Ethereum ETH

Ethereum (ETH) is an open-source blockchain platform (network) that has its own cryptocurrency Ethereum (Ether) and its own programming language Solidity.

Ethereum is designed to be more customizable and flexible value exchange technology. It is more than just a network for value transfer and recording transactions in the blockchain. Just like Bitcoin was created to decentralize modern financial system, Ethereum aims to use the same technology to replace internet third parties.

The advantage of Ethereum as a network is that its users can create, publish, monetize and use programs and applications on the platform and can use the cryptocurrency Ether as a means of payment.

These applications are known as Dapps - decentralized applications. Dapps are open-source software based on a Ethereum blockchain. One of their main feature is that they don't need a third party to function.

This is why Ethereum describes itself as "the world's programmable blockchain".

Ethereum as a cryptocurrency is second in market value after Bitcoin.

At the moment of writing this text, there are around 116 million Ethereum in circulation. There were about 111.34 million Ethereum in circulation last year. The increase of ETH coins in circulation compared to last year (2020) is 4.44%. 

Unlike Bitcoin, which can have a maximum amount of 21 million tokens in circulation, the total number of Ethereum is not limited. The explanation for this is that Ethereum is expanding as much as there is demand for it.

At the moment, the Ethereum blockchain operates on a Proof-of-Work consensus mechanism just like Bitcoin. However, Ethereum will make a transition to Proof-of-Stake.

Ethereum has revolutionized the concept of smart contracts on the blockchain platform. Smart contracts are computer programs that automatically execute actions that are necessary to fulfill the agreement between several parties on the internet.

Smart contracts reduce the need for intermediaries when concluding contracts, and at the same time they increase reliability.

This results in the following advantages of Ethereum as a network:

Ethereum coins are mined the similar way as Bitcoin. They both use the Proof-of-Work mechanism. It’s a decentralized consensus mechanism that validates and secures transactions by solving complex cryptographic operations.

Although conceptually similar, mining Ethereum is different from mining Bitcoin. New blocks within the Ethereum blockchain are added every 15 seconds, while with Bitcoin each new block is added approximately every 10 minutes.

As a reward for each confirmed transaction, the “miner” receives 2 Ethereums plus a “commission” for the completed transaction (gas fee).

There are plans to switch the Ethereum network from the Proof-of-Work algorithm to the Proof-of-Stake algorithm. Proof-of-Stake can be described as a consensus.

Transactions on the Proof-of-Stake protocol are confirmed with the help of Validators. Validators have the same role as the miners in the Proof-of-Work concept - they validate transactions and create new blocks.

The main difference is that validators must stake their own ETH in order to participate in the validation process.

Ethereum has a total of eight co-founders. Vitalik Buterin - a Russian-Canadian programmer is probably the best known among them. He issued the original Ethereum white paper in 2013.

Gavin Wood is also a key figure in founding Ethereum. He implemented Ethereum, and he introduced the “Solidity” program language.

The other co-founders of Ethereum are:

On the Bitcoin Store platform, you can easily buy Ethereum and more than 130 cryptocurrencies at the real-time exchange rate with the lowest fees.

First, you need to create and verify your account on the Bitcoin Store cryptocurrency trading platform to get full access.

After successful verification you can make a deposit (in HRK or EUR) to your Bitcoin Store Wallet.

Supported payment methods for deposit are:

Once we receive your payment, funds to purchase cryptocurrencies will be available on your Bitcoin Store Wallet and you can start purchasing cryptocurrencies.

On the Bitcoin Store platform, you can easily sell more than 130 cryptocurrencies from our offer at the current exchange rate.

You can instantly sell cryptocurrencies that are stored on your Bitcoin Store Wallet.

Cryptocurrency stored on personal wallets such as Exodus, TrustWallet, Ledger, Treasury, etc., or on various trading platforms must be transferred to your Bitcoin Store Wallet before selling.

Once the transfer is successful you can sell your cryptocurrency. You can withdraw the funds directly to your bank account or keep them on your Bitcoin Store Wallet and use them for future cryptocurrency purchases.

You can buy and sell cryptocurrencies for cash in Bitcoin Store exchange offices in Zagreb and Split.

Verifying your identity via ID card is not required for all transactions up to HRK 15.000,00

In the exchange office, you can also make a deposit in cash directly to your Bitcoin Store account. The amount you deposit will be visible immediately and ready for your next cryptocurrency purchase.

You can store Ethereum in your digital wallet. When it comes to cryptocurrencies, digital wallets can be divided into 2 groups - Hot Wallets and Cold Wallets.

Hot wallets include:

Cold Wallets include:

You can also store ETH on your own Bitcoin Store Wallet. The access and storage of cryptocurrency are free for all users who register on the Bitcoin Store Platform.

On Bitcoin Store Wallet you can:

On 2022-10-06 the current Ethereum price/exchange rate is 1,396.72 EUR.