The cryptocurrency Ether (ETH) is the native currency for Ethereum, a decentralized blockchain with smart contract functionality. At the time of writing, Ether is the second-largest cryptocurrency by market capitalization. (The cryptocurrency with the largest market cap is the famous Bitcoin.)
The Ethereum network was launched in July 2015, after being proposed by the programmer Vitalik Buterin in 2013.
How to use Ether to buy things
If you want to use the cryptocurrency Ether, the first step is to sign up for a cryptocurrency wallet that can recieve, store and transfer Ether. Since Ether is such a well-known cryptocurrency, there are many different wallets to chose among. You can for instance use the popular Coinomi, Electrum or Loafwallet.
Next, you need to put Ether in your new wallet. One of the easier ways it to go to a cryptocurrency exchange and purchase Ether there. You will need to pay of course, by using any of the accepted traditional currencies or cryptocurrencies.
When you want to pay for something using Ether, you use your wallet to transfer Ether from your wallet to the recipients wallet. The transfer takes place through the Ethereum network.
Can I use Ethereum in online casinos?
Nowadays, there are quite a few online casinos that accepts Ethereum to make deposits and withdrawals. It is still difficult to find online casinos where you actually wager in Ether. In most, your wagers will be denoted in a traditional currency such as USD or EUR, but you can make deposits and withdrawals in Ether.
To make a deposit, make sure you are logged into your casino account and then go to the banking section. Select Ethereum (or Ether) as the deposit method, and follow the on-screen instructions for entering the amount and verifying the transaction. Ether will be taken from your wallet and deposited into your casino account.
When you wish to make a withdrawal, the procedure is very similar. First, make sure you are logged in to your casino account, and have no pending playthrough requirements that would block your withdrawal. Then, head for the banking section and selec withdrawal. Choose Ethereum (or Ether) as your withdrawal method, and follow the onscreen instruction for entering the amount and verifying the transaction. Ether will be taken from your casino account and moved into your cryptocurrency wallet.
Basic facts about Ethereum and Ether
- Ethereum is the network, while Ether (ETC) is the name of the network´s native cryptocurrency.
- The subunit for Ether is Wei. 1 Wei is 10−18 ETH.
- Ethereum a decentralized blockchain with smart contract functionality. It relies on a proof-of-work system, where new Ether is generated by the Ethereum protocol to reward miners for using their computer capacity to add blocks to the blockchain. Miners also recieve transaction fees, which are paid for by the users who utilize Ethereum to transfer Ether.
- There is no built-in cap for how much Ether that can be generated to reward miners.
- Ethereum is chiefly famous for being the network for the cryptocurrency Ether, but it is used to deploy a wide range of other decentralized applications. Among other things, Ethereum is used for the creation and exchange of so called NFTs.
- Ether is not the only cryptocurrency that utilizes the Ethereum network.
Technical details for Ethereum
Software: EVM 1 Bytecode
Written in: Go, Rust, C#, C++, Java, Python
Platform: x86-64, ARM