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 10 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 10 months ago (4 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 10 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)

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