Ethereum is here
Ethereum fans rejoice! The time has come and Cryptopay now fully supports the second most popular cryptocurrency. Good news indeed, now let’s check out what you can do with your ETH on Cryptopay:
- Buy directly with your personal debit or credit card
- Exchange seamlessly to BTC/LTC/XRP and GBP/EUR/USD
- Transfer easily to your SEPA bank account
- Store safely in your Cryptopay wallet
- Send swiftly to external wallets anywhere
What is Ethereum
Back in 2013, programmer Vitalik Buterin invented Ethereum and as with anything in the cryptocurrency industry, it carries an air of confusion around it. We’re going to use this part of the article to help explain what exactly the Ethereum Network, Ether, and smart contracts are.
A World Computer
The Ethereum Network has been commonly referred to as a world computer. While this term sounds akin to SkyNet or something out of “A Hitchhiker’s Guide to the Galaxy” people believe this is a very real and applicable concept. So, this decentralised world computer aims to replace the current and heavily prevalent client-server model. Let’s say you’re browsing the App Store trying to find the next big thing to make your life just that much easier.
Traditionally apps rely on somebody, the company who created the app or otherwise a third party, to control the server and they’ll control your credit card info and other personal information. This is where the Ethereum Network steps in. These centralised servers are replaced by a series of nodes ran by people across the world. This would, in turn, give the control of the data back to the creators of the app.
So, right now Ethereum is the number two cryptocurrency behind bitcoin in marketcap and now enters the biggest misnomer associated with Ethereum. Yes when you see it listed on CoinMarketCap you see the name Ethereum next to the price, but what they’re really valuating is Ether. A bit confusing, right? To put it simply, the network mentioned above is Ethereum while the cryptocurrency that keeps it running is referred to as Ether (ETH).
A smart contract serves the same function as a traditional contract except that it cuts out the need for third parties such as lawyers or escrow agents. As with nearly everything related to cryptocurrency the aim to give more power to the people actually executing the transaction. Ethereum takes this one step further and the payment will only be made as long as certain conditions of the contract are met and these conditions are written into the blockchain.
See you out there
Well, we hope we cleared everything up and make sure to check out your brand new ETH account! If you’re having any trouble finding your ETH address please check out this article in our HelpDesk. As always our support team is working tirelessly to help clear up any problems so don’t hesitate to drop them a line via the LiveChat.