What is Ethereum?
What is Ethereum?
Ethereum is the first and most successful attempt at a decentralized smart contract platform. Unlike Bitcoin and most alternative cryptocurrencies that focus on becoming a better money or currency, Ethereum is designed to permit the construction of decentralized applications (DApps) that go well beyond basic value transfer. Some of the more famous projects built on top of Ethereum include the Maker DAO and its DAI stablecoin, the Augur prediction market, and the CryptoKitties collectibles game. A more comprehensive list of DApps can be found HERE.
What is ether?
Ether (ETH) is the name of the cryptocurrency that runs on top of Ethereum and serves as the fuel or “gas” needed for the execution of smart contracts. Smart contracts are the foundational programs that make up a decentralized application. When you purchase “ethereum” at our ATM you are actually purchasing ether, which can be sent, received, and stored very much like bitcoin or other cryptocurrencies.
Can I purchase Ethereum tokens or participate in an ICO at an Athena ATM?
NO. If you send ether to a contract address directly from the ATM the tokens will fail to deliver to you and your purchase will be lost!
Do not attempt to use a contract address at the ATM. We are not liable for any losses that may result. Instead, only use an Ethereum address from your own mobile or PC wallet at the ATM. Once you have received your ether in a compatible wallet (such as Edge, BRD, Coinomi, or Exodus), then you may send ether off to your intended contract address.
Do I need a special wallet to purchase ether at the ATM?
Yes, you need a wallet app that can understand Ethereum, most of which also let you use Bitcoin separately. We can recommend that you look into the following options, but we cannot guarantee their functionality, security, or suitability for any purpose, nor do we provide technical support for these wallets. Of these only Edge, Coinomi, Exodus, and the hardware wallets can store your bitcoin, litecoin, bitcoin cash, and ether all in one solution.
Example Ethereum wallet or account address: 0xFA8E3920daF271daB92Be9B87d9998DDd94FEF08
Bitcoin or alternative currencies? What should I use?
All currencies sold at an Athena ATM have valid uses both as a payment form and as a speculative asset. Bitcoin is the most valuable and most widely used cryptocurrency. Ethereum is the most popular platform for DApps.
Ether (ETH) is commonly used as an investment as well as a currency in regular transactions, though that isn’t its primary purpose. Compared to Bitcoin, Ethereum transactions will usually be faster and cost less to send. There are times when the Ethereum network has been congested, however.
You need ETH to interact with ERC20 tokens, ERC721 collectibles, and other decentralized applications. Even if you are only sending a specific token to another address you need a balance of ether as the “gas” that pays for that transaction.