Top reasons to invest in Ethereum
Ethereum is a blockchain that has served as the foundation for evolving digital infrastructure and marketplaces. Ether has transcended the boundaries of financial boons like efficient monetary transactions by carving a niche for itself and rewarding the investors with a 270-fold appreciation. This kind of climb is noteworthy and rare by any category of assets. Ether fans have their fingers crossed and hope and predict that the “flippening” or the situation when Ether overtakes the total market capitalization of Bitcoin can happen any time soon due to the progress made by Ethereum.
The dream of Ethereum of being the biggest cryptocurrency in the world does not seem so far off when you see the course of its success so far. The Eth to INR conversion graph has climbed since August 2020, where the value of Eth was 46,800 rupees. It had reached a whopping 3,87,000 in July 2021 and enjoyed a position of 3,63,600 rupees till October 2021.
1. Inclusion of smart contracts – The foresight of Vitalik Buterin 2013 to create a way for cryptocurrency to work on the completion of agreed terms is one of the things that distinguish Ethereum from its peers. The utility of smart contracts is not limited to any sector. It can be benefited from by healthcare, finance, and any industry that is looking to diminish the usage of an intermediary. The inclusion of smart contracts has ensured that you don’t need a third party as a part of a contract and, at the same time, fortifies the agreements and provides the terms are met.
2. Application in the real world – The potential applications of Ethereum are still being actualized, and many teams are working on it. There are few, like digital identity management, that are in the pipeline. The healthcare applications of Ethereum are something that the world needs at this moment desperately. Imagine if you have received a vaccine and a doctor can access your records and history anywhere in the world. Decentralization of data storage is something the world has only dreamt of yet. Having thousands of locations with data makes it nearly impossible for natural causes to lead to big losses. Most of the other cryptocurrencies do not have this kind of a range of applications.
3. Building blocks for many projects – There are a lot of projects being worked on by teams all over the world based on the Ethereum blockchain. The ones who are a part of the foundation are bound to benefit from spreading the network in the long run.
4. Environmentally conscious – A lot of energy is consumed by the computing systems that make the blockchain possible. The users verifying the transactions were rewarded with Eth based on a proof-of-work system. Ethereum has proposed a new model that rests on the proof-of-stake system to reduce power consumption and solve the energy crisis. Those who stake their existing token will be rewarded similarly. This issue was raised by the crypto supporter and promoter Elon Musk.
5. Powering the NFT world – Non-fungible tokens are the new talk of the town, and they have become one of the most highly-priced digital assets one can own. One such NFT was sold at a mind-blowing $69 million, which attracted even more people to take notice and participate in this trend. Ethereum holds a place of power amongst one of the biggest and popular NFT marketplaces in the whole world. NFT investors are inclined to use Ethereum to trade their artwork. Ethereum is a boon for creators and artists as they have a space to share their content without an intermediary and have full ownership of their intellectual property.
How to buy Ethereum?
If you are wondering about how to buy Ethereum, then it is extremely easy to do so. You can go to the CoinSwitch website or download the free app from the play store and make your account. Open a wallet for yourself to keep your digital currency safe after you have traded it. Once you have added funds to your account, you can buy immediately. It is advised to transfer your currency to your wallet once the purchase is made. You can refer to the graph and information provided on the app to see the chart of valuation of Ethereum and decide the best time to invest.
There are a few of the top reasons why Ethereum has a firm position in the crypto market. Just like any other digital currency, Ethereum has displayed volatility and is a high-risk and high-reward asset. If you are planning to invest, you should be in a position to provide for your losses. The world of digital finance has progressed by leaps and bounds, and Ethereum is leading.