Ethereum is one of the most popular blockchain platforms out there, and its cryptocurrency Ether is quickly rising to be the hottest and most valued cryptocurrency out there. The only other cryptocurrency more popular than Ethereum is Bitcoin.
However, in the past year, the popularity of Ethereum has skyrocketed, rising by 4000%, as you can see from the graph below.
Currently, Ethereum is valued at around $700, but projections state that it can very well go up in the thousands soon enough. As such, the time seems to be rife to invest in Ethereum.
In this article, we’ll discuss whether you should buy Ethereum, why, and if so, then how should you buy it.
Should I buy Ethereum?
Ethereum is at an all-time high right now, and it’s projected that it’s going to keep rising. The technology used by the Ethereum blockchain is far more sophisticated than the one used by Bitcoin. The following are the prime reasons to buy Ethereum.
Has more applications than Bitcoin
The blockchain technology used in Ethereum is far more sophisticated than the one used in Bitcoin. One of the reasons that Bitcoin continues to dominate is that it was the first cryptocurrency out there. However, Ethereum has an advanced blockchain technology, with ICOs and Smart Contract functionality.
Furthermore, Ethereum is written in Turing-complete code language which means any script can run on it. As such, it can process transactions in 12 seconds whereas Bitcoin takes 20 minutes! This also makes Ethereum the fastest blockchain in the market.
Backed by Fortune 500 Companies
Back in February 2017, dozens of Fortune 500 companies came together to help further the Ethereum network technology and include it in their businesses.
You should definitely buy Ethereum as its’s a great investment and you’ll see great returns on it over time. They’ve formed the Enterprise Ethereum Alliance (EEA), and this has resulted in an even more secure faith and trust in Ethereum, especially considering these companies don’t take light risks.
These companies are drawn to Ethereum for its speed, reliability, and the availability of smart contacts.
Incorporated into Financial Institutions
Ethereum is most easily positioned to be accepted by masses as it has been widely accepted and incorporated by traditional financial institutions, i.e., banks.
This is because Bitcoin is designed in a way that it poses a threat to traditional banking economy. However, Ethereum will allow banks to continue thriving, which is why they’re putting their weight behind it to ensure its success.
Bank of America was the first financial institution to work with the Ethereum blockchain. They even introduced an Ethereum-based app to help with transactions. Following that, several other banks have followed suit.
How to Buy Ethereum?
Ethereum is the champion when it comes to cryptocurrencies. It may not be the most popular (yet), or most powerful (yet), but it’s soon going to be the one that matters most. It can effectively knock Bitcoin off its high horse and completely transform the way we do business.
Ethereum is extremely easy to buy and invest in. You just need to use the right platform. There are a lot of great cryptocurrency exchange platforms in the market. However, if you’re a beginner, I recommend using Coinbase.
Coinbase is one of the most popular platforms to buy Ethereum from. It’s user-friendly, has a moderate transaction fees, and is safe. It’s one of the simplest ways to buy Ethereum. However, it’s only available in 32 countries across the world, and that too mostly Europe and the US. As such, for most other people, you’ll have to look for other platforms.
Below, I’ve create a comparative table of the 5 best places to buy Ethereum. You can go through all of these options, read their reviews, and determine which one is most suited for your needs.
|Coinbase Review||3.99%||Great||32 Countries - Europe, US, Canada||Buy|
|BitPanda Review||3 to 4%||Good||Only Europe||Buy|
|Coinmama Review||6.15%||Good||226 countries and 24 US states||Buy|
|Changelly Review||0.5%||Okay||Global, with Credit/Debit restrictions||Buy|
|CEX.IO Review||7%||Great||Global, with Credit/Debit restrictions||Buy|
I hope this table has helped you decide which platform you want to use to buy Ethereum. However, before you buy Ethereum, you should also look for hardware wallets in which to store them. Most of these platforms come with online storage options however that’s incredibly insecure as hackers can get to them.
As such, you should store Ethereum in hardware wallets such as Ledger Nano S and TREZOR. These hardware wallets are never online, and as such they can’t be hacked, making them the most secure storage options.
Getting back to the primary question posed by this article… “Should I Buy Ethereum?”. I would say YES, a definitive yes. As mentioned already, Ethereum is the cryptocurrency of the future, it’s the one that all Fortune 500 companies and established financial institutions are putting their faith in. Furthermore, it’s the one with the most drastic and sharp increase in popularity and value.
As such, if you buy Ethereum, you could be looking at making a lot of profits. You can use platforms such as Coinbase or Coinmama to buy Ethereum, and then store them in hardware wallets such as Ledger Nano S and TREZOR.
Do comment down below and let us know whether you’re investing with Ethereum, and what’s your experience been like.