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Ether, commonly known as ETH, is the fuel that powers the Ethereum blockchain. Unlike bitcoins, which primarily serve as digital money, ether has multiple uses within the Ethereum ecosystem.
As Ethereum's native cryptocurrency, ETH is used to:
- Power decentralized applications
- Pay fees for transactions on the Ethereum blockchain
- Secure the Ethereum network through staking
ETH was introduced in 2015 as part of Ethereum's launch and has since grown to become one of the most valuable assets in the world.
For consumers
ETH enables global payments without banks, purchases of non-fungible tokens (NFTs), and access to decentralized finance (DeFi) apps. It's censorship resistant with 24/7 cross-border functionality.
For developers
ETH pays for transaction fees when deploying smart contracts. It's essential for testing and powering applications in the Ethereum ecosystem.
For investors
ETH functions as a store of value and yield-generating asset through staking. It provides exposure to web3 growth and the expanding digital economy.
How to buy ETH
Buying ETH is straightforward with several options based on your needs and location. Always start with a trusted platform offering strong security.
For consumers, buy ETH through cryptocurrency exchanges or wallet apps.
Sidenote
When buying ETH you'll hear "account/address" and "wallet".
- Think of your account like your email address where people send you money.
- Think of your wallet like your email app where you check balances and make payments.
You can purchase ETH with:
- Credit/debit cards instantly but with higher fees
- Bank transfers slower but with lower fees
- PayPal or similar services where available
For businesses, exchanges offer corporate accounts with higher limits, better support, compliance features, volume discounts, and enhanced security.
Other ways to get ETH:
- Receive payments from people you know
- Provide liquidity on decentralized finance protocols
- Stake ETH to earn rewards while securing the Ethereum network
How to send and receive ETH
Sending ETH requires a wallet and recipient address. Enter their address, specify the amount, review the transaction fee, and confirm. Transactions typically arrive in under 30 seconds and cannot be reversed once confirmed.
Receiving ETH requires sharing your Ethereum address or QR code with the sender. Funds appear in your wallet after network confirmation, with most wallets providing notifications.
Need help? Read the How to use a wallet guide.
Sidenote
When buying ETH you'll hear "account/address" and "wallet".
- Think of your account like your email address where people send you money.
- Think of your wallet like your email app where you check balances and make payments.
For larger amounts, consider hardware wallets for added security.
Learn about Ethereum and how it works.How long does it take to send ETH?
ETH transactions typically complete in under 30 seconds. The Ethereum network processes blocks every 12 seconds, though transactions may queue during congestion.
Transactions achieve 'finality' after ~15 minutes, compared to Bitcoin's 60-minute average.
During high network traffic, you can speed up transactions by paying higher transaction fees, placing you ahead in line. Fees are split between validators and a burning mechanism.
How much does it cost to send ETH?
Ethereum transactions require transaction fees paid in ETH and calculated in a unit called gas. Fees fluctuate based on network demand, with off-peak periods offering lower costs.
| Transaction type | Live cost range | Estimated gas units |
|---|---|---|
| ETH transfers | $0.23 | 21,000 gas |
| Swapping tokens | $1.38 - $1.66 | 100,000 - 150,000 gas |
| Complex DeFi/NFT transactions | $2.21 - $5.52 | 200,000 - 500,000 gas |
Enter L2s: Scaling Ethereum
As Ethereum's popularity grows, keeping transaction fees low becomes challenging. Layer 2 (L2) networks address this issue.
L2s like Optimism and Arbitrum offer 5-10x cheaper fees while inheriting Ethereum's security. They process transactions off-chain and post summaries to Ethereum.
Think of them as express lanes that provide faster, cheaper transactions alongside Ethereum's main highway.
L2 transfers can cost as little as $0.04, bringing Ethereum to millions more users through integrations with companies like Robinhood, PayPal, and Shopify.
What is the ETH supply?
Unlike Bitcoin's fixed 21 million cap, ETH has dynamic supply mechanics:
- New ETH is issued to reward network validators
- A portion of every transaction fee is permanently "burned"
- This creates alternating periods of inflation and deflation based on network usage
Expected equilibrium: The system balances network security with long-term value preservation. High usage leads to deflation; low usage results in inflation.
Data sources: Etherscan, Ultrasound Money
What is the distribution of ETH?
Ownership is widely distributed across tens of millions of addresses, preventing concentration of control and enhancing decentralization.
A breakdown of ether distribution
- Staked ether: Millions of ETH locked for network security
- Exchanges: Centralized platforms hold 13-16% of supply
- Smart contracts: Significant amounts in smart contracts including DeFi protocols
- Ethereum Foundation: Holds less than 0.3% of supply (down from 9% in 2014)
Who holds the most?
The largest address is the Beacon Deposit contract, representing millions of stakers rather than a single entity.
strategicethreserve.xyz hosts a list major ETH holders that's updated regularly.
Why distribution matters for decentralization
Wide distribution prevents centralized control. True decentralization depends on the number of independent nodes and validators maintaining the network.
What makes ETH valuable?
ETH derives value from multiple sources:
Network utility: All Ethereum transactions require ETH for gas fees, creating consistent demand that grows with network adoption.
Staking rewards: ETH stakers earn yields while securing the network, appealing to both individual and institutional investors.
Store of value: Many view ETH as "digital oil" - a scarce asset with real utility powering the digital economy.
Supply dynamics: Fee burning creates deflationary pressure during high usage periods. Since 2021, millions of ETH have been permanently removed from circulation.
What is wrapping ETH?
Wrapped ETH (WETH) is ETH packaged in a smart contract for compatibility with certain decentralized applications. It maintains a 1:1 value with ETH but follows technical standards (like ERC-20) that some applications require.
Common uses include:`
- Trading pairs on decentralized exchanges like Uniswap
- Collateral on lending platforms like Aave
- Bidding on NFT marketplaces like OpenSea
WETH can be unwrapped back to ETH anytime with minimal fees. Most applications handle the wrapping process seamlessly.
Learn more about Wrapped ETH (WETH)