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Ethereum Price, History and Everything You Need to Know

By Mohamed Saber Farrag - Oct 16, 4:00 AM

Summary

  • Ethereum is a cryptocurrency built using the blockchain technology

  • Rain offers a secure, licensed, and dependable Ethereum exchange platform for users in GCC and Turkey

  • Since Ethereum first appeared in the crypto market the Ethereum price history has seen many high and low points. You can find the details in this article so keep reading.

  • Rain is one of the most trusted Ethereum exchanges in the region with several users.

Ethereum is a cryptocurrency based on blockchain technology. Users can use it for global payments and applications. If you are looking for an Ethereum exchange in the Middle East, Rain is here for you. Here you can send and receive or trade Ethereum with other local currencies in the Middle East. If you are looking to buy Ethereum in GCC and Turkey, you can be sure to find the best Ethereum price at Rain.

What is Ethereum?

Ethereum is like any other blockchain platform, with Ether or ETH as its cryptocurrency. It has its programming language known as "Solidity."  The creator of this language was Gavin Wood, the former Chief Technical Officer of Ethereum. It is almost impossible to hack and safe to use for cryptocurrency transactions anywhere in the world. Every transaction using the Ether coin undergoes verification and recording to ensure its uniqueness.

Vitalik Buterin is a Russian-Canadian programmer who first introduced Ethereum in 2013. It was designed to expand the cryptocurrencies utility to allow developers to create their special applications. Ethereum-based apps are also known as decentralized applications and are self-executing thanks to code-based programs known as smart contracts. This technology stores programs on the Ethereum network enabling them to carry out certain functions automatically based on predetermined conditions. This may include loaning funds or sending a transaction across other blockchain platforms, through a designated secure wallet (or digital wallet).

Mostly, software developers use Ether currency to create business apps and games called dApps (or decentralized applications). DApps are programs that run on a blockchain or peer-to-peer network of computers. The Ethereum Network offers users the advantage of a risk-free platform where they can store sensitive information on the World Wide Web.

What are “Ether” and “Gas”?

Ether or ETH is the fuel that powers all activities on the Ethereum blockchain. Gas is the term used to imply the amount of ether needed to perform certain functions. The gas one pays for any action on the Ethereum blockchain depends on two things:

1 – The Cost of the Gas/Ether

2 – The Price of the Gas/Ether

That means that the operation cost on Ethereum = Cost of Ether/Gas x Price of Ether/Gas

How Ethereum Works

It works like Bitcoin and has a network of more than 2.4 million notes (computers) that maintain transactional records, like a ledger. Three main nodes operate the Ethereum network – the miners, full nodes, and full archive nodes.

Anyone can participate in validating the network and operate an Ethereum node if they use the right hardware, have sound knowledge about blockchains, and have the time to dedicate to mining Ethereum.

It is important to understand that the miners and full nodes are different aspects of the Ethereum network. Miners are like archeologists who find or uncover historic artifacts. Full nodes on the other hand refer to the administrators at the museum who maintain the records of the findings by the miners or archaeologists.

Therefore, the main difference between the full node and full archive node is that in addition to what the full node does, full archive nodes compile the archives of previous “states” (current information). Running an Ethereum node is expensive in comparison to bitcoin because it requires more storage.

Hence, the miners discover the new blocks, which are digital boxes that store information about transactions involving ETH and other related data. There is a competition between minders to win a chance to be the next person to add a block to the blockchain. Upon succeeding with this, the miner gets a reward in the form of a transaction fee for every block they add to the chain. The term for the rewards is “block rewards.”

Upon the successful addition of a new block to the chain, it undergoes meticulous verification to balance it and to ensure it is accurate to avoid any risk of a double-spend. This means no one can spend money they do not have. Then, full nodes record the final data.

What is Stored in Each Node?

Here is what is in each node:

Smart Contracts

To write smart contacts, programmers use high-level programming languages like JavaScript and C++ that humans understand. Although, “Solidity” is the most popular language used. The next step is to convert the smart contracts from high-level languages to low-level languages that machines can understand. This is necessary because all smart contracts deploy and execute at the Ethereum Virtual Machine or EVM, which is a computer environment.

The EVM is part of each full Ethereum node. It can carry more than 140 opcodes or operation codes. Opcodes are machine instructions strung together to perform any task. The term “Turing-complete” in this case means that the system can recognize data-manipulation rule sets.

The creation of smart contracts led to the formation of the DAOs or Decentralized Autonomous Organizations and the whole DeFi or Decentralized Financial Ecosystem. The DeFi makes it easier to conduct lending, insurance, and loan services using DApps.

Ethereum Token Standards

These are blueprints that enable creating Ethereum tokens and making sure they are compatible with the broader Ethereum network. These include both fungible tokens (that are tradeable for other tokens) and non-fungible tokens (i.e., NFTs). Ethereum developers invented the Ethereum Token Standards to make it possible to create new currencies easily without having to start from nothing. These standards also make creating new tokens faster, and possible at a lower cost.

Ethereum Price History

Ethereum first appeared in the cryptocurrency market in August 2015 and the Ethereum price was $1.25. However, by the end of 2015, it was down to $0.96. On 14 March 2016, the ETH price was $12.50.

By February 2017, the Ethereum price increased to $15.86 and continued to rise steadily until June 2017. By July 2017 it dropped to $194.97. By August the Ethereum price increased to $380.71 but was short-lived and it dropped to $295.75 the following month. January 2018 was when the Ethereum price reached $1,066,72. There were highs and lows from April 2018, when the ETH price dropped to $687.26 and eventually increased to $567,68 in November 2020.

By January 2021, the Ethereum price was at $1,385.5 and gradually increased to $3,941.12 by 7 September 2021. However, within a day it dropped to $3445.24 and reached $2.838.95 by the end of September 2021.

Benefits of Ethereum

While investing in Bitcoin is a good idea, investing in Ethereum is even better. Ethereum offers room for innovation and therefore it has gained momentum and strength over the years. As a decentralized cryptocurrency, governments or financial agencies cannot shut it down. Ethereum will remain around for a very long time. Ethereum is the future for a myriad of reasons and so it is a valuable investment.

It will be a good investment if you are thinking about a long-term investment. Ethereum price may continue to rise in the coming weeks and there may be pullbacks along the line. Therefore, it is a good investment on a long-term basis, not the short term.

How is the Ethereum Network Secured?

The Ethereum network is much more secure than you may think. Moreover, when buying or selling Ethereum through Rain, you can be sure that you are safe. Rain ensures compliance with CCSS requirements and uses bank-grade security and encryption.

Where to Buy Ethereum in GCC and Turkey?

Buy Ethereum from a licensed cryptocurrency exchange in your country. Rain is one of the best exchange platforms in the Middle East. Rain offers the best Ethereum price in the market. Moreover, as a cryptocurrency exchange, here, you can also exchange Ethereum with other fiat trading pairs like USD, BHD, AED, OMR, KWD, SAR, and TRY.

Buy Ethereum at the Best Price

You can easily use your credit card or bank account to instantly buy Ethereum at the best price. All you need to do is verify your payment details and you are set to buy Ethereum. Rain makes the process easy and fast. Moreover, customer support is always available to help.

Rain – A Reliable Ethereum Exchange

Rain has earned the license to serve as a Crypto-asset brokerage and custodian by the Central Bank of Bahrain (CBB). Rain has earned its place as the best Ethereum exchange in the Middle East. You can trade other cryptocurrencies without hassle.

Buy or sell Ethereum in GCC and Turkey through the rain. Start today.

Rain is licensed by the Central Bank of Bahrain as a Category 3 Crypto-Asset Services Provider. We are headquartered in the Kingdom of Bahrain

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