Bitcoin uses a “Bitcoin address” where Bitcoins are sent and stored. Similarly, Ethereum (ETH) has 2 types of accounts or addresses which are
- Accounts that hold ETH: This account is called “Externally Owned Accounts (EOAs)”. You can make an ETH transfer or payment by signing transactions with a private key in this account.
Accounts that hold ETH and smart contracts: This account is for smart contracts. Remember, smart contracts can only be activated by sending ETH into them. After a smart contract has been coded and uploaded, it will sit in this account and wait to be activated.
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