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Want to buy Ethereum? Take A Deep Dive into How Ethereum Works

ETH DEEP DIVE

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Deep Dive into Ethereum Cryptocurrency

The most common crypto name that pops up after Bitcoin is Ethereum. It has been one of the most sought-after altcoins since the boom of the crypto space. According to many analysts, among all the best cryptocurrencies to invest in, investing in Ethereum has always been on the list for best crypto of 2021 and has been reckoned as the crypto that can beat Bitcoin with its market cap value. 

Not long after the release of Bitcoin, Vitalik Buterin co-founded the online news website Bitcoin Magazine, where hundreds of articles on the crypto space were published. He was of the belief that Bitcoin was one of the many possibilities the blockchain technology has to offer and it needed a scripting language for further developments in its applications. He released a white paper in 2013 describing an alternative platform designed for any type of decentralized application that developers would want to build. The system was called Ethereum.  

What is Ethereum? 

Ethereum is a public blockchain-based peer-to-peer networking software with a built-in programming language that allows developers to build and deploy decentralized applications using smart contracts. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), that executes contracts used to transfer money and develop and run various kinds of applications that are accessible anywhere in the world.

Additional Read: Guide to Ethereum Merge Update

How Ethereum works? 

ETH is one of the most loved cryptocurrencies within the crypto ecosystem. Traders, investors, and everyone almost always buy Ethereum in bulk or a huge amount, knowing its importance and its potential. That being said, here are some of the facts that you should know before investing in ethereum. 

Ethereum Consensus Mechanism Proof of Work (PoW)
Type ERC-20 token
Use Case DeFi, NFT, DAOs
Issue Date 2014
Website https://ethereum.org/en/ 

Additional Read: What is ERC-20 Token Standard? Top 5 ERC-20 Tokens 

Key Attributes of Ethereum:

All the mentioned points are the essential features you should consider before investing in ETH.

Difference between Bitcoin vs Ethereum: BTC vs ETH 

If we are to sit for a cryptocurrency discussion, two names that will definitely pop-up, are Bitcoin and ETH. Why? Because when Satoshi Nakamoto introduced Bitcoin to the world, he opened a door for possibilities yet to be grasped. Fast forward to 2014, Ethereum provided the crypto space with a platform where not only can one explore and write software that is censorship, fraud, and downtime free but can also create groups with like-minded people and experience pool funding. 

While Bitcoin was a peer-to-peer network for seamless online transactions, Ethereum was the global platform for developers to create Dapps using smart contracts and for digital creators to create NFTs! All things combined, investing in Ethereum has been an interesting journey in 2021. Read more about the two most talked about cryptocurrencies in BTC vs ETH.

Additional Read: Bitcoin vs Ethereum: What’s the Difference

Ethereum Technical Indicators 

Short Term  Mid Term  Long Term 
The short-term price indicates a further downward trend before it rebounds to another period of a positive surge. The mid-term forecast appears to be a little hopeful than the short-term as the price is attempting to reverse the bearish divergence. The long-term price for Ethereum has the weightage of curving upwards and running a bullish trend.

Additional Read: ETH/BTC Technical Analysis 

Correlation of Ethereum with Top 4 Cryptos 

BTC  .90
LTC .86
XRP .84
ADA .79

Source: CryptoWatch

Additional Read: Ethereum Price Prediction

How to Invest in Ethereum

Investing in ETH is as easy as ordering food online with CoinDCX. If you are a beginner in crypto all you have to do is:

* If you are a CoinDCX Pro user, use the same credentials to Login on CoinDCX.

 


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