Birdchain is a groundbreaking app that allows users to sell unused SMS to local businesses, which will then use them for SMS marketing. It’s a win-win situation for both people and businesses. Thus the chances of success are high. Naturally, one might feel tempted to contribute, as the opportunities are promising. Birdchain will facilitate Ether for its ICO as it is the most progressive cryptocurrency to date, so we’ve prepared an introduction to the token for your interest.
What Is Ether
Ether, shortened as ETH, is the value token of Ethereum. It is often regarded as fuel that powers the whole system and is like cash in a sense that it doesn’t require a third party to get involved in a transaction. Ether can be used to pay for all services on Ethereum, including smart contracts on Ethereum network. Smart contracts are computer-generated protocols that act in a way as lawyers do — they help to ensure any contract made is compiled to. They are highly similar to traditional contracts, yet often regarded as more safe and fair.
What Is Ether Used for
As mentioned before, ether is mainly used for paying for various transactions and computational tasks on the Ethereum network. Additionally, it acts as an agreement between two parties. The payment is only received once the service is executed, so security and fairness are guaranteed.
Buying Ether
If your acquaintance with Blockchain technologies is just about to begin, you’re probably looking for the cheapest, and easiest, way to buy ether. Let us guide you through the necessary steps. First, you should find a reliable exchange. Examples include Coinbase, Coinmama, Kraken, Bitfinex, Poloniex. Your primary criteria of choice should be the reputation of the exchange, so do some research before signing up.
Once you’ve chosen the exchange, you need to create an account. Since there’s money involved, you will need to verify yourself with a valid ID scan. Verification period is usually up to 3 working days but sometimes happens within a couple of hours.
Now that you own a verified account, you need to load funds in there. This usually takes up to a day. Luckily, ether can be traded for cash, too, so there’s no need to worry about not owning Bitcoins or other currency.
Finally, when you’ve funded your account, you’re all set to go shopping. Choose the amount you wish to get, and don’t forget to do some market research, so that you don’t overpay. Prices are easily available online, so it won’t take much of your time. Once you’ve purchased Ether, you can keep it in the exchange or wallet.
What Is a Crypto Wallet?
For securely keeping your assets, you might consider getting a wallet. Just like in real life, a wallet is a place where you can keep your currency at safely.
Safely Keeping Your Assets: Wallet Vs. Exchange
You’re probably wondering now whether to keep your Ether in exchange or in a wallet. To help you decide, allow us to point out the differences. Security is often regarded as one of the greatest issues of the blockchain, and wallets just happen to be much safer, mainly because it’s an application. Exchange, on the other hand, is a website and is much easier to hack. Also, even if you’ve chosen the most reliable one, there’s a slight chance it might close. However, if you’re going to trade currencies, keeping them on exchange actively is unavoidable. Online security can be assured almost exclusively by the hosts. Thus, you need to ensure that the exchange of your choice is trustworthy and has been around for a while.
Also, keep in mind, that when keeping currency in the wallet, you need to protect it actively. You can ensure safety by getting all the latest updates on time, and by always being careful so that nobody tricks you into downloading a virus.