Ethereum is officially the second-largest cryptocurrency after Bitcoin. It is essentially blockchain technology that allows you to use cryptocurrency, where the token being used is called Ether (ETH). While both Ethereum and Bitcoin share many similarities, like running on a blockchain network, Ethereum has improved upon Bitcoin’s technology and expanded as more than just a digital currency. It is programmable to be used for various digital assets, enabling it to venture into the marketplace for not just financial services but also to build apps, play games, and even be used in advertising and property management.
How and Why Is Ether Valuable?
Ether derives value owing to a myriad of different factors. First of all is its utility value, which is its functionality as something that can be lent or borrowed, used as collateral for a range of open finance functions, or a method of payments and rewards. These are additional functions besides its general use as an exchange medium for purchasing and selling Ethereum-based tokens, crypto-collectibles, non-fungible tokens (NFTs), and supported in-app purchases.
Second is Ether’s speculative value, derived from activities such as trading and investing. While these bring forward fresh capital into the system, which may then be reinvested towards various verticals, they can also cause damage to the short-term market of all such crypto-assets.
Ether vs. Bitcoin: How to Choose
When it comes to investing in cryptocurrency, a hot debate remains regarding comparing Bitcoin and Ethereum. While it is established that Bitcoin is more well-known and has a higher market cap, Ethereum’s innovative technology and superior functioning make it a more lucrative option.
Ethereum is backed up by a code preset called Turing-complete, which quickly solves puzzles and equations and runs programs and contracts swiftly, irrespective of their complexity level. It also provides a higher speed with more efficient transactions. On average, Bitcoin takes around 10 minutes to add a block to the blockchain, whereas Ethereum can do the same within 12 to 15 seconds. This speed enables Ether users to have a quicker dealing experience. Furthermore, its proficiency and elimination of third-party systems make it a more user-friendly option that a lot of companies now endorse.
Where and How to Buy Ethereum
When one says that they wish to purchase Ethereum, it is likely that they actually wish to purchase Ether, the native currency of the Ethereum blockchain. We have already talked about what Ethereum is essentially, so let’s move on to the next step: buying Ethereum.
Since Ether or ETH is a relatively newer cryptocurrency, there aren’t many avenues to purchase it yet. You can obtain it from centralized crypto exchanges (CEX), decentralized exchanges (DEX), crypto brokers, and other crypto trading platforms, such as net coins in Canada.
Netcoins is a publicly-traded crypto trading platform that offers complete regulation. The platform claims a zero percent funding fee while offering free cash withdrawals and customer support, made available every week. They also provide other cryptocurrencies besides Ether (ETH).
Endnote
As a first-time investor, or someone unfamiliar with the cryptomarket, investing in cryptocurrency seems incredibly daunting. However, there are many consultants available. Additionally, net coins’ website itself has an incredible user interface that will carefully guide you according to your investment needs and desires and help you build a suitable portfolio.
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