Ethereum definition
what is Ethereum?
Let us now take a look at what exactly ETH stands for:
The first question that must be asked when considering whether or not to invest in Ethereum is “Is there much money?” Most people will answer no. You can make billions of dollars through cryptocurrency but the majority of that comes from one form only — fiat money.
If you think about how fast you process data into any software and then pay someone else to manipulate that data, you would know that it's really not that hard to do. This goes the same principle with cryptocurrency because you are making money from every byte of data that flows through in transactions between accounts.
Ethereum however does not mean cash. A company called Ripple introduced and popularized the idea of XRP, which was designed as a digital currency to be released in 2017 by a consortium led by Elon Musk in addition to a number of companies including PayPal Holdings, Square Inc., Visa Inc., and Mastercard International Inc.
In order to receive this XRP, they must pay a certain amount of Ethereum. Currently, Ethereum allows anyone to create, store, and send unlimited amounts of Ether to anyone who wishes. Anyone in Bitcoin, Ethereum, XRP, and other tokens can accept them as payments and send the value back to them.
So once again, if you go online and buy 10 ETH, you will be paying 10 USD per unit that makes up one Ether. When you withdraw 10 ETH from your Wallet, you need to sell 10 units, and they will generate 10 US Dollars which are then sent to you.
There are also smaller networks like Dash, Polkadot, Cardano, Solana, EOS, etc., that use blockchain technology to create private blockchains and offer services such as minting new coins, transferring assets, creating new money, and more.
Although cryptocurrencies like Ethereum allow anyone anywhere to create their own Ether and even transfer it, they still require investment from both initial users and governments. Therefore, the government has the power to regulate the money supply and restrict who has access to it.
Ethereum in covid_19:
On top of all this, the world is currently in a recession due to COVID-19. With the current economic impact being felt around the globe, it may seem impossible to get a loan for something that you don’t own.
Especially after recent events like Black Lives Matter and the rise of authoritarian leaders like Donald Trump, it seems that everyone’s financial future relies on how well things turn out in the near future.
As such, the economy is going down in some senses, which could potentially limit people’s ability to put money towards things that interest them.
To make matters worse, countries have made similar laws where they cannot collect taxes from individuals, forcing them to become increasingly reluctant to provide loans or assistance to those communities or regions.
Now in regards to our topic, let me ask you this:
Do you see how important having access to basic necessities like food, shelter, and healthcare is to our lives? Are you willing to risk getting sick? Do you want to send your kids to school? Not just one day, but multiple days, we are facing a global pandemic.
While it is understandable for the government to have limited resources to provide essential services, it seems that there are limitations that are placed on this and everyone wants to use whatever means possible to help solve this problem.
Luckily, in the case of Ethereum, there is a solution to that problem by allowing people to borrow their Ether and send back units to them whenever needed.
For Example:
you may wish to donate money to small organizations but they have insufficient funds to buy supplies and goods they intend to donate to others. Since they can’t afford to lose a substantial amount of Ether, they should be given the opportunity to do so and keep the funds as donations.
With Ethereum, each user is able to lend out all of their Ether and send that money back whenever required. Then each individual and community is responsible to try and find ways to raise funds to help. If they can’t find a way like that, then they can use this Ether to build other forms of revenue streams that involve income.
As such, the more people start thinking about how they can use the Ethereum network as a tool to support themselves and/or others, the better as far as helping the environment and fighting COVID-19 is concerned.
Let’s move on to another issue, the lack of transparency and security in the system.
While nobody likes to mention it, money laundering, privacy issues, and drug trafficking are still very prevalent in modern society.
Money laundering has been happening in some areas because they have enough to run their businesses and fund them fully while simultaneously keeping track of their finances. Nowadays, criminals tend to steal credit card numbers with the aim to resell the information to third parties to take advantage of to steal money.
Unfortunately, we have seen this happen a lot recently where criminal gangs have been stealing millions of dollars from consumers. The U.S. Federal Reserve has warned that the country will soon have to return approximately $11 trillion to banks, companies, insurance providers, and auto manufacturers in addition to roughly $5 trillion to foreign markets.
While the average life expectancy has increased dramatically, the death rate has exponentially dropped in recent years. People are taking shorter and shorter periods between deaths due to lack of medical care and rising health costs. More than 16M Americans lost their lives due to suicide last year.
According to the American Psychological Association:
over 40% of suicides occur due to depression and stress. Other causes include substance abuse, excessive alcohol consumption, and drug-related illnesses as well as being abused by a spouse or significant other. Studies show that people who have experienced domestic violence also have higher rates of depression, anxiety, suicidal ideation, as well as self-harm.
These are concerning statistics that present major threats to public safety, as crimes with such deadly consequences are becoming increasingly normal. Yet, it is also very important that people take responsibility for their own wellbeing and decide what options they are willing to face when it comes to dealing with such situations.
Forcing everyone to come up with ways to reduce expenses while improving health and safety is never a great idea. Some solutions that would potentially help, but ultimately will hurt, already exist, making it easier to solve the problems that people are facing by shifting resources towards something else instead.
However, it is necessary, since there are already numerous organizations like giving Peacefully.org that assist in reducing the spread of epidemics and the fear of contracting one. Giving Peacefully offers peer support, educational programs, mental health resources, and much more.
They provide education for survivors and educators, giving them knowledge about social justice, giving them hope for a better world.
Also, there are campaigns like Betterment.org that are working to improve social conditions by focusing on issues like children that suffer in poverty, drug abuse, and homelessness. One of their biggest projects is raising awareness in cities across America with initiatives such as #FixtheBars and #GiveHope with local shelters and homeless shelters.
Together, organizations like Betterment are paving the way towards a positive change. Their program helps to end the cycle of illegal immigrants entering the United States and provides jobs for a portion of those who are unemployed.
Organizations like Give Peacefully and Betterment works together in efforts to prevent inequality, add accountability, eradicate racism, and eliminate transphobia among vulnerable populations.
The next article provides you with an insight into the definition of Ethereum and the reasons why it's worth investing in. From here, you can choose what type of products you wish to purchase and learn more about the benefits of owning a business using this platform.