how to use ethereum

How to Use Ethereum Effectively and Easily

Ethereum is a currency that has been developed alongside the increased use of bitcoin. Ethereum has seen its day with the increased need for online cryptocurrencies.

The first step in attaining ethereum is to get a wallet that holds it. These ‘wallets’ are essentially online security systems to keep your currency safe. When you get a ‘wallet’ you are given a private key that only you can use to access your money. One of the issues with a private key is, if you lose it, you are essentially losing all of that money. With the positive of having no middle man for added security, you lose the ability to essentially have a concierge system that would normally intercept in the case of a loss.

There are several types of wallets. The first of those is known as a desktop wallet. This is one that simply goes on your laptop or computer. Few ethereum users use this type of wallet because transactions can take longer than other forms of wallets.

The next type is known as a mobile wallet. This is similar to a desktop wallet except it runs from a mobile source. these can also be referred to as ‘light’ clients. They do not require as much data as typical wallets and can connect to networks from remote locations. Many choose this option as it is very convenient and easy to have with you at all times.

One of the safest types of wallet is known as a hardware wallet. These often look like small USB drives and offer the best of both options. They are extremely easy to transport, and extremely safe. They can also be taken offline and can be used to make transactions while not on the internet.

The last popular method is known as a paper wallet. This is similar to a hardware wallet except it is not digital. This method simply uses a handwritten private key on paper, locked somewhere safe. This is a safer method as it cannot be hacked into since it is in the physical world.

Buying ethereum is easy and can be done through several online apps that can also be used to buy bitcoin. Once you have the currency in your wallet, the last step is simply figuring out where you want to use it.

3 COMMENTS

  1. […] Blockchain could be highly related to the the insurance industry, given its ability to connect data. This past week French insurance AXA tested a blockchain platform to manage flight insurance. The test is currently being performed in flights from Paris international airport and the U.S. and it has big expectations to be inserted internationally. The product launched on the mainstream market is called “Fizzy” and it is made of smart contracts linked to an ethereum platform. This platform scans information of delayed flights and if the flights coincide with an insurance policy, the payment is automatically performed. […]

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