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@tausif99
Eth is now at $4000
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@tasin2006.eth
Ethereum is much more than just a cryptocurrency. Bitcoin is primarily a digital currency, but Ethereum is a whole decentralized platform that runs smart contracts. Its cryptocurrency, Ether (ETH), is just one part of it.
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@tausif99
Decentralized platform? Smart contracts? You’ve already lost me.
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@tasin2006.eth
Okay, let me simplify. Ethereum is like a giant, global computer that anyone can use. It’s not owned by a single company or government. And smart contracts are self-executing programs that run on this computer.
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@tausif99
Wait, programs? What kind of programs are we talking about?
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@tasin2006.eth
Imagine programs that automatically handle agreements without needing a middleman. For example, let’s say I want to sell you something. A smart contract can ensure you only get the item if you pay, and I only get paid if you receive the item. No need for a third party like a lawyer or an escrow service.
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@tausif99
So, anyone can become one of these nodes?
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@tasin2006.eth
Yep, anyone with a computer and the necessary software. But it’s resource-intensive, so not everyone does it. Nodes ensure the system stays secure and trustless.
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@tausif99
Trustless? Isn’t trust a good thing?
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@tasin2006.eth
Normally, yes. But in this context, "trustless" means you don’t have to trust a specific person or organization. The system itself ensures fairness. For example, with Ethereum, no one can tamper with a smart contract once it’s deployed.
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@tausif99
That sounds futuristic. But isn’t it risky? What if someone hacks it?
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@tasin2006.eth
Great question. Ethereum itself is very secure, but smart contracts are only as secure as the code written for them. If a developer makes a mistake, that can be exploited. That’s why good coding practices and audits are crucial.
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@tausif99
Okay, I get the basics now. But why do people buy ETH? Is it just for investment?
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@tasin2006.eth
Partly, yes. ETH has value because it’s used to pay for transactions and services on the Ethereum network. For example, if you deploy a smart contract or execute one, you pay a fee in ETH. This fee is called "gas."
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@tausif99
Gas? Like fuel for cars?
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@tasin2006.eth
Kind of. Gas is what powers the execution of tasks on the Ethereum network. Complex tasks require more gas, and the price of gas can fluctuate depending on network demand.
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@tausif99
So, is ETH like the "fuel" of this decentralized world?
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