marketplace for financial services, games, and apps. Beyond storing transaction records, it empowers businesses to build and publish smart contracts and distributed applications (shortened into dapps).

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Dapps are just a fraction of the many Ethereum-powered tools and services. They are more than just any typical apps because they feature the following benefits:

  • No owners
  • Free from censorship
  • Built-in payments (free from third-party payment providers)
  • No down time
  • Privacy
  • Anonymous login (Ethereum accounts would suffice)
  • Uses smart contracts for app logic

Smart contracts, on the other hand, are a self-computer programme that executes, controls, or documents agreements between two people in the form of codes. Since they run on the blockchain, they are also stored on a public database and can no longer be altered.

How is it different from Bitcoin?

Let’s just say that Ethereum has a wider scope and is more ambitious than Bitcoin. While the market value of its virtual coin (ETH) is second to Bitcoin, it continues to be a growing platform to cater to all kinds of applications.

Speaking of continuous growth, developers are currently improving the already existing network with Ethereum 2.0. It promises to increase speed, efficiency, and scalability to better store a greater number of transactions.

Is it a good investment?

Like any other leading virtual currencies, Ether is a high-risk investment. It may be open to everyone, but it’s not the right choice for everybody. If you are on the edge of entering the market, just always keep in mind the golden rule: only invest money that you can afford to lose.

What are its best wallets?

Whether you plan on investment or as a daily payment service for online merchants like Bitcasino, part of a successful Ethereum transaction is to have a reliable crypto wallet. So, based on track record, performance, number of users and technology, below are five noteworthy wallets to consider.

  1. Ledger (Hardware wallet)
  2. Trezor (Hardware wallet)
  3. Atomic Wallet (Desktop and mobile wallet)
  4. Guarda (Desktop and mobile wallet)
  5. Jaxx (Mobile wallet)
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