Many people wonder how to exchange ETH to BTC on WhiteBIT with minimal costs online. Ethereum is the cryptocurrency market’s second most popular and capitalized financial asset.
Cryptocurrency continues to be the focus of attention and controversy over the past couple of years, which does not prevent it from regularly updating the peaks of market capitalization and breaking all records regarding profitability among financial investments.
Many people wonder how to exchange ETH to BTC on WhiteBIT with minimal costs online. Ethereum is the cryptocurrency market’s second most popular and capitalized financial asset. Ethereum is one of the most well-known cryptocurrencies after Bitcoin, referred to by many digital asset adherents as silver in cryptocurrencies. To exchange ETH to BTC, it is enough to familiarize yourself with the basic recommendations.
What is Ethereum?
Ethereum is one of the thousands of cryptocurrencies that have emerged in the last decade. It appeared on the market in 2015, thanks to the actions of 8 of its creators. Ethereum is both a cryptocurrency and a platform that runs different versions of the Blockchain. The denomination of the currency is called ether.
Like Bitcoin, Ethereum runs on a decentralized distributed ledger called a Blockchain, so you can easily buy BTC or ETH. This technology ensures the existence and operation of Ethereum and other cryptocurrencies. The main advantage of the Blockchain is that users do not need third-party intermediaries in the form of banks or government agencies to issue, exchange, sell, and buy digital money.
How does Ethereum work?
Ethereum has a wide range of features that can be applied to various applications:
- Currency. You can send and receive Ether to pay for goods or services with cryptocurrency. Many cryptocurrency trading platforms allow you to store your coins in an online digital wallet. But if you want complete control over your funds and provide them with increased protection, you can use hardware wallets.
- Smart Contracts. These are so-called smart applications where transactions are triggered automatically when certain contract conditions are met, and you can exchange BTC to ETH.
- Digital Applications or Decentralized Applications. Ethereum supports digital applications. For example, you can exchange Bitcoin for Ethereum.
- Non-Fungible Tokens. NFTs can run on Ethereum and open up a new Blockchain application for the collectibles, arts, and art entertainment market.
- Decentralized finance. Using the Ethereum platform allows you to do without centralized control over the movement of money or other assets.
It would be more correct to consider Ethereum as a token that supports various applications and not just as a cryptocurrency for mutual settlements between users and a means of payment for goods or services. The crypto exchange is an excellent opportunity to get the maximum benefit.