What is Ethereum?
Ethereum is a decentralized blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-source software. Ethereum was conceived in 2013 by programmer Vitalik Buterin.
How does an Ethereum transaction work?
Ethereum transactions are a bit more complex than traditional digital currency transactions. Here's a detailed breakdown of how they work:
1. Initiating a Transaction: A user initiates a transaction by creating a digital instruction. This could be a simple transfer of Ethereum (ETH) or a more complex command to execute a smart contract.
2. Signing the Transaction: The transaction is digitally signed using the sender's private key. This ensures security and verifies that the sender has authorized the transaction.
3. Broadcasting to the Network: The signed transaction is broadcast to the Ethereum network. It's picked up by Ethereum nodes (computers in the network).
4. Validation of the Transaction: Nodes validate the transaction. They check the digital signature and ensure the sender has sufficient balance to complete the transaction.
5. Execution of Smart Contracts: If the transaction involves a smart contract, the contract's code is executed. This may result in state changes on the Ethereum blockchain.
6. Adding to a Block: Once validated, the transaction is included in a new block. Miners compete to solve a complex mathematical problem to add this block to the blockchain.
7. Confirmation and Finality: When a block is added to the blockchain, the transaction is considered confirmed. Multiple confirmations make the transaction more secure.
8. Updating the Blockchain: The completed transaction, along with any smart contract outcomes, is recorded on the Ethereum blockchain. This public ledger is updated and maintained across the entire network.
Why Buy OSRS Gold with Ethereum?
Ethereum ranks 2nd for all accepted payment methods on https://merchants.to/
Ethereum ranks 2nd for accepted crypto currency payment methods on https://merchants.to/
Using Ethereum to Buy OSRS Gold has became a standard in the RuneScape gold buying market. It cannot be reversed or charged back, allowing merchants to not require any KYC/ID Verification at checkout.
Due to it's secure, quick and hassel free nature. You will find a majority of the time there is no additional processing fee when buying osrs gold with bitcoin.
In addition, there is no country limitation allowing merchant and customer to be in seperate parts of the world and do business with each other.
Why you may not want to use Ethereum to buy OSRS Gold.
Wait time, it's common practice to wait for 1-3 confirmations before fufilling the order. The time for a transaction on average is 10-30 minutes, however this can increase due to blockchain congestion. Generally speaking, ethereum confirmation occur faster than bitcoin.
Transaction fees, while the merchant themselves often do not charge any additional processing fees when paying with ethereum, there is a transaction fees or "miners fee". This is the fee charged by miners for that transaction to be included in the next block mined which allows your transaction to be confirmed. This fee can sometimes reach upwards of $50 USDT depending on the network congestion and ethereum price.
How to Buy OSRS Gold with Ethereum?
Buying OSRS Gold with Ethereum is a very simple process on Merchants.to.
Follow these steps to find a merchant to whom accepts ethereum as payment for OSRS Gold.
1. Navigate to https://merchants.to/currency/buy-osrs-gold
2. Click the "Filter payment methods." dropdown
3. Select "Ethereum"
4. Only merchants that accept ethereum will now be displayed. Simply find the merchant you wish to purchase from and visit their site to finalize the transaction!
