You've probably heard of Ethereum at some point. Even if you're unfamiliar with cryptocurrency and blockchain technology, you might have seen an Ethereum tracker and noticed its exceptional value. But what is it?
This blog will give you a quick breakdown of what Ethereum is and why you should care. If you are looking for an Ethereum tracker app, visit this website.
The Basics of Ethereum
Simply put, Ethereum is a decentralized platform powered by open-source blockchain technology. Blockchain is the magic behind cryptocurrency. It's the same thing that powers Bitcoin and other popular currencies.
However, Ethereum is open-source. That means anyone can use it to create secure digital technology. The token attached to the blockchain is primarily used to pay for the work performed to keep the chain running. But, it's become high-value crypto owners can use to pay for products and services.
Ethereum vs Bitcoin
When Ethereum comes up, it's inevitably compared to Bitcoin. It's not hard to see why. The technologies are similar, and both are heavy hitters in the crypto world.
That said, there are a few key differences. The first is value and limitations. The most Bitcoins that can go into circulation is 21 million. No such restriction exists with Ethereum. An unlimited number of Ether coins can be created, and there are already over 122 million in circulation.
Ethereum also treats transaction fees, also known as gas, differently. With Bitcoin, the broader network absorbs the costs. But for Ethereum blockchain transactions, the exchange participants pay the fees.
Ether has many unique long-term goals compared to Bitcoin. It's the foundation of many emerging advances in blockchain technologies. There are plans for scaling the network up, implementing the blockchain into VR, using it to create NFTs, and more.
Should You Buy ETH?
It's the million-dollar question: Should you invest in Ethereum? When you look at an Ethereum tracker, you'll notice that its value is significantly less than Bitcoin's. But that doesn't mean it's not a worthy investment.
There's a lot of potential with the Ethereum blockchain, and some possibilities are already realized. There are tons of developments in the pipeline, and the technology powering Ethereum is well on its way to continuing the crypto revolution!
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