Personal Finance

Will Ethereum Become the New Crypto Leader?

Since the beginning of the pandemic, the overall capitalization of the Crypto market has been falling quite massively. And, the same trend has been quite evident in the last ten months too.

As per Yahoo, almost 130 billion USD has been lost during this weekend as well. This, in turn, has resulted in the market cap slumping down to USD 1.62 trillion. According to CoinGecko, the capital count of the Crypto market hasn’t fallen this low since early August.

Why’s it happening, then?

A report provided by Fortune informs that such a massive fall happened due to Bitcoin’s price falling down by 50%. According to the same study, it’ll keep falling until the second half of this year, 2022.

So, should you avoid trading in BTC and opt for something else, like Ethereum? Even if you do, what’s the verdict on it? Will the change be enough for you to survive?

Let’s find out.

Bitcoin Vs. Ethereum – What’s The Catch?

In essence, Ethereum and Bitcoin are pretty similar in their core meaning. 

Each of them is a type of digital currency, which can be traded through an online exchange platform like Quantumai. Also, they are decentralized and, thus, cannot be regulated or issued by a government agency.

So, what’s the difference?

Well, in terms of how you use either of them, Bitcoin and Ethereum can be pretty different from each other. Let’s keep reading to know more about it.

  • Bitcoin, in essence, is a simple currency. There’s nothing else there. But, Ethereum is a full-fledged ledger technology. Hence, aside from using it like BTC, you can utilize the same for building brand new programs.
  • Both Ethereum and Bitcoin have been developed on Blockchain technology. However, when it comes to robustness, Ethereum performs far better than BTC. It’s yet another reason that prompts most people to opt for Ether rather than Bitcoin.
  • The transactions of Bitcoin are more monetary in nature. Thus, they can have texts or notes affixed with them regarding the transaction. However, Ethereum is much more discrete, as it has an executable code that can be opened only by an app built on them.

Buying Ethereum – A Guide To Safety

When it comes to buying Ethereum, you have to follow three significant steps. Each of them is pretty extensive, so make sure to read it till the end.

Step – 1: Choose An Exchange

First things first, do some research and choose the best possible Cryptocurrency exchange for you. Here’s the roster you can select from.

  • Online Stock Brokerage: You can turn your cash into Crypto without paying too much money with an online broker. However, in some cases, it might be a little difficult for you to move in and out of an investment with them. So, before choosing them for your purpose, don’t forget to ask if they offer flexible investment procedures or not.
  • Decentralized Exchange: A decentralized exchange, in essence, is a platform where you can trade Cryptocurrency properly. They will help you buy new Crypto pretty quickly. Also, with them, you can get in and out of an investment without making any delays. However, you’ll have to pay a small amount of money after a transaction.

Step – 2: How Will You Pay?

You can pay while buying an Ethereum through two different aspects. Here’s what you need to know about them.

  • When it comes to buying Cryptocurrency, most people tend to opt for fiat currency more than anything else. For some exchanges, this will be the only option for you.
  • A few marketplaces do allow crypto-to-crypto trading for some people. It can be an excellent option if you’re trying to invest in Crypto without breaking your bank.

Step – 3: Storing Ethereum

Finally, you will need to find a way to store Ethereum. It’s usually performed through a digital wallet, but you can also opt for a non-custodial wallet. They are much more secure than usual and offer more flexible storage than most.

Conclusion

When it comes to popularity, Bitcoin is definitely in a much better space than Ethereum. However, the way the trend is changing, it’d not take the latter too much time to get in the first position. Thus, if you want to make an investment, this is the right time for you to do so.

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan

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