Cryptocurrency Category: Coin
ETH is a cryptocurrency. It is scarce digital money that you can use on the internet – similar to Bitcoin. If you’re new to crypto, here’s how ETH is different from traditional money.
It’s really yours
ETH lets you be your own bank. You can control your own funds with your wallet as proof of ownership – no third parties necessary.
Secured by cryptography
Internet money may be new but it’s secured by proven cryptography. This protects your wallet, your ETH, and your transactions.
You can send your ETH without any intermediary service like a bank. It’s like handing cash over in-person, but you can do it securely with anyone, anywhere, anytime.
No centralized control
Open to anyone
You only need an internet connection and a wallet to accept ETH. You don’t need access to a bank account to accept payments.
Available in flexible amounts
ETH is divisible up to 18 decimal places so you don’t have to buy 1 whole ETH. You can buy fractions at a time – as little as 0.000000000000000001 ETH if you want.
What’s unique about ETH?
There are many cryptocurrencies and lots of other tokens on Ethereum, but there are some things that only ETH can do.
ETH fuels and secures Ethereum
ETH is the lifeblood of Ethereum. When you send ETH or use an Ethereum application, you’ll pay a small fee in ETH to use the Ethereum network. This fee is an incentive for a miner to process and verify what you’re trying to do.
Miners are like the record-keepers of Ethereum – they check and prove that no one is cheating. Miners who do this work are also rewarded with small amounts of newly-issued ETH.
The work miners do keeps Ethereum secure and free of centralized control. In other words, ETH powers Ethereum. More on Mining
ETH will become even more important with staking. When you stake your ETH you’ll be able to help secure Ethereum and earn rewards. In this system, the threat of losing your ETH disincentivises attacks. More on staking