What You Should Know About Ethereum

 

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The crypto market is a significant part of our society today, especially since it has entered a bull run cycle in 2020. Consequently, the popularity of cryptocurrencies has prompted the rise of the number of virtual currencies on the market.

This means that the crypto market continues to evolve and expand, with over 70 million crypto users on the market. Ethereum is one of the most popular cryptocurrencies on the market due to its market cap and essential attributes. If you're looking to add Ethereum to your portfolio or you want to invest in Ethereum-based crypto projects, in this article, we will cover the main aspects of Ethereum and its blockchain. 

What is Ethereum

ETH is currently one of the largest cryptocurrencies by market cap on the crypto market behind Bitcoin. Currently, its market cap is around 291.373 billion, which means that this is a stable cryptocurrency that is deemed trustworthy by millions of users around the world.

It was initially created by Vitalik Buterin in 2015, and one of his main purposes is to act as a store of value. The other more prominent goal of the crypto project is to enable the development of any kind of decentralized application - "dApps." This is an important step towards financial decentralization. In other words, on top of the blockchain technology, the users can create their own decentralized applications based on smart contracts and obviously Etheirum's blockchain technology.

But it should be noted that even though most applications are geared towards crypto users, it's an important innovation in the financial sector in general because it allows for developers to create crypto innovations and create open-source applications, which give greater control to the users over their data. Some examples include EtherTweet, Augur, MetMask, Leech, and other applications. 

Otherwise, retail and institutional investors can purchase and sell Ether and add Ethereum tokens to their portfolios. The cryptocurrency is available on the most reputable exchange platforms. 

Business Support

There is an option to accept Ether as a payment method on your website if you run a business. A lot of businesses want to be involved in the crypto revolution and, for this purpose, they accept crypto payments on their platforms or in their stores. 

Online casinos would be one example as they jumped on the crypto bandwagon, and nowadays, you can find a lot of casino sites that accept crypto payments. Actually, Ethereum casinos are the next big thing because then they connect with the ever-increasing pool of crypto users that want to use their Ethereum tokens to make wagers online. In other words, crypto users can make a deposit with their Ethereum funds on Ethereum casinos, access crypto bonuses, play their favorite casino games, and more. 

Otherwise, there are many famous businesses that accept crypto transactions, and the number will probably continue to grow in the future, including Bloomberg, Venmo, PayPal, Tesla, Home Depot, AT&T, and many other brands.

The business support is important because it also contributes to the price of Ethereum, as it increases the value of the currency and also it makes it easier for crypto users to use their crypto funds in various establishments.

Ethereum's Value

Because Ethereum is based on a decentralized, peer-to-peer-based blockchain system, its value is influenced by the market demand and supply. It's not controlled by any single institution or entity, which means that the price can be volatile.

Another advantage of the blockchain network is that the users get to directly send and receive ETH without the supervision and control of a third party. 

Moreover, the blockchain network grants anonymity to its users. Plus, the processing time generally can take from 5 minutes to four hours based on the traffic on the blockchain network, while the transaction fees remain low. When it comes to the supply of Ether, it isn't predetermined as it is with Bitcoin. This is an important aspect of the currency, which keeps its inflation rate in check. 

Otherwise, the current price is around $2,435.25, while just two years ago, in January 2020, it was around $186. So, it's safe to say that this bull market phase had a tremendous impact on Ethereum, as well as the support from the business sector.