What is Ethereum? One more step in the evolution of cryptocurrency.
We live in the era of cryptocurrency, alternative currency that moves in the digital realm. Not subject to centralised control, the currency is regulated through blockchain technology. It represents an alternative to the classic financial system with a new formula that offers more security and stability. The concept first came about in the late nineties and became a reality in 2009 with the introduction of the Bitcoin.
When you mention cryptocurrency, the first thing that comes to mind is the Bitcoin. But even though it"s the most popular one, it isn"t the only one. In 2015, software developer Vitalik Buterin launched Ethereum. It consists of a smart contract platform that generates the blockchain for a cryptocurrency called Ether. What are the advantages? The primary one is that it allows users to carry out financial transactions, sales or contracts without the involvement of third parties. These are the so-called smart contracts. In this way, bureaucracy is eliminated without sacrificing even a modicum of security. Ethereum executes the agreement of the parties once they"ve fulfilled the contract. It"s a kind of executable program that monitors the process and "opens the valve" once the agreed circumstances have been met.
Although Ethereum is the name of the system created by Vitalik Buterin and Ether is the name of the cryptocurrency it manages, the word Ethereum is currently used to refer to both things. It"s important to know its value. Ethereum is a cryptocurrency that fluctuates in value, just like classic currencies.
Where we can pay with Ethereum
Ethereum, the world"s most valuable cryptocurrency after Bitcoin, is a well-established reality that"s guaranteed and successful. Today, many companies accept payment with Ethereum, as they"re aware of its potential and the security it offers clients. Destinia is one of those companies. As a result, there is virtually no possibility of your financial transaction being intercepted by a hacker or malware. This translates into increased confidence and peace of mind. But besides this guarantee, there are other advantages to paying with Ethereum.
- Cheaper transactions. The absence of intermediaries lowers the cost of many of the transactions performed through the Ethereum system in comparison to those using classic currencies.
- Greater speed. The Ethereum system significantly shortens the time it takes to make transactions, which are much faster than in the case of Bitcoins. They can be performed in a matter of seconds.
- Double function. In addition to shopping, the Ethereum platform allows users to create smart contracts that can work with security and financial certificates.
- Significant backing. One of the reasons behind Ethereum"s credibility and security is that it is backed by numerous companies that are already working with it. The list includes firms in every sector, and this has increased the price of the virtual currency.
How to pay with Ethereum on Destinia
Destinia is one of the companies that allow clients to pay with Ethereum. The mechanism is quite simple. When clients browse the Destinia website, they do so in their local currency (euros, dollars, pounds, etc.). Once they have selected the desired flight, hotel or trip, the time comes to pay. Whenever the service in question allows it, clients will have the option of paying in alternative currencies. If they opt for this method, they"ll be redirected to the GoCoin module where they can choose the cryptocurrency they wish to use from among the available options. Once they do, they"ll be shown the exchange rate for their local currency. They"ll then have fifteen minutes to definitively confirm the purchase. Alternatively, they can select their cryptocurrency before they start browsing.
More secure cryptocurrencies
One of the keys to the success of cryptocurrency is the long list of advantages it offers clients. The main advantage is the security it provides at the time of making a payment. In this regard, Ethereum is one of the most advanced cryptocurrencies. Another of its strengths is the low cost per transaction in comparison with that of other tools like PayPal. The absence of intermediaries who can muddy the transaction, as well as the decentralisation of all of these currencies, helps explain the appeal they hold for thousands of people all over the world.
Even though the word cryptocurrency may always be associated with Bitcoin, there are other virtual currencies with their own unique features and characteristics. Here are a few of them.
- Bitcoin This is the one that paved the way for the cryptocurrency market. Despite the competition that is continually emerging, it is still the most popular cryptocurrency with the highest stock market capitalisation. The evolution of the Bitcoin has been stable until the past few years, when it has been subject to greater fluctuation.
- Dash. This is the preferred cryptocurrency for those investors who like to take risks, as it"s subject to wide variation. Unlike Bitcoin, it offers transactions that are instantaneous and private.
- EOS. It has a structure very similar to that of Ethereum, which it is starting to rival. Launched in June of 2017, it allows performing millions of transactions per second without having to pay commissions.
- Litecoin. Introduced in 2011, it has followed a fairly stable trajectory up to 2018. It"s a reliable alternative to Bitcoin, managed by a P2P network through the use of script. One of its advantages is that it can be easily integrated into any app.