What is The Ethereum Digital Currency and How does the Ethereum digital currency work?
Ethereum digital currency… Ethereum (ETH) is an open source software platform based on blockchain technology that enables developers to create and release decentralized applications. In fact, it is not only a digital currency, but also a part of the Ethereum product.
Ethereum and Bitcoin have one thing in common, and that is that they are built using public distributed network technology (called blockchain or cascading blocks).
But here the similarity ends. Bitcoin introduced one application, a peer-to-peer digital currency system that allows online payments.
Contents
1 Genesis of the Ethereum coin
2 How does the Ethereum digital currency work?
3 Ethereum prices against the dollar
4 Is Ethereum digital currency safe?
Genesis of the Ethereum coin
The Ethereum digital currency was originally created by cryptocurrency researcher and programmer Vitalik Buterin.
And who worked on Bitcoin in 2013.
Online crowdfunding held in 2014 accounted for the main part of the platform’s funds.
The system went live on July 30, 2015, and was packed with 11.5 million Ethereum for a trial.
How does the Ethereum digital currency work?
In an Ethereum cascade block, unlike “mining” Bitcoin, users get “Ether.”
It is a digital currency of the Ethereum network. In addition to being a tradable cryptocurrency.
The Ethereum digital currency is also used by developers to pay for services on the Ethereum network.
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Ethereum price against the dollar
Since the emergence of Ethereum in 2015, the digital currency has shown slow development in the first year of its launch.
2017 is a completely different story, as the cryptocurrency started off as low as $7.76 at the start of the year.
By the end of the year, Ethereum exceeded $700, an increase of over 9000%!
In contrast to Ethereum’s record high in 2017.
In contrast to Ethereum’s record high in 2017.
Ethereum showed some bullish momentum at the beginning of 2018.
It finally reached a peak of over $1,300 in mid-January.
As with other cryptocurrencies, though, 2018 proved to be the year of mass testing for Ethereum.
Its price has gradually decreased since then, stabilizing at around $130 by the end of the year.
For 2019, the exchange rate of the Ethereum cryptocurrency against the US dollar has been on an upward trend since the beginning of the year.
Until it reached $361 per ethereum in June. And it began to decline until the end of the year.
It reached a level close to the January opening price of $139.
Ethereum closed at $151, which is $12 higher than the opening price.
The price of Ethereum started to rise again in 2020, just as it did in 2019.
It rose to the beginning of September by 222.5%! It came to $487.
Is Ethereum digital currency safe?
Ethereum is as safe as any other cryptocurrency market.
However, it can have high volatility at times, which of course increases the excitement of the traders.
It is always recommended that traders use the “volatility protection” settings, as they can help reduce risks when trading.
Traders are also encouraged to learn how to manage risk effectively.
Because implementing these risks in trading interactions will greatly help in reducing the risks involved in trading.
You can deduce this volatility by trading CFDs on cryptocurrencies such as Ethereum.
But the future of digital currencies predicts that the Ethereum digital currency has a promising future, as its price will rise in the coming years.