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Ethereum is a topic that definitely has the potential to offer some confusion to people. It is easy to say that Ethereum is the second largest cryptocurrency in the crypto market, but that is not entirely true.
It is Ether which is the name of the cryptocurrency that we are going to get to here. Ether is the name of the cryptocurrency, while Ethereum is the name of the platform itself where you can use the cryptocurrency Ether.
In other words, Ether is the second largest cryptocurrency in the crypto market. It’s only beaten by Bitcoin, which has been at the forefront since its launch in 2009. Ether is the biggest competitor to Bitcoin, which makes it a form of altcoin .
Bitcoin was launched in 2009, so the cryptocurrency got a few years in the spotlight for itself. A few years later, Ethereum, and thus Ether, was launched. This launch took place in 2015, and below we will take a closer look at what this has led to in the years that have passed since then.
What is Ethereum?
Before we go a little more in depth on the topic, there is an important question that must be answered first. And that is: What is Ethereum?
Before, it worked so that those who were to develop a new blockchain ( which is what most cryptocurrencies are made of ), so you had to do this from scratch every time you created something new. But this was not the programmer Vitalik Butarin was happy with.
Therefore, he sat down and began to develop what was to become Ethereum. Ethereum is developed based on smart contracts, which are based on ifttt logic. This enabled Butarin to develop a network code that others could use.
After the development of Ethereum was a fact, other developers did not have to create a new blockchain all the time. Instead, they could use Ethereum as a template for further work. In other words, it was an invention that saved them a lot of work.
Ethereum – not really a cryptocurrency
We have now established that Ethereum is not really a cryptocurrency. Ether is the actual cryptocurrency, but we will return to that later in the text.
Nevertheless, it can be said that it is not difficult to understand that someone gets a little confused, because Ethereum is the most well-known concept. Ether has, a little undeservedly, ended up a little in the background.
Instead, Ethereum can be described as a platform that can be used to develop various applications. The common denominator for these applications is that they are decentralized (that is, they are not dependent on a third party). These are some of the things Ethereum can be used for:
Payment methods (eg the cryptocurrency Ether ).
So Ethereum is so much more than what you see at first glance. This invention is not just “not a cryptocurrency”, but it is so much more than that. Ethereum is a platform with enormous potential.
This is how Ethereum works
Now that we have established what Ethereum really is (a platform that can be used to develop various applications), we can take a look at how this works in practice.
Although Ethereum is not a cryptocurrency in itself, the platform has quite a few similarities with it. Especially when it comes to Vitalik Butarin was based on when he developed this template. He also took as his starting point blockchain technology.
Blockchain technology works so that the blockchains are located on the user’s computer, instead of being stored on an external database at, for example, a bank. Since cryptocurrency is something that can be used regardless of where you are in the world, it is decentralized, and is used, for example, to create NFT (Non Fungible Tokens), which in turn can be used to sell digital art.
It is not just in connection with cryptocurrency that blockchain technology is a good choice. It goes without saying that Ethereum is also used to develop other types of applications, where this technology also plays an important role.
Ether – the actual cryptocurrency
Now, however, we’ll move on to Ether, which is the name of the actual cryptocurrency in this case. Like Ethereum, Ether was launched in 2015, so these are in a way two concepts that go hand in hand, although they are also two relatively different elements.
Ether is a cryptocurrency that was developed based on Ethereum technology. In other words, this is a cryptocurrency based on blockchain technology. Ether thus works in the same way as most other cryptocurrencies, as they are built up of the same technology.
But even if Ether is the name of the cryptocurrency, it is not certain that you have heard this term before. All cryptocurrencies are in fact equipped with a separate abbreviation called “ticker”. Ether’s ticker is ETH, which many people use when referring to it.
The value of Ether has increased slowly but surely since the currency was launched in 2015. In the beginning, you could get Ether for around 2.8 US dollars. At the time of writing, it is around $ 4,500.
This affects the price of Ether
The price of Ether is something that varies greatly. In other words, this is a cryptocurrency with high volatility.
External and internal factors
The elements that affect the price of Ether can be divided into external and internal factors. The biggest internal factor is without a doubt the changes that are happening on the Ethereum platform. The platform is constantly evolving, and the price of Ether goes up and down in line with it.
It is especially an internal factor that can affect the price of Ether in a negative direction, and that is when a “hard fork” occurs. That is, when the team behind Ethereum encounters challenges that they are unable to solve. Then the solution is often that the team separates layers, and that affects the price of Ether.
The price of Ether can also be affected by external factors. When we talk about external factors, it is without a doubt the competitor Bitcoin that is the biggest “external factor”. Bitcoin is not only the largest, but also a very popular cryptocurrency that gives Ether fierce competition.
Supply and demand
Supply and demand can be described as an external factor. We touched on it a bit in the section above, where we mentioned that Bitcoin makes sure to give Ether tough competition in the crypto market. Bitcoin is known to be the most well-known cryptocurrency.
But compared to other lesser-known cryptocurrencies, Ether is not faced with the same problem. For Ether, it is the second largest cryptocurrency, right after Bitcoin, so this is a cryptocurrency that most people have heard of. There are also many who use it.
Supply and demand is a concept that most people know how to work. This is a term used in connection with other things, and not just when it comes to cryptocurrency. So if the demand is high, then the price of Ether increases in line with that.
It works the same way in the opposite direction. Should the demand for Ether suddenly cease, the value of the cryptocurrency will fall considerably. Supply and demand are one of the most important factors that play a role in the value of the cryptocurrency.
How the relevant cryptocurrency is mentioned in the media also plays a role when the price of the individual cryptocurrency is to be determined. This is another example of an external factor that is important to keep in mind.
However, it is important to emphasize that it is not the media coverage itself that leads to the price going down. But negative publicity in the media can make people become skeptical about using the relevant cryptocurrency, and this then leads to a decline in demand and thus supply.
However, this is not a problem with Ether. As the second largest cryptocurrency in the crypto market, this is a cryptocurrency that has benefited from positive media coverage.
Part of the reason why Ether has made such a good impression is the Ethereum platform on which it is based and the fact that this platform can be used for more than just cryptocurrency. The Ethereum platform is based on smart contracts, which many are positive about in the future.
The general crypto market
The general crypto market is monitored by people who are particularly interested in cryptocurrency. The purpose of this is to have control over which cryptocurrency is the cheapest at all times.
This is a strategy that will always have a negative effect on one or the other cryptocurrency. For there will always be one that is a little cheaper than the other. And then of course people will go for the cheapest option, if they perceive it as a good deal.
It also depends on which cryptocurrencies are being compared. If you compare Ether and Bitcoin , then these are two direct competitors. Therefore, these will be able to influence each other to a much greater extent than, for example, Bitcoin and Bitcoin Cash.
Therefore, you should choose Ether
There are many reasons why Ether will be a good choice if you are considering using cryptocurrency, and why Ether will be a better choice if you compare it with another cryptocurrency such as Bitcoin.
Below we’ll take a closer look at some of the reasons why you will not regret starting to use Ether as a fixed cryptocurrency:
While Bitcoin was developed solely as a replacement for traditional payment methods , it was not what inspired the development of Ether at all. Initially, it was only intended that Ether should be used internally on the Ethereum platform or in applications developed on the basis of this platform. But that was not the case
The team behind Ether has also not set a fixed end date for Ether as a cryptocurrency. However, the team behind Bitcoin has done so. Therefore, it may pay to choose Ether, especially if you are thinking of making investments that will benefit the generations that come after you.
Ether is faster than the other cryptocurrencies. It is no secret that Bitcoin is struggling a lot to meet the new speed requirements that customers are constantly setting for the cryptocurrency. While it may take several minutes for Bitcoin to complete a transaction, the same process only takes a few seconds for Ether. In other words, ether is a good choice for anyone who is a little impatient.
An investment in Etherum can be a good rate for the future. Familiarize yourself with the technology behind it before investing.
Ether – a good investment
Despite the fact that there are both internal and external factors that affect the price of Ether, this cryptocurrency can be described as a good investment. The reason for this is that Ether and its followers have witnessed an enormous development since its inception in 2015.
With a growth of almost 500,000 percent, there are also many who believe that Ether has the potential to outperform Bitcoin in the long run. This is not something we want to speculate on, but it is not the second largest cryptocurrency in the crypto market for no reason.
As long as your investment is based on good and smart choices, there is nothing that stands in the way of investing in Ether can be profitable for you.
However, it is important to keep in mind that good development can happen quickly. Because of this, it is not recommended that you do not invest more than you can actually afford to lose. By keeping your head cool and having some ice in your stomach, it will be a very good experience.
How to invest in Ether
Ether is a cryptocurrency that you can invest in using a variety of players. There are actually many Norwegian crypto exchanges, and you can use these if you want to invest in Ether.
There are different crypto exchanges, and the procedure for investing will be different based on which crypto exchange you choose to use.
eToro is a very popular Norwegian crypto exchange, but you can also choose to invest in Ether through the crypto exchange called Firi. The latter was formerly known as MiraxEx. This crypto exchange allows you to verify yourself using Vipps and BankID, which does not take long.
Once you’ve done that, just start investing in Ether and Ethereum!
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