I can't decide title, but this is something about Ethereum!

This is shorter and (bit) updated version of my Using Ethereum guide that I posted a while back on my steem account for MEW competition.

1) Difference between Ethereum and Ether

Ethereum is network/platform where Dapps run, when Ether is fuel that powers the network. Ether is how people pay for things in the ethereum network. For example, you need Ether to pay fees.

When somebody says that he has invested in ethereum, he has actually bought ether.

2) Transaction Fees on Ethereum

On ethereum platform transaction fees are calculated on two measures. Gas Price and Gas Limit.

Gas limit means the highest amount of gas you are willing to spend on transaction. Ether transactions require gas limit of 21,000 and Token transactions require 200,000.

Transaction Fees = Gas price*Gas limit

For example, if you chose 4 gwei Gas Price and 200,000 Gas Limit then your max transaction cost would be:

200000*4=800000 Gwei

Converting to ether: https://converter.murkin.me — That would be 0.0008 Eth.

How much gas price should you choose? Check: https://ethgasstation.info/

If you get 'Out of gas' error, you need to increase the gas limit.

3) Trading Ethereum Based Tokens on Forkdelta

You can trade all Ethereum based tokens whether they are officially listed or not by using token's contract address.

Get the contract address of token: https://etherscan.io/tokens

Change 'DAI' to token contract address and hit go: https://forkdelta.app/#!/trade/DAI-ETH

4) Tracking Balances using deltabalances

Enter your address, and be amazed! - https://deltabalances.github.io

5) Withdrawing from forkdelta when it's offline

Smart contracts reside on Blockchain and there is no way they can be taken down. Forkdelta/etherdelta works on smart contract so even if of they go offline you can withdraw your funds.

Jump to 'Steps to Recover Assets' — https://www.reddit.com/r/KinFoundation/comments/7l6lgc/guide_on_removing_tokens_from_etherdelta_during/

I hope this was useful to you!

Topic: I can't decide title, but this is something about Ethereum! (Read 130 times)