When acquiring your first cryptocurrencies, it is normal not to know all the things that you can do with them. For example, there are very practical cryptocurrencies that have many uses like Ether, and some which are more complex than others. For this reason, at Ccoins we have compiled a series of use cases for each cryptocurrency we support.
Some of the most common uses to which Ether can be put are:
Holding is one of the most common uses among the most popular cryptocurrencies in the crypto ecosystem. People who hold cryptocurrencies without spending or trading them hope that their prices will increase over time, thereby generating a profit.
Swapping between fiat currencies is a practice that can be done using cryptocurrencies such as Ether. Many will wonder what it consists of. Suppose you are from country X and need money from country Y. To avoid using conventional exchange houses and paying the high commissions they charge, you can acquire Ether in country X, and when you travel to country Y, you can sell your Ether there, thereby easily acquiring Y’s fiat money.
Ether is popular among merchants who use or accept cryptocurrencies as a means of payment in their transactions. In recent years, more and more businesses have begun accepting cryptocurrencies as a payment method, which has positively affected all crypto enthusiasts.
This is similar to swapping between fiat currencies. To send a remittance, you send a widely accepted cryptocurrency such as Ether to a loved one, who will later sell it for their local currency. This is done to avoid paying the high commissions of traditional remittance routes.
Finally, we have crypto trading, which could be the most well-known use among crypto users. It consists of purchasing some cryptocurrencies, such as Ether, and taking advantage of the ups and downs in the price of this currency: buy low and sell high. At Ccoins, we do not recommend trading without first having been optimally instructed on this subject, since it is a practice that carries high risks.
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Not necessarily. Many cryptocurrencies and tokens can perform these same functions or uses, and some of these digital currencies may have characteristics which allow them do a better job than Ether in some cases.
Generally, it is not necessary to be an expert in cryptocurrencies. However, you should have full knowledge of the crypto active market and the characteristics and functions of each currency. But there are uses for which it is mandatory to have an advanced level of knowledge so as not to make a serious mistake, such as cryptocurrency trading.
Of course not. These are just some examples of the things Ether can be used for; there are many other uses that you can put into practice.