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Crypto 101: Ethereum for beginners

If you haven’t noticed, a lot of people now prefer using cryptocurrency. This is because it guarantees fast, secure, and cheaper transactions. Cryptocurrency is a digital currency that you can use to buy goods and services online. Some of the most common coins in the market are Bitcoin (BTC) and Ethereum (ETH).

There is no doubt that BTC is the first and largest coin in the market but ETH has the most active platform. The idea behind Ethereum was first described in a white paper written by its co-creator, Vitalik Buterin, in 2013. It was then released in 2015 with a supply of 72 million coins. With Ether as its native coin, it has an open-source blockchain and a smart contract platform. This allows users to create decentralized applications or dApps.

What’s great is that you can also use ETH to place your bets at Luckyslots to play your favourite game. It is also best to use a private internet connection to avoid malware attacks.

Smart contracts oversee all of the transactions on the blockchain. These are also fully automatic which means that the conditions written by the creator should be met by both parties. A contract is granted once the conditions are fulfilled.

Just like most coins in the market, it also has a decentralized platform. This simply means that your transactions are not controlled by the government or any central authority. The funds are also directly sent to the receiver within minutes.

With Ethereum’s decentralized and cryptographic security features, it is almost impossible for failure to happen. The platform makes sure that all of the users are protected against fraudulent activities.

Since it is developed based on Bitcoin’s structure, all of the transactions are recorded on a distributed ledger that is open to the public called blockchain. Even though it is accessible by anyone, it is impossible to alter or change any information due to its complicated nature.

Ways to own ETH

There are two ways to own ETH. It can be through mining and trading. While mining coins can be a complex matter of solving math problems, the rewards reaped are fulfilling. If you wish to avoid complications of mining, trading ETH is an alternative.

When it comes to trading, it is best to choose reliable exchanges such as Coinbase, Gemini, and Bittrex. Stay away from sites that are too good to be true.

The ERC223 token standard

Believe it or not, Ethereum has a long history of developed standards resulting in the birth of Ethereum Request for Comment or ERC. The ERC223 is actually the improved token standard that allows other token transfers to function similar to other ether transactions.

This standard also fixes the ERC20 critical bug by cancelling a transaction to avoid lost funds. With this, you do not need to worry if you send the tokens to the wrong smart contract. However, it is still best to enter the correct details to avoid the hassle.

Mentioned are just the tip of the iceberg. Having the most active platforms means that there are other features that you will definitely discover as you place your bets using Ethereum at Luckyslots to play your favourite casino games.

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