With Ethereum being one of the world’s top cryptocurrencies by market cap, second only to Bitcoin, it’s natural to want to know how to trade it.
Trading Ethereum is a bit of a misnomer though. The blockchain is called Ethereum, but the token you actually trade is Ether (ETH).
Ethereum was founded by 26-year-old Canadian-Russian programmer and researcher Vitalik Buterin, who was only 19 when he first proposed the technology in a whitepaper in late 2013. The co-founder of Bitcoin Magazine, Buterin had originally proposed a scripting language for Bitcoin. When that didn’t generate enough support, he decided to develop a new platform instead.
The project was crowdfunded over the next 18 months before going live in July 2015. Buterin enlisted the help of seven co-founders, including financier Anthony Di Iorio, mathmetician Charles Hoskinson, publisher Mihai Alisie, project manager Amir Chetrit, and later entrepreneur Joseph Lubin as well as programmers Gavin Wood and Jeffrey Wilcke.
In 2016 Ethereum was hard forked, with the original blockchain continuing as Ethereum Classic while the new version carried on the Ethereum name. Ethereum 2.0 (Eth2) is the new proof-of-stake (PoS) version, boasting more security, scalability and efficiency, which is slated to launch later this year.
Ethereum is more than just a cryptocurrency. It’s a smart contract platform, which is used to create decentralized applications (DApps). Hundreds of DApps are built on Ethereum, and used to create assets, decentralized property, virtual worlds, and web apps that can’t be censored. New kinds of digital money, like tokens and stablecoins, are built on the Ethereum blockchain ecosystem as well.
A smart contract uses “If This Then That” (ITTT) logic to execute various actions, programmed on the blockchain. Once a contract is executed, the code is updated on the blockchain ledger. Ethereum smart contracts have built-in regulation, on-chain logic, go through multiple audits and are closely watched to maintain security.
Ether tokens are often referred to as “gas” … both because Ether provides the power to run the Ethereum network, and because “ether gas” is a cute play on words harkening back to the days when such a substance was used as a general anesthesia.
Ethereum’s Ether (ETH) is often referred to as a digital commodity rather than a digital currency. It’s basically programmable money, but can be bought, sold and traded just like Bitcoin.
1. Purchase ETH at an online exchange (you need to wait for your bank verification and approval to go through first, which can take a few days).
2. Purchase ETH instantly with cash at a Bitcoin ATM, like a Coin Cloud BTM.
3. Trade bitcoin or another cryptocurrency in for Ether (you can do this online or at a Coin Cloud machine).
4. Sell your Ether for cash at a Coin Cloud Bitcoin ATM (most Bitcoin ATMs do not let you do this, but Coin Cloud machines do).
Since Coin Cloud machines give a lot more functionality and options than standard first-gen Bitcoin ATMs, they’re now referred to as Digital Currency Machines (DCMs). They’re like next-gen Crypto ATMs, so when you’re looking for more than just a Bitcoin ATM, choose a Coin Cloud DCM.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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