Ethereum (ETH)

Ethereum Guide

What is Ethereum: A Guide on what it is and how to buy it.

Table of content:

Top FAQ’s

Is Ethereum a good investment?

As with any investment, Ethereum carries risks due to its market volatility. Conduct thorough research and invest only what you can afford to lose. While potential returns have been substantial, consider diversification within your portfolio.

What is Ethereum?

Introduced by Vitalik Buterin in 2015, Ethereum revolutionized blockchain technology. Unlike Bitcoin, which primarily serves as digital currency, Ethereum enables developers to build smart contracts and decentralized applications (DApps). These self-executing contracts automate processes without intermediaries.

How to buy Ethereum?

Acquiring Ethereum involves primarily purchasing it from established exchanges using regular currency. Here’s a step-by-step guide on how to do it.

Introduction to Ethereum

Ethereum was proposed by Vitalik Buterin in late 2013 and development began in early 2014, with the network going live on July 30, 2015. Unlike Bitcoin, which primarily serves as digital money, Ethereum is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (DApps).

History of Ethereum

When Bitcoin emerged in 2009, it introduced the concept of a decentralized ledger that could securely and transparently record transactions. However, its primary function was as a peer-to-peer digital currency. Vitalik Buterin, a visionary developer, saw the potential for blockchain technology to be used for much more.

In 2013, Vitalik Buterin released a whitepaper outlining his vision for a platform that could execute smart contracts. These smart contracts, written in code, would automatically execute when certain conditions were met, eliminating the need for intermediaries. This marked the birth of Ethereum.

Utilization of Ethereum

▶︎ Smart Contracts

Smart contracts are self-executing contracts with the terms directly written into code. They automatically execute when predetermined conditions are met. This innovation has the potential to revolutionize industries reliant on contractual agreements, from real estate to supply chain management.

▶︎ Decentralized Applications (DApps)

Developers have flocked to Ethereum to create a wide array of applications, from decentralized finance (DeFi) platforms to games and social networks. This decentralized approach removes the need for centralized servers, increasing security and transparency.

▶︎ Non-Fungible Tokens (NFTs)

Ethereum is the foundation for the explosive growth of non-fungible tokens (NFTs). These unique digital assets have found applications in art, collectibles, gaming, and more, providing a new paradigm for ownership and authenticity.

▶︎ Token Standards (ERC-20, ERC-721, etc.)

Ethereum’s token standards have enabled the creation of countless other cryptocurrencies and tokens. The ERC-20 standard, for instance, has been instrumental in the growth of Initial Coin Offerings (ICOs) and token sales.

How to Buy Ethereum on Bybit (Guide)

Create an Account on Bybit

  1. Visit the Bybit website (www.bybit.com) and register for an account.
  2. Complete the registration process, providing the required information and verifying your email.
Create an Account on Bybit (screenshot)

Deposit Funds

  1. Log in to your Bybit account.
  2. Hover over “Buy Crypto” on the top and click on “Fiat Deposit
  3. Choose the currency you want to deposit (e.g. USDT), choose your preferred form of payment and follow the prompts to deposit funds into your Bybit wallet.
Bitcoin Guide: Deposit Funds to buy Bitcoin on Bybit
Choose your preferred form of deposit-method (screenshot)

Trade Ethereum on Bybit

  1. Click on the “Trade” tab in the top menu and choose “Spot Trading“.
  2. Look for the Ethereum trading pair (e.g. ETH/USDT) in the menu.
  3. Click on the pair to open the trading page.
Choosing the trading pair on Bybit (screenshot)

Place an Order

  1. On the right of the trading page, select the type of order you wish to place (Market, Limit, etc.).
  2. Enter the amount of Ethereum you want to buy and review the order details.
  3. Click “Buy ETH” to execute the order.
Screenshot of buying Bitcoin on Bybit (screenshot)

Withdraw Your Ethereum

  1. After purchasing Ethereum, you may choose to withdraw it to an external wallet for added security.
  2. Go to the “Assets” tab, click “Assets Overview” and select “Withdraw.”
  3. Follow the prompts to withdraw your Ethereum.

Ethereum’s journey from a whitepaper to a globally influential blockchain platform exemplifies the power of human innovation. It has not only paved the way for countless other blockchain projects but has also reshaped industries and empowered developers to dream big.

As we stand on the precipice of further advancements in blockchain technology, Ethereum remains at the forefront, inspiring the next wave of innovators to push the boundaries of what is possible in the decentralized world. With Ethereum 2.0 on the horizon, promising enhanced scalability and sustainability, the future looks incredibly bright for this groundbreaking platform. Stay tuned as Ethereum continues to shape the digital landscape in ways we can only begin to imagine.

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