CRYPTO INVESTING IS EASY MONEY - Trade Bitcoin And Altcoins, Mastering Cryptocurrencies: Present and Future of Blockchain and Cryptocurrencies by Kiana Danial

Author:Kiana Danial [Danial, Kiana]
Language: eng
Format: azw3
Published: 2020-09-06T16:00:00+00:00

Part 2 : What is Ether? Many people commonly use, the words Ether and Ethereum, interchangeably, when they are actually, two different things., Ether is the Ethereum blockchain's native, Cryptocurrency., It operates similarly to Bitcoin and, that it's a digital currency that can be, transferred to people around the world,, used as a form of payment, or act as a, store of value., However Ether was created for an, entirely different purpose. So why does, Ether exist? In previous Books, I explained, the similarities between Bitcoin and, Gold., So if Bitcoin is digital gold, Ether, could be described as digital Oil. Ether, was designed with the intention of, fuelling the Ethereum Network. Going back, to the decentralized pillar of, blockchain technology, we discussed how, open source software is distributed, across a vast network of computers, around the world. To incentivize people, to host and maintain, the data on the blockchain Ether was, created as a form of payment to fuel the, Ethereum network. So anyone who wants to, build a software application on the, Ethereum network has to pay for the, computing power and space required using, Ether. And the amount of Ether required, for network fees is determined by a, built-in pricing system known as GAS. Two, other key differences between Bitcoin, and Ether is that Bitcoin has a fixed, supply and halving events, while Ether, currently does not. A fixed supply and, halving events protect Cryptocurrencies, from inflation. In a cap on the supply of, Ether may or may not be implemented in, the future. We shall see what the future, holds. If you would like more information, about Bitcoin halving, you can click on, the link above to check out my Book, about the Bitcoin Halving event in 2020., Nice. Next, let's talk about how Ethereum, network fees are calculated.

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