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What Is Ethereum?
In the world of cryptocurrency, Ethereum is often mentioned; and if you read crypto news very often, that name rings a bell. It is the second most popular digital currency after Bitcoin. In terms of market capitalization, it is the 2nd largest after Bitcoin. However, many questions and misconceptions about what Ethereum needs clarification. This article offers satisfying answers.
Call it a digital platform of its own, call it a personalized blockchain network, you’re absolutely right! Ethereum is blockchain-based, it is decentralized, and it is a network with its own digital currency known as the Ether or ETH for short. Users can perform transactions, store up assets, trade cryptocurrencies, make and receive payments, and do so much more with Ether.
When a transaction is complete on the network, it cannot be changed or reversed, making this record available to every connected user. Since you don’t need to visit any bank, how will you store your Ether? You will need a digital wallet, which is usually an App that you need to download on your computer or your smartphone. You store your tokens in this wallet. When you have an active digital wallet, you can initiate transactions, send Ether tokens to another person’s digital wallet, and you can receive Ether.
The interesting part is that when one computer or connected node goes down, it does not affect the network in any way because the same ledger is available to every connected node. This makes Ethereum platform smart because no one can spend coins they don’t own, nobody can undo any transactions, everyone can view every transaction history, and the network is immune to cyber-attacks.
Ethereum is unique because, unlike other popular blockchain platforms, the technology used in designing this platform clearly shows it has different goals and features. However, other questions includes, how does Ethereum differ from Bitcoin? What is cryptocurrency (Ether) and how is it mined?
We have compiled a list of things to know about Ethereum as well as what to watch out for soon. But first, let’s check what is the difference between Bitcoin and Ethereum?
What is Bitcoin?
The first digital currency, Bitcoin, was created sometimes in 2009 and it was created to break the chains of restrictions associated with transaction that are tied to a central server. All transactions are to be made public and they will be available at the same time to thousands of connected computer users known as ‘nodes.’
Transactions are made too using BTC coins. Initially, not all stores accepted cryptocurrencies in place of goods and services. But after some time, many stores have now approved Bitcoin as a means of payment. The same can be said of Ethereum’s acceptance as an approved means of payment. Buy Bitcoin (BTC) now!
So, how do you keep your bitcoins? It is done pretty much the same way you keep ETH. You will need an online wallet too. Since it is a public ledger, no one can spend coins they don’t own, no one can undo any transactions, everyone can view transaction history, and it is immune to cyber-attacks.
Because of the obvious similarities between Ethereum and Bitcoin, it is also important to note how they differ from each other.
What Makes Ethereum Different from Bitcoin?
Although they are both digital platforms, their major difference is their goal. Bitcoin was created to offer an alternative to traditional currencies, making it an alternate medium of transaction or an alternate way to store assets. Ethereum on the other hand was designed for a different purpose.
Ethereum was created to Ether is used to facilitate and monetize contracts are facilitated and monetized through its currency, the Ether. Comparing the two digital currencies is like comparing Dimond and Petroleum. Although they are both innovative but they are not meant for the same purpose.
But because of their popularity and close market capitalization, traders, as well as investors, have pushed ETH and BTC into a perceived competition.
Although there are other differences in terms of how new blocks are created, how they are mined, and so on. But for now, let’s focus on answering some questions about Ethereum.
What Is the Ether (ETH)?
As earlier mentioned, ETH is the currency used to settle transactions on the Ethereum platform. It is how you pay for anything done on the network. It is like a virtual currency that can only be used online. Unlike normal money that we spend daily, you can send Ether directly without any intermediary like a bank, and it can be securely sent anywhere, anytime, and to anyone.
Ether can be purchased in fractions; since ETH can be divided into 18 decimal places, you don’t necessarily have to buy it in whole at once. You may also use the ETH as a down payment for generating new coins on the platform.
What is Ether Used for?
Ether or ETH is the basis for creating and running applications on the Ethereum network. As mentioned above, users can pay for transactions with it.
Additionally, it is used to pay for computational services Ethereum on the network. When developers write smart contracts that support the network, they are entitled to some coins. Thus, receiving, holding, and even sending ETH becomes possible.
In terms of computational power and the time it takes to complete it, no two actions on the Ethereum network are the same. The higher the computational power and time, the higher amount of ETH needed for the action to get it done.
How Is Ether/Ethereum Mined?
First, it is good to know why mining Ether is necessary. It is through this process that new coins are created. Mining also helps to maintain the decentralized public ledger that blockchain is.
Miners usually run computer programs that aim to solve millions of mathematical equations. They also have to compete with other miners with the same purpose all over the world. The first miner to successfully solve the equations would have verified a block. This miner is then awarded two new ETHs as well as a transaction fee for their effort. On average, new ETHs are created once every 13 seconds. Every second, some 600 trillion mathematical operations are happening on the Ethereum network.
You can also mine Ether through a custom mining rig that consists of a motherboard, a compatible operating system, GPU, computer memory, and of course a power supply. With this functional rig, you can perform more mathematical operations (27 million) every second.
You can also join a mining pool that allows you to share resources with other miners from across the world.
How to Use Ethereum Wallet
To own Ether coins, you need an Ethereum wallet to hold or store it. Once you have followed the steps above and created a digital wallet, you must understand how it works. Your Ethereum wallet contains your ‘public key’ and ‘private key’ that is made up of case-sensitive numbers and letters.
Your Public Key is what you give to someone who wants to send Ether coins to you. What must not be shared is your private key. It is more like your PIN or Password that allows you to authorize transactions from your bank account. When initiating any crypto transaction, you will need this key to authorize the deal.
If you must write it down, it must be done discreetly such that it is not unintentionally revealed to unauthorized persons.
How to Buy or Sell Ethereum
Once your Ethereum wallet is ready, you need to search for a reliable cryptocurrency trading platform or exchange. Even though a simple Google search can help you identify available crypto exchanges, it will be better to choose carefully because everyone’s trading needs differ.
Understand that some exchanges may allow you buy cryptocurrencies with normal cash, while some may only allow crypto-to-crypto transactions. Also, not all cryptocurrencies are supported by some exchanges. For beginners, choosing an exchange that allows substituting fiat currencies for buy cryptocurrency is the best. Old-timers and seasoned crypto investors have found having multiple accounts with several exchanges can be beneficial.
When you find an exchange that best suits your needs, create an account. Be prepared to supply some personal information like name, address, any available means identification, and social security number if available. The requirement may differ from one country to another. You may be required to upload these documents after which your account with them will be verified.
After that, you’ll be required to deposit some money to buy Ether coins. On the exchange’s web page, you will see where you can add your debit card or your account number from where you can authorize such payment. Is there a minimum amount required to buy Ethereum? Remember that Ethereum can be bought in fractions.
How can you sell your Ethereum?
On the same exchange platform, check the market value of the Ethereum before you decide to sell. If you still decide that you want to sell it at this point, just confirm the transaction and click on the ‘sell’ tab.
When Should You to Invest/Cash Out Ethereum?
Ethereum’s volatility plays a major role for smart investors when investing. The best time to invest is when the price falls with the hope that when the price goes back up, you cash out Ethereum. This helps you make profits and invest more.
Buy Ethereum with Kyrrex crypto excexchange platform.
As a general rule, it is best to invest smaller amounts if you are a beginner. However, once you make a few profitable investments, you may increase your stake.
How Long Does It Take to Send Ethereum?
Before a transaction is completed, several confirmations are needed. The faster these confirmations are done, the faster it takes to send Ethereum. However, since it takes an average of 16 seconds to complete one confirmation, it will only take a few minutes to send Ethereum.
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The cryptocurrency market is a rapidly evolving landscape that offers big opportunities for profit. However, navigating this market can be challenging, particularly for those who are new to the space. In this article, we will explore how you can maximize your profitability in cryptocurrency trading by taking advantage of Kyrrex's wide range of trading opportunities.
The Relationship Between Open Crypto Trades and Profitability
Open trades are trades that have not yet been closed. These trades can have a significant impact on profitability, as they represent potential gains or losses. In general, having more open trades can increase profitability, as long as they are managed effectively.
One way to manage open trades is to use stop-loss orders. A stop-loss order is an order that automatically closes a trade when a certain price is reached. By using stop-loss orders, traders can limit their losses and protect their profits.
For example, if a trader buys a coin at $10,000 and sets a stop-loss order at $9,500, the trade will automatically close if the price falls to $9,500. This can help the trader get out of a bad trade before their loss becomes bigger.
Another way to manage open trades is to stay up-to-date with market trends. By staying informed on market trends and using technical analysis, traders can identify potential trading opportunities early and make informed trading decisions.
For example, if a trader notices that the price of a particular cryptocurrency is trending upwards, they may decide to open a long position (i.e. buy the cryptocurrency) with the expectation that the price will continue to rise.
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The Importance of Trading a Wide Range of Cryptocurrencies
Trading several cryptocurrencies, instead of just one or a few, is essential for maximizing profitability. By limiting yourself to a small number of cryptocurrencies, you are potentially missing out on gains that could be made by trading in other coins. Additionally, trading more cryptocurrencies can help to minimize risk, as losses in one coin can be offset by gains in another.
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- Increased exposure to potential gains: By trading in a diverse range of cryptocurrencies, traders can increase their exposure to potential gains in the market.
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- More opportunities for profit: Traders can open more orders in more cryptocurrency pairs, which increases the potential for profits.
Wide Crypto Trading Opportunities with Kyrrex
Kyrrex is a leading crypto-fiat platform that offers comprehensive services for individuals and institutional clients alike. With its advanced trading, storage, and payment technologies, Kyrrex is designed to meet the needs of modern cryptocurrency enthusiasts.
One of the main advantages of Kyrrex is its wide range of trading opportunities. Users can access the built-in trading terminal, which allows for seamless transactions in cryptocurrency pairs. Currently, Kyrrex offers a total of 20 currency pairs, including popular options such as AVAX/USDT, ETH/USDT, and XRP/BTC. By offering a diverse range of currency pairs, Kyrrex enables users to trade in a way that best suits their needs and preferences.
The Kyrrex trading platform boasts flexible functionality. Users can easily analyze and track quotes around the clock, select limit and market orders, and enjoy reduced trading commissions. These features make it easy for users to make more trades and analyze market trends, thereby increasing the chances for gains.
In addition to its trading capabilities, Kyrrex offers a comprehensive set of features to help users manage their cryptocurrency assets. With its state-of-the-art storage technologies, Kyrrex ensures the safety and security of user funds. Users can also take advantage of the platform's advanced payment technologies, which enable them to make and receive payments in a variety of currencies.
Conclusion
Maximizing profitability in cryptocurrency trading requires a combination of trading in a wide range of cryptocurrencies and effectively managing open trades. Kyrrex's wide range of trading opportunities, advanced trading tools, low trading fees, and real-time market data make it an ideal platform for those looking to engage with the cryptocurrency market.
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Top 5 Crypto Charities
There are two sides to everything, though humans tend to focus on one side of the coin. The latest weapons can help through deterrence, not just destruction. Artificial intelligence is an incredibly useful tool despite its dangers. And cryptocurrency, just like everything else, can be a force for good in the world.
Crypto is about PnLs, market and limit orders, DeFi and staking, coin offerings and L1s. It is also about borderless payments which can facilitate goodwill donations by anyone from anywhere to any organization that works towards a noble cause.
The philanthropic space, just like health, finance and sports, has realized the benefits of adopting crypto. Some of the best known global and regional charities have created channels for crypto donations.
Bitcoin, Ethereum and stables like USDT are the most popular coins supported by charities accepting crypto. Depending on the type of crypto charity, other popular digital coins like Dogecoin, Monero, Bitcoin Cash and Litecoin may also be accepted.
So if you're moved to reserve some of your cryptocurrency holdings or trading gains for a worthy cause, there are lots of charity crypto projects that would be happy to receive your donation
These crypto-affiliated charities vary by mission. Some are dedicated to helping oppressed peoples in war-torn areas like Ukraine to stand up to the aggressors. Others utilize blockchain technology to support next-gen ideas and technology like effective altruism and AI.
These organizations all have noble goals and have thrived through the benevolence of citizens who use some of their crypto for charity. This article presents 5 reliable and dependable crypto charity projects. So if you're looking for charities that accept crypto, you've come to the right place.
1. Electronic Freedom Foundation
The Electronic Freedom Foundation (EFF) is a U.S. 501(c)(3) nonprofit that has a mission to defend civil liberties and human rights both online and offline, but especially online. It supports outreach and legislation that protect digital rights and provides funding for projects that promote the rights of the individual to free expression in the digital space.
The EFF sees increased legislation and user restrictions in the digital age as a wall that stifles creativity and infringes on the rights to liberty. Thus, it campaigns hard against moves that seek to restrict people's rights and freedoms, especially online. The organization has a long and proud history of canvassing change and is one of the best charity crypto projects around. It accepts Bitcoin, Bitcoin Cash and Ethereum from individual donors and you can also elect to receive some cool swag if you donate at least $100.
2. Kyrrex Charity
The start of the war in Ukraine has led to a groundswell of governmental, institutional and individual support for the beleaguered country which continues to maintain its independence in the face of overwhelming odds. The Kyrrex Charity is the social arm of Kyrrex, a regulated crypto-fiat ecosystem. Its goal is to work towards the war's end and victory for Ukraine by supporting the country's civilians, volunteers and defenders through financial aid.
The foundation organizes charity events and fundraisers all over the western world to raise money which it then distributes to various agencies across Ukraine.
Because of the difficulties caused by the war, crypto donations to Ukraine is one of the best ways to get money across to those who need it on the ground. That is why the Kyrrex Charity's main vehicle is a crypto charity fund. Benevolent individuals and organizations can directly donate Bitcoin, Ether and USDT through the foundation's Ukraine crypto donations wallets and be rest assured the money will be used for a worthy cause.
So if you have excess coins gathering dust in your wallet or cold storage and wondering how to donate crypto to Ukraine, you can send your coins to a Kyrrex Charity wallet and sleep easy knowing you've just done a great deed for humankind.
3. UNICEF Cryptocurrency Fund
Unicef, or the United Nations Children Fund, works in 190 countries across six continents to help children overcome developmental and geographical challenges and achieve their full potential from early childhood to adolescence. It's long been one of the most visible agencies of the UN and its impact has been felt in every corner of the globe for decades.
In 2019, UNICEF launched a crypto fund to simplify fundraising and grants distribution and reach their networks of donors and beneficiaries faster than the complicated web of traditional finance would allow. Donors can send BTC and ETH directly to the UNICEF CryptoFund. To date, the fund has received 8 BTC and 2527 ETH which is distributed to open-source frontier tech solutions showing promising results.
All donations made by the funds are done in BTC and ETH only and capped to $100k. Through this scheme, UNICEF has invested 52 ETH in a digital cash and voucher transfer platform in Nigeria, 43.5 ETH in a platform for digital healthcare savings in DR Congo, and 21 ETH in a tool for visual eye tests to detect vision disorders among children in the UAE.
4. The Giving Block
Would you like more control and flexibility over your charity crypto donations? Then you can check out The Giving Block. This donations service is like a crypto charity marketplace that allows you to give crypto to a nonprofit, charity, university, faith organization, environmental NGO or any other mission-driven agency of your choice.
The Giving Block emphasizes choice and flexibility. Donors are free to choose any of the 100+ organizations that accept crypto donations through the service. You can use their search tool to filter available organizations. For example, a "crypto donations Ukraine" search brings up the Ukrainian American Coordinating Council, the US-Ukraine Foundation and similar organizations. You can also switch to "Impact index funds" and donate crypto to a particular cause, such as the war in Ukraine, women and girls empowerment, or arts and culture.
Another big draw of The Giving Block is the versatility provided for those who use the platform to donate crypto to charity. Most blockchain-positive philanthropic platforms support just a few cryptocurrencies. But on The Giving Block, you have your pick of more than 70 crypto options to donate with such BTC, ETH, USDC, USDT, DAI, MAKER, AVAX, SOL, and many more.
5. The Tor Project
Tor, or The Onion Router, is the free and open-source browser that enables anonymous communication through a network of volunteer nodes spread across the world. The Tor project and its browser allow users to bypass censorship and restrictions on internet usage. It generates a semblance of digital privacy and independence in an environment rife with governmental policy.
The Tor Project accepts donations in crypto and other avenues to keep the Tor network running and protected against intrusion by global institutions and governments. Tor accepts crypto donations in 9 currencies including Bitcoin, Ethereum, Dogecoin, Augur, Dash, Litecoin, Monero, Stellar Lumen, and ZCash.
Donating Crypto to Charity
If you'd love to donate crypto to charity, you can try one of the organizations on this list or another one that accepts digital currencies. You can donate your crypto directly—no need to convert into a stablecoin or fiat money first. Moreover, if you have a stablecoin in your portfolio, you can donate that. The price of a stable fluctuates less compared to traditional cryptocurrencies, which can benefit the charity of your choice more than a volatile coin would.
Making donations to a charity actually helps fulfill one of the founding principles of cryptocurrencies—anonymity. By donating through crypto, you show that you truly care about a cause and aren't donating just to look good in the news or on social media.
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