How to Use Ethereum

in #ethereum6 years ago

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If the "universal computer cannot be stopped" and develops according to the plan, it can provide alternatives to Facebook and Google they are used by many people every day (as described in "https://steemit.com/ethereum/@wailabdalla/an-easy-and-simplified-explanation-of-what-is-the-rising-currency-the-ethereum").
Using Ethereum may not be as easy as using the internet as we know it today, but anyone with a computer or Smartphone can study the platform as long as the ether has a basic currency using Ethereum.

Ethereum wallet:-

First, you will need a safe place to store your own coin for ETH (or at least a place to store your private keys in your ETH wallet). For example, MyEtherWallet.

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The founding team of the Ethereum Network warns that losing your Private Keys key of the wallet is much more important than losing your password. Private Keys means losing your ETH forever. Even the founders of the Ethereum cannot access your ETH, while intermediaries are no longer required to verify transactions; there will be no help desks to help you recover your private keys. So your own tricks must be in your mind, or in an independent cylinder, not connected to the Internet. Or in a computer, you are sure that it is well protected. (Beware of loss of device). With this in mind, there are plenty of options for wallets to store encrypted currencies such as cryptocurrency, desktop wallets, web wallets, hardware wallets and paper wallets. Choosing one depends on your preferences for comfort and security. These two concepts often conflict with each other, the most appropriate being the least secure (and vice versa).

Buy Ethereum:-

The Ethereum buying method varies by country, or at least by currency. You need to find someone either online or someone who has Ethereum and wants to trade it. There is always the possibility of meeting personally to buy or sell the ether, especially if you live in a city where meetings are frequent owners of Ethereum, such as New York or Toronto.
Buying Ethereum in another currency can take another step. Bitcoin is the most commonly used Cryptocurrency. Coded currency traders always have a desire to exchange local currency for the value of the Bitcoin or the effect ... or the currency of the seed. For example, Bitcoin popularity makes it easy to buy from anywhere in the world, and after buying it is very easy to convert it to the Ethereum.

Once you get Ethereum you can send it directly to someone else via peer to peer, through a wallet address you have already selected. This process is likely to cost a small transaction fee to the miners.

What is benefitted from Ethereum:-

You may notice that Wallets and Exchange Processes up to this point are quite similar to Bitcoin's. However, Ethereum can create other non-financial applications. And self-executing applications called smart contracts
Ethereum users can create smart contracts (the code that automatically implements the terms of the agreement so that you do not have to rely on a third party to implement the order agreed between the parties).
Smart contract packages can be used to create decentralized applications ('Dapps'), which you can use or join.

What is the ether Ethereum system?

Before we go further, it is worth explaining a little bit about how Ethereum and other cryptocurrency have a confusingly recognized storage system.

It may be useful to compare it to what we already know to facilitate understanding.
Have you noticed a series of numbers on the front of your credit card? It is necessary for banks to determine where money should be sent when the card is passed. Cryptocurrency also allows you to create similar identifiers that specify where to transfer funds.

In this system, there are two main components that users need to specify, the public key and the private key. Usually represented as a series of numbers and letters, the two keys are linked together by encryption.

The public key can be sent to others so they know where to send your money. If you want people to send you Ethereum, you need an address which is an encrypted string of characters and numbers derived from the public key.
To spend the ether, you need to sign the money with your private key, which can be likened to the password. We can compare using Pin to open credits in ATM or in stores.

So what is the benefit of this system?

Open Blockchains (such as Bitcoin and Ethereum) enable users to transfer their money across the world, without limits and anonymously, adding that the value reaches from the sender to the future in second, and the user does not require any approval from any third party, 10 times less than bank fees.

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good information about Ethereum

This post has received a 1.87 % upvote from @booster thanks to: @wailabdalla.

Great informative post for newcomers. Keep it up :)

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