In this article:
Learn how you can interact with the Ethereum network with Best Wallet, including how to buy Ether (ETH), how to trade ERC-20 tokens, and how to interact with dApps on the Ethereum blockchain.
Intro to Ethereum
Ethereum is a decentralized, open-source platform that allows users and traders to interact with smart contracts and decentralized applications (dApps) on its blockchain network.
Launched in 2015, Ethereum is now the second-largest cryptocurrency platform by market capitalization, after Bitcoin (BTC). It is one of the most popular and widely used blockchains, renowned for being a secure and truly decentralized network.
Its native cryptocurrency is called Ether (ETH), a token that essentially powers the network. You will need ETH in your wallet in order to transfer funds, swap tokens, or interact with a smart contract. This is because ETH is how you pay for gas fees, the transaction costs on Ethereum.
There are thousands of cryptocurrencies on the Ethereum network, often referred to as ERC-20 tokens, like Tether (USDT), Chainlink (LINK), and Shiba Inu (SHIB).
Interacting with Ethereum
First, you will need a digital wallet that supports the Ethereum network, like Best Wallet. This offers an easy way to own and trade ERC-20 tokens, as well as interact with the wider Ethereum network.
Next, you will need to own Ether (ETH) in your wallet in order to be able to do anything on Ethereum. Because every transaction requires paying a gas fee in Ether, owning ETH is a necessity.
You can buy Ether (ETH) directly in Best Wallet thanks to our partnership with a range of trusted third-party providers. You can set up your purchase in-app, and get your new ETH tokens directly to your wallet. Read our guide on buying cryptocurrencies like ETH in-app.
You can also receive ETH from another wallet or deposit it from a centralized exchange. Read our guide on how to receive tokens directly to your wallet.
With Ether in your wallet, you will then be able to buy, send, and swap tokens on Ethereum, interact with smart contracts, and explore the world of decentralized applications built on Ethereum.
How does Ethereum work?
Ethereum is a decentralized, open-source blockchain network made up of a global network of computers called nodes. These nodes work together to record transactions and store data, ensuring the integrity and security of the network.
One of Ethereum’s most notable features is its support for smart contracts. These are self-executing contracts, with the terms of the agreement written directly into the blockchain’s code. By eliminating the need for intermediaries, smart contracts enable secure, automated transactions and processes.
Smart contracts fuel a wide range of applications on Ethereum, including:
Decentralized finance (DeFi): Enabling financial services like lending, borrowing, and trading without relying on traditional banks.
Digital identity management: Giving users control over their personal data and how it’s shared.
Digital collectibles: Supporting NFTs and other unique digital assets that can be owned and traded.
Whether you’re exploring DeFi, trading tokens, or diving into NFTs, Ethereum’s robust blockchain and smart contract functionality make it a key player in the world of cryptocurrency.
Need help with using Ethereum?
Like any crypto network, interacting with or trading on Ethereum can be confusing.
If you have issues or questions about Ethereum and Best Wallet, please don't hesitate to email [email protected] or open a ticket on our Support site.
Important reminder: Best Wallet will never request your wallet’s private key or secret recovery phrase. Keep this information strictly private and do not share it with anyone.