The page is a guide on how to buy Ethereum (ETH) on the KuCoin cryptocurrency exchange platform with low fees.
The guide provides a step-by-step process for creating a KuCoin account, depositing funds, and purchasing ETH using the platform’s trading features.
The page also offers tips for reducing fees and maximizing the value of the ETH purchase.
Overall, the guide aims to help beginners navigate the KuCoin platform and purchase ETH in a cost-effective manner.
What is Ethereum (ETH)?
Ethereum is an open-source and decentralized blockchain that enables cheap and fast digital payments. At the same time, it also provides smart contract functions to support the operation of various decentralized applications (dApps).
The official Ethereum website classifies itself as a marketplace dedicated to a variety of applications, from financial services to games, all of which are blockchain-based, run in a decentralized manner, and are powered by smart contracts. The native cryptocurrency of Ethereum is Ether, and its currency symbol is ETH.
Ethereum is the second most valuable cryptocurrency in the crypto market, after Bitcoin. Since the price of Ethereum is lower than that of Bitcoin, many investors also refer to Ethereum, which is second only to Bitcoin (digital gold), as digital silver.
The Ethereum blockchain is the largest ecosystem that can accommodate decentralized applications and Web 3.0, especially for areas such as DeFi, NFT, social media, and blockchain games. It plays an extremely important role in driving most of the emerging trends in the crypto industry – from decentralized finance and NFTs to Play-to-Earn and Metaverse and more.
Admittedly, like the original bitcoin, ethereum’s price action has had its share of ups and downs. However, thanks to the many applications within its ecosystem, the price of ETH will also fluctuate with dApp developers and users’ usage of its blockchain, not just subject to changes in crypto market sentiment.
Founder of Ethereum. When was Ethereum created?
The concept of Ethereum was first proposed by Vitalik Buterin at the end of 2013, and then the Ethereum white paper was released on November 27, 2013. The white paper discusses Ethereum’s technical vision and lays out ideas for smart contract functionality.
Vitalik Buterin released the white paper of Ethereum at the end of 2013, and subsequently launched the first round of Ethereum crowdfunding in 2014 to raise funds for its initial development. After nearly two years (2015), the Ethereum platform was actually launched.
After the official announcement in January 2014, Buterin began working with Dr. Gavin Wood to co-found Ethereum. The yellow paper of its encrypted currency was also officially released in April 2014, which discussed in detail the technical specifications of the Ethereum Virtual Machine (EVM).
From July 22 to September 2, 2014, Ethereum conducted its first crowdfunding and allowed users to use Bitcoin to purchase the Ethereum cryptocurrency ETH. Of the roughly 60 million ether tokens sold, the Ethereum Foundation raised about $18 million to fund the initial development of the blockchain network.
Ethereum’s main network (mainnet) was released in July 2015, which opened the era of blockchain’s initial coin offering (ICO). The next pivotal event in the history of Ethereum occurred in April 2016, when the decentralized venture fund (The DAO) was hacked and its ICO lost nearly $150 million. This event led directly to a hard fork of the Ethereum blockchain, which is its current state.
How does Ethereum work?
Ethereum functions similarly to Bitcoin, using a network of millions of nodes around the world to maintain a distributed ledger on which transactions are recorded. These nodes are responsible for storing the account information of all users in the network and the code of the smart contract. The code of the smart contract is programmable code, which contains the rules related to unlocking tokens and their transactions. In addition, nodes also store state information about smart contracts running on the Ethereum network.
On the other hand, the significant difference between Ethereum (ETH) and Bitcoin (Bitcoin) lies in the versatility of Ethereum. While Bitcoin is envisioned as a means of enabling fast and easy digital payments, the Ethereum network is clearly more powerful because it is itself codable. Developers have designed many decentralized applications (dApps) for decentralized finance, games, social media and other application functions in Ethereum.
Thanks to its smart contract capabilities and the multitude of decentralized applications it offers, Ethereum has established a wider user base than Bitcoin. Moreover, Ethereum has also attracted a lot of attention for its versatility and smart contract capabilities, and one of the most powerful applications is for the field of decentralized finance (DeFi).
Going forward, as Ethereum gradually transitions to the Proof-of-Stake (PoS) consensus mechanism, its blockchain will also become more efficient, because the energy consumed by the PoS consensus mechanism to verify transactions will be greatly reduced.
How to buy ETH?
There are many ways to buy Ether, the most popular of which is buying the coin through a cryptocurrency exchange, a broker, or directly through a digital wallet. Of course, you can also buy ETH on decentralized exchanges or even through third-party digital payment apps.
However, the decentralized exchange (DEX) only supports users using other cryptocurrencies to buy ether. In contrast, buying ETH in a third-party application may be much more convenient, but this may cost more transaction fees than spending on a centralized exchange.
Here are the brief steps to buy ETH on KuCoin exchange:
- If you are a new user, you first need a private account. After logging into your account, you still need to complete the KYC verification step by step to ensure that you can access all the functions and services provided by KuCoin.
- You can fund your account through more than 70 payment methods such as credit card, debit card and SEPA. KuCoin also supports users to use local legal tender to purchase USDT through Visa, Mastercard, Paypal, etc. In addition, you can also visit KuCoin’s P2P platform or purchase USDT through third-party sellers to complete the transaction account capital injection.
- Use existing cryptocurrency to buy ETH
- In addition to the above methods, KuCoin also allows users to use existing cryptocurrencies to purchase ETH, that is, transfer the cryptocurrencies from the digital wallet to the KuCoin account, and then start trading ETH.
- Trading ETH
- Then, you can go to KuCoin’s spot trading area (Spot Trading) to find the ETH/USDT encrypted trading pair; check the ETH price, market value, 24-hour trading volume and other key information in the chart; enter the total amount of USDT used to exchange ETH for confirmation The amount of convertible ETH and the transaction fee; finally, confirm the order and deposit the ETH assets into the KuCoin account after completing the ETH transaction.
- Safe storage
- You can store ETH within the KuCoin platform, or transfer them to an external Ethereum Wallet (Ethereum Wallet) to improve asset security.
How much is 1 ether worth?
Although the price of ether is still much lower than that of bitcoin, its price volatility has also been significant over the past few years. In 2021, as decentralized finance (DeFi) and non-fungible tokens (NFT) gain mainstream media attention around the world, the price of Ethereum continues to rise, and as the leading platform for dApps, the Ethereum blockchain’s On-chain activity is also rapidly increasing.
However, before that, in 2015, the first year of Ethereum’s launch, the price of ether had been below $1. It wasn’t until the end of the following year, 2016, that Ether gradually approached the $8 mark.
In 2017, the cryptocurrency bull market propelled the price of ether soared to $826, before falling back slightly. 2018 was a volatile year for the crypto market, with the price of ether soaring to $1,396 at one point, before falling to $141 by the end of the year.
During 2019 and 2020, the trading price of Ethereum remained around $600 most of the time. On November 16, 2021, the price of ETH reached an all-time high of $4,891.70. In the following weeks, the price of ether fell all the way, and it will remain under downward pressure until the first few months of 2022.
What is the future of investing in Ethereum?
As the second-largest cryptocurrency by market capitalization, ETH enjoys high liquidity and high trading volume, which makes it uniquely attractive for investment. As the two digital assets with the highest market capitalization, Bitcoin and Ethereum have unique functions and user groups. But unlike bitcoin, ethereum is much cheaper, making it better for trading and investing (especially for retail investors).
However, the real potential of ethereum as a transaction tool lies in its high applicability. Not only is the Ethereum blockchain the largest ecosystem of decentralized applications (especially in DeFi, NFTs, and blockchain games), its versatility also makes its investment value more attractive (especially in the current in the face of rising Web 3.0 adoption). This, in turn, could also drive the price of Ethereum higher and higher.
Additionally, Ether could also be deflationary due to token burns that reduce its circulating supply. In the future, if the circulating supply of ETH starts to decrease, its investment value will also become higher.
However, be aware that the high volatility and unpredictability of the market can also limit the price movement of Ether. Before investing in Ethereum, we recommend that users consider whether they can bear higher risks than investing in traditional financial instruments, so as to avoid excessive losses.
In addition, we recommend users to conduct technical and fundamental analysis of the ETH/USD price and carefully review key information such as price, market cap, and 24-hour trading volume listed above.
How to mine ether?
Mining ether is profitable because it provides a way to earn ether block rewards. There are three methods of Ethereum mining:
Miners participating in solo mining must invest in mining rigs with high computing power in order to be able to compete with other miners in the Ethereum blockchain to solve complex mathematical problems while verifying transactions and creating new blocks . Ethereum nodes then receive a portion of the mined ETH in tokens in return for the mining work they do.
Miners who do not have high computing power and cannot run their own mining machines can participate in pool mining. Pool mining allows miners around the world to pool their available computing resources to solve complex mathematical calculations, verify transactions, and mine Ethereum. The rewards generated in this process will be distributed according to the proportion of miners’ computing power resources contributed to the mining pool.
KuCoin Pool is such a service, which provides ETH miners with a one-stop platform with accurate, safe and reliable computing power data.
Cloud Mining is the easiest of the three methods, which involves renting computing power from another miner in a mining pool to mine Ethereum. If you are very interested in this, you can check out KuCoin’s cloud mining service to learn more about it and put it into use.
However, cloud mining only supports the Proof-of-Work (PoW) consensus mechanism, so when Ethereum turns to ETH 2.0, you may need to delegate the tokens you hold to the verifier to mine ETH, or Stake at least 32 ETH to become a validator in this network.
How to stake Ether?
Staking is one of the best ways to earn passive income from holding Ether, and it also helps increase the security of the Ethereum blockchain. Users can become full verifiers in the Ethereum network by staking 32 ETH. This means that users will have permission to store data, process transactions, and add new blocks to the blockchain network, which will also bring verification benefits to individuals.
Of course, users can also stake less than 32 ethers in the staking pool, which can also bring benefits to users, and the ways to participate in the staking pool are also different.
When will ETH 2.0 go live?
Ethereum 2.0 is expected to launch in 2022 (the exact time has not been set), although the concept itself is being phased out by developers. ETH 2.0 refers to the merger of the Ethereum mainnet and the Beacon Chain, a sidechain that enables staking on the network.
As of March 2022, the merger process is still ongoing and is expected to be completed by the end of the year.
Blockchain upgrades are primarily shared through Ethereum improvement proposals (EIPs). ETH 2.0 is the term for the upgrade of the Ethereum blockchain, which means that Ethereum will transition from a proof-of-work to a Proof-of-Stake (PoS) consensus mechanism.
The launch of Ethereum 2.0 will make its blockchain more secure, scalable and sustainable. Its next upgrade phase will involve sharding, which will significantly improve the scalability and speed of its network.
How long does it take to mine 1 ether?
The time required to mine ether will vary depending on the ether mining hashrate (Hashrate) or the complexity of the mathematical puzzle to be solved. Also, it depends on the hashrate of the mining equipment.
Over time, the complexity of the mathematical puzzles will also increase, which will make it more difficult to mine ether. Therefore, it may also take longer to mine 1 ETH and create a new Ethereum block, making ETH more scarce.
Please check KuCoin official website or contact the customer support with regard to the latest information and more accurate details.
Please click "Introduction of KuCoin", if you want to know the details and the company information of KuCoin.
Details of Bybit's discounts on taker transaction fees
Comment by ARON
December 2, 2022
Sign Up And Earn ,100% UP to $5000 Deposit Bonus for new users only https://partner.bybit.com/ THANKS