Do I understand the basics Ethereum? And am I ready to buy in?

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Do I understand the basics Ethereum? And am I ready to buy in?

Been diving into crypto this past week and I see a future in crypto I want to be part of. For some reason I started to look into ETH before BTC. Before I buy in for the first time, I want to make sure I understand what I'm buying. So I'll try to explain the basics in my own words, so please, if I say anything wrong, correct me ;).

BTC is a digital currency running on blockchain. Making peer to peer transactions possible without a 3rd party. Ethereum is more like a platform. A platform running on blockchain, making various things possible. Running DApps, applications without a 3rd party. Smart contracts, a contract going into effect when a condition is met, without a 3rd party. NFTs, non fungible tokens which are unique because of certain codes/information (Ethereum has the creater code in the adress + runs a Royalty Tax). You could say BTC is an app, while Ethereum is a Play Store.

As of now, Ethereum "lacks" scalability (transactions per second), security and sustanability. Since running miners takes alot of energy. Ethereum 2.0 is trying to cover that.

…are these the basics? Am I wrong somewhere? Do I need to know more before buying?

submitted by /u/KingofBurpees
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