this post was submitted on 21 Nov 2023
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Ethereum

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Would anyone be willing to give me brief explanation of what exactly Ethereum is/does and any scams to look out for? (alien.top)
submitted 11 months ago by WannabeAGhoatStory@alien.top to c/ethereum@blockchained.world
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Hi! I am a digital artist and I have had a few offers made on my art but they buyer wants to pay with Ethereum. I don’t know much about cryptocurrency and even less about Ethereum so I don’t know if this is a scam or not. Would anyone be willing to help me out?

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[–] jeremy_fritzen@alien.top 1 points 11 months ago (3 children)

Ethereum is a blockchain. A blockchain is a public database that is updated and shared across many computers in a decentralized network (source: ethereum.org). In a such blockchain, writing some records on it requires users to pay in a native currency : ETH for the Ethereum blockchain.

ETH is the second largest blockchain, after Bitcoin. This database has never been hacked, as Bitcoin.

Ask to be paid in ETH. If you prefer, you can convert it in USDC (token that is pegged 1:1 with US Dollar) without any approval or bank, just using your Internet connection.

Some homework for you:

  1. Read Ethereum.org
  2. Create your wallet: download metamask extension for your browser and then follow the steps.
  3. Copy your public address and give it to your client.
  4. Enjoy
[–] erizi0n@alien.top 1 points 11 months ago

One sentence in your whole comment is false: “This database has never been hacked, as Bitcoin.”

True for Ethereum, false for Bitcoin.

On Aug. 15th, 2010, an unknown hacker nearly destroyed Bitcoin. The hacker generated 184.467 billion BTC out of thin air, in what has become known as the “Value Overflow Incident”. Satoshi hard forked the chain to remove the 184.467 billion BTC, which is the only thing that saved Bitcoin from dying an early death that day. (Source: https://en.bitcoinwiki.org/wiki/Value_overflow_incident)

[–] jihyoisbae@alien.top 1 points 11 months ago (1 children)

Hi! I'm in a similar situation to OP - in my case, I already received some USDC through Coinbase. I'm curious to know, how to get the money out of the platform - my wish is to use the money & since I'm not based in the US I have to send it to another wallet. It says that I have to buy ETH at least once ($31 ish) in order to do that.. am I correct?

(sorry I'm copying & pasting from another comment)

[–] mpfortyfive@alien.top 1 points 11 months ago

Normally you would hook it up to your bank and deposit USD into your account. If this isn't an option, then next thing I would look at is if there is an exchange in your country that can be hooked up to a bank account. If that isn't an option, many countries have BTC ATM/cash machines. This would require you to convert to BTC first I think, idk if they accept ETH. It seems normal that you would need a little ETH to convert transaction costs. What country are you in ?

[–] VivaHollanda@alien.top 1 points 11 months ago

Thought the reason we have ERC (Ethereum Classic) was because a sort of a hack? Don't know the details, so might be wrong.