8. Ethereum FAQs.
8.1. How Many Ethereum Are There?
Unlike Bitcoin, Ethereum’s total supply is not set.
As of May 24, 2018, the circulating supply (ETH in existence) is 99,630,274 (Coinmarketcap).
8.2. What Is The Price Of Ethereum?
As of May 24, 2018, the price of Ethereum was $606.96.
However, Ethereum prices tend to fluctuate dramatically, and these prices swing on a daily (and hourly) basis. It’s important to note that the cryptocurrency market is very volatile – as you can see from the chart (5 year period) below:
You can actually track the live prices of Ethereum and other cryptocurrencies via websites like Coin Market Cap.
Coin Market Cap breaks down the price history, total market cap and current market prices.
8.3. How Long Does Ethereum Take to Send?
As mentioned earlier, Ethereum block times are measured in seconds. You can see how long it takes to send Ethereum by looking at the average Ethereum block time (15.3 seconds as of May 23, 2018).
Note: Block time is how fast a new block is mined.
Since mining a block means adding a block (group of transactions) to the blockchain, block time is how fast Ethereum transactions are settled.
8.4. Where Do You Store Ethereum?
Ethereum can be stored in cryptocurrency wallets, such as the official Ethereum Wallet, or other popular alternatives. You also can store Ethereum on a hardware wallet, online exchange or even a paper wallet.
8.5. Who Created Ethereum?
Vitalik Buterin is the founder of Ethereum.
Vitalik – a programmer from Toronto – was building video games from the age of 10.
Then in 2011 he discovered Bitcoin through his father, when he was just 17.
When Vitalik first heard about Bitcoin, he actually dismissed the idea.
However, he later co-founded Bitcoin Magazine, writing hundreds of articles about cryptocurrency.
Then in 2013, he released a white paper that discussed the idea of using the blockchain for more than just a store of value, like Bitcoin.
Instead, he proposed developing Decentralized Apps via a blockchain powered platform – now known as Ethereum.
Useful Resources: Want to learn more about what it’s like to run a $125bn blockchain?
Here’s an interesting interview with Vitalik Buterin.
8.6. How Do You Mine Ethereum?
Ethereum is mined in a similar way to Bitcoin – using the Proof of Stake model. Typically, you’ll need a mining rig and GPU hardware to mine Ethereum. It is possible to mine with a CPU processor, but it will be slower and overall, less efficient. However, with plans for the Casper Protocol, Ethereum is moving towards Proof of Stake.
I’ve actually explained how both mining models work in more detail here.
8.7. Why Is Ethereum Going Down/Up?
Like any cryptocurrency, prices of Ethereum are incredibly volatile and unpredictable. The market mainly depends on news – and overall investor confidence. For example, if investor confidence is low, prices will drop. Here’s a few examples of why Ethereum’s price has dropped significantly over the last few months:
- The cryptocurrency market has been bombarded with bad news in 2018.
- Governments are cracking down on decentralization.
- High profile exchanges have been hacked – which is enough to scare off most investors.
- The domino effect: when the market sentiment is down, it creates a tidal wave where Ethereum’s price will drop lower and lower.
8.8. What Is Ethereum Gas?
Ethereum Gas is the fee of processing a transaction on the Ethereum blockchain. It measures the amount of computational power required to process an Ethereum transaction.
Note: Examples of transactions on the Ethereum blockchain include transfers of Ethereum, executing smart contracts or even an ICO purchase.
The power required to compute these transactions is called ‘Ethereum Gas’
Author of this post: Julian Goldie
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