Ethereum is an open source platform, which gives application creators the ability to implement Blockchain technology in order to create decentralized software. While Bitcoin applies the Blockchain differently, using an online electronic system that works from person to person (which allows tracking all operations), in the Ethereum block system, its execution is based on application programming codes decentralized. Ethereum is quite different in terms of the ability to process codes. For example in Bitcoin, this procedure is limited, while in Ethereum, its developers have no limits in this regard to create several different applications.

What makes Ethereum new is that it works with a programming language called Turing, which allows the user to run the programs he likes without taking into account the language in which they are made. It means that it works as a “virtual machine” that supports the creation of applications, this makes the block system more efficient than the one used by Bitcoin. This is where Ethereum’s “virtual machine” was born, which is the novelty of the system (based on the Turing program that allows any programming without taking into account the language in which it is made). Next, we will know the advantages of paying with Ether, the Ethereum token:

Smart contracts guarantee security

The Ethereum platform has as its main objective smart contracts, which are executed safely and without the need for third party intervention (since these are designed in such a way that “yes or yes” is fulfilled).

It’s not regulated by government entities

No government entity exercises control over Ethereum, so it is difficult to control its value and it will depend solely on the trust of users and the volume of transactions that are made with it, which gives users peace of mind that When paying with Ethereum, the money will go directly to the owner of the product or service that is paid, without anyone else intervening.

It’s developed with open source

Ethereum is developed in an open source system, which allows improvements when necessary. This benefits the users of the platform as it gives more stability and transparency, and if an error or failure occurs in any transaction, it could be solved by entering the source code of it.

It’s very hard to fake

One of the biggest fears in financial transactions are scams or counterfeit money, which is very common with fiat money since being papers can be easily printed (with a similar result), without having any legal validity . In the case of Ethereum that is not possible because it is a virtual currency with its own identifiers that make it unique.

It’s cheaper

In the case of Ethereum, its use is cheaper due to the absence of third parties, this makes it a much more profitable payment option compared to other currencies or traditional means of payment, especially when used to make purchases over the Internet or even when It is decided to make payments in physical stores or commercial premises.

What do you think about this topic? Do you know any other advantages of using ethereum?

If you want more information about buying and selling cryptocurrencies you can contact us or write your question at the bottom (comments section).

Image by Clifford Photografy via Unsplash.com under a creative commons license.


Leave a Reply

Your email address will not be published.