There is always a sense of frustration if you do not understand a certain term and this might just be the issue when you see the term “ethereum” in the title—we fully understand that. Well—what if we tell you it is related to Bitcoin? Yes, Ethereum is a cryptocurrency, and it is gaining popularity in Canada. The Ethereum Price in Canada is trending at an all time high, so let take a look at what exactly is Ethereum and where you can buy this up and coming cryptocurrency.
What is Ethereum?
Ethereum is actually a decentralized platform that enables users to run smart contracts. OK, now a new question arises—what is a smart contract? It is basically an internet form of contract that is programmed so there will not be any chances of censorship, fraud or downtime and third-party interference.
The platform runs on the blockchain that is custom built, which is a huge shared global infrastructure having the ability to move value around (the currency) and that value is the ownership of users.
Why is Ethereum good?
Actually, to answer this question, we must start with a boarder question: Why should we use cryptocurrency? The answer is that cryptocurrencies, like Bitcoin and Ethereum, when compared to hard currency and credit cards are more secure. There will not be any fraud or identity theft due to the fact that it uses a blockchain technology. As a result, it would be extremely difficult, if not impossible, to hack into such an account.
At the same time, cryptocurrency is not issued by anyone, and so it is not controlled by anyone. This is extremely different from the paper currency (CAD) being recognized as the official legal tender in Canada. For example, the CAD we are using is issued by the central bank and the deposits are in the commercial banks. The government may freeze our asset if they want to (of course this will be because we did something bad) and they can control our assets.
In contrast, there is no such problem for cryptocurrency. Apart from this, there are other advantages of having an ethereum wallet:
- More convenient since you do not need to bring your cash or credit card only to purchase it.
- You do not need a middle man to complete the transaction unless you choose to make use of a broker to help in buying it.
- There is no counterparty risk.
- For developers, they can develop more markets and store different debts
Ethereum VS Bitcoin
While Bitcoin is the big brother in the industry of cryptocurrency, it does not follow that it has everything that Ethereum has. If we make a comparison between the two, we will find out that Ethereum actually has quite substantial competitive advantages.
- Ethereum is more than just a form of currency. Rather, it is also a platform with a lot of other aspects like smart contracts, the Ethereum Virtual Machine. Also, it uses the currency called ether for P2P contracts.
- Using Ethereum, you can create your own unique form of digital tokens that can represent anything from virtual shares to proof of membership. These are forms of smart contracts.
- You can copy the code given from the website of Ethereum and then use it for a lot of purposes like voting and fundraising.
- You do not need a kick starter. You will need this for Bitcoin and this can be a very troublesome thing. Using Ethereum, for any new projects, you can just simply set up the contract online and seek pledges from your local community or the internet community
- Ethereum can also help you to provide the organization structure that you need. For example, you can get proposals from the people who support your project and thus you can discuss with them. At the same time, you can also discuss with them to further brush up your product.
- As a result, we can conclude that Ethereum can help you in both fund raising and idea raising
From the above, you may be surprised to see that the Ethereum project is having so many features that Bitcoin does not have. No wonder the Ethereum Price CAD is so high. Yet, it is not fair to Bitcoin to say that it is totally beaten by Ethereum. After all, it is still the largest cryptocurrency in the world, and it fact Bitcoin serves as a blueprint for the project to be based on, and improve upon on.
Where can I get Ethereum?
So, if you want to get some Ethereum, you can go to a lot of sites. CoinSmart is one of them.
CoinSmart is an online platform for you to purchase a number of cryptocurrencies, including Bitcoin and Ethereum. The Ethereum price is currently 1 ETH = 391 CAD now, which is much lower than that of bitcoin. The Ethereum price chart is clearly displayed on top of the website so that you can trace the movement of the prices if you are treating your cryptocurrency as a form of investment.
The site is extremely easy to use. All you need to do is to sign up with your email, and then verify the account—a procedure necessary to protect your identity and security. After that, you will need to deposit a fund into the account and you can use those money you deposited to trade for whatever cryptocurrency you want to trade in.
Of course, there are other sites for you to buy Ethereum:
- Plus500.com is another platform where you can take into consideration. The interface is easy to use and the Ethereum price is instantly displayed clearly
- eToro can also be a choice, where you can buy Ethereum freely and safely
- Iqoption.com is a website where you can buy different form of cyptocurrency at a low minimum deposit
- Lastly, Coinbase is an international community where you can also purchase Ethereum
Of course, the list is not exhaustive. Just search online and you will find a couple more of options for you to purchase them
With the development of all these forms of cryptocurrency, the value of it is only rising and rising. From Bitcoin to Ethereum, we can see the expansion in uses and advantages, and therefore popularity in cryptocurrency. It can only be of a matter of years or decades before cryptocurrency becomes the dominating form of currency in our world due to its convenience and security.