Buy Ethereum in Canada with Bitvo

Ethereum (ETH) Tl;dr

Founded: 2015

Founders: (2013) V. Buterin, M. Alisie, C. Hoskinson, A. Di Iorio, and A. Chetrit (2014) G. Wood J.Lubin along with J. Wilcke

Website: https://ethereum.org/en/

White Paper: https://ethereum.org/en/whitepaper/#further-reading

Yellow Paper: https://github.com/ethereum/yellowpaper

Foundation: https://ethereum.foundation/

Token/cryptocurrency/altcoin symbol: ETH

Coin limit: No current supply cap

Consensus mechanism: Originally proof-of-work. Switched to proof-of-stake in August 2021.

Purpose: General blockchain layer for decentralized applications

ICO details: 31,529 BTC received in exchange for more than 50 million ETH. The value on August 1st, 2014, was $17.3 million

Financial products: Futures, Options, Greyscale Ethereum Trust, 3iQ Ethereum Funds and 3iQ CoinShares ETFs in CAD and USD +

What is Ethereum? 

Ethereum is a general-purpose blockchain platform called a decentralized computer. Ethereum was launched in 2015 by a group of entrepreneurs led by Vitalik Buterin. Ethereum is the second biggest cryptocurrency by market cap after Bitcoin.

Ethereum is designed around a scalable, open architecture for others to build on. The project runs as a decentralized autonomous organization (DAO).  In a DAO, users determine the direction of the protocol. Ethereum provides the foundation to build decentralized applications for DeFi, stablecoins, NFTs and many others.  These dAPPS operate through smart contracts.

What is ETH? 

ETH is the native token on the Ethereum blockchain. It is used as a cryptocurrency, a form of payment and a consumable. ETH is used as gas or gwei for activity on the platform.

Why Ethereum? 

Ethereum began as a proof-of-work consensus and converted to a proof-of-stake consensus. The change increased scalability, speed and cuts energy use. It also stabilized transaction fees.

Anyone who stakes a minimum of 32 ETH can validate the network and receive rewards. The stake also allows hodlers to vote on the direction of Ethereum.

Ethereum founders have gone on to found numerous other blockchain projects. These include Consensus, Cardano and Polkadot.

Ethereum Tax

Ethereum’s token, ETH, is considered a commodity by the regulators in Canada. Exchange of ETH for products and services or other cryptocurrencies is considered barter for tax purposes.

Buy Ethereum

You can buy Ethereum’s token ETH on a cryptocurrency trading platform or exchange. Or you can get Ethereum through various financial products, including futures, options, ETFs and Trusts.