What is Ethereum & How to Buy Ether with Bitcoin or Other Cryptocurrencies

Hello and welcome to this new educational series on cryptocurrencies.

Let’s jump right in…

What is Ethereum?

Ethereum is an open-source, public, blockchain-based decentralized computing platform featuring smart contract functionality. Ethereum was proposed in 2013 and the system went live on July 30th 2015.

What is Ether?

Ether is the cryptocurrency generated by the Ethereum platform as a reward to mining nodes for computations performed and is accepted in for the payment of transaction fees. There are currently 109,204,591 Ether in existence and the current price of 1 Ether is $139.03 giving Ethereum a total market cap of 8 billion 523 million 587 thousand 148 dollars making it the second largest cryptocurrency in the world by market cap.

What are the Benefits of Ethereum?

1. Decentralization

Ethereum is decentralized meaning it is not controlled by a single governing entity but rather by a trustless architecture where majority rules and consensus is defined based on thousands of computers around the globe running the software. This methodology means Ethereum is fully autonomous and has no central point of failure so it will always be online and available.

2. Coding Platform

Ethereum has its own coding language which enables developers to build and deploy decentralized applications on the Ethereum network.

3. Smart Contracts

Smart Contracts are designed to automatically perform transactions within the Ethereum network with trustless execution. Both parties in any given transaction must subscribe to the terms and upon completion of the terms set for each party a transaction or other action is triggered. These Smart Contracts are governed by the Ethereum network autonomously through decentralization.

How Do I Buy Ethereum?

Buying Ethereum is simple and can happen through any number of exchanges. At Amplify you can trade Bitcoin and many other assets for Ethereum without ever paying a trading fee. Let’s take a look at how simple it is… If you haven’t registered for Amplify head over to amplifyexchange.com/register or click the video in the top right corner for help with onboarding.

Start at the Amplify homepage which is amplifyexchange.com and click the “Sign In” button at the top. Upon providing credentials including your 2FA code if setup you will be directed to your portfolio page which is where you can see how your assets are performing.

Click the Markets link at the top of the page and scroll down to find Ethereum. Clicking the row will expand more information so you can see the Ethereum chart and give you options to view News about Ethereum as well as the content the official Ethereum channels are producing. You can also view the project profile on the last tab in this row.

To Buy Ether you simply need to click the “Buy” button as seen here. Once the Buy panel opens up you can enter how much Ether you wish to purchase and simple click “Place Buy Order”. The system will match your order through a single or series of trades and upon successful completion you can click the “View My Orders” button to see the details of your successfully completed order.

Now when you browse back to the Portfolio page you will see your new balance of Ether and the system will start tracking its performance for you.

We hope you enjoyed this educational video giving you a high level overview of what Ethereum is and how to purchase Ether. Take a second and subscribe to this channel so you can view more educational content as we expand this series. Thank you for being part of Amplify Exchange.