5 reasons to invest in ethereum
Thinking of putting your money into cryptocurrency? Here’s all you need to know
Ethereum is part of the exciting cryptocurrencies boom that has taken the world by storm during 2017. It’s a decentralised system, the benefits of which include enabling payments to be sent across the internet without the need for a bank or another third party.
The overall market cap of cryptocurrencies went up to more than $200bn this year and even hit the mainstream with the trading of the first bitcoin future on the Chicago Board Options Exchange. So, what are the reasons for getting involved in ethereum?
1. It’s growing in popularity
Ethereum has wasted no time in establishing itself as the second largest digital currency over the past couple of years. It was the brainchild of Vitalik Buterin who came up with the idea in 2013 when he was just 19. There are now thought to be millions of people setting up crytopcurrency wallets that hold this currency, although arguably its main attraction is the fact third party applications can also run on the network.
2. Valuations are on the rise
In a similar way to bitcoin, the valuation of ethereum’s currency, known as ether, has risen over recent months as people have started to embrace digital currencies. It has been publicly traded since 2016 and the issuance of ether is limited to 18 million per year. At the moment, one ether is worth more than $700.
3. It could be the future
Digital currencies such as ethereum have the potential to shake up the financial system in the same way Uber and Airbnb have done to their respective industries. Trust in traditional markets is low in the wake of the financial crisis a decade ago and people are increasingly comfortable with the online world.
4. You can trade on exchanges
The good news is that there are a number of cryptocurrency exchanges that offer ethereum on their platform so you have some choice. The most renowned, Coinbase, faces competition from exchanges such as buyvirtualcurrency, which provides individual account managers, excellent customer service and any coin of your choice.
5. It can already be used to buy goods
An increasing number of organisations are now accepting bitcoins as payment – and the number embracing ether is also expected to increase over the next few years as people become more comfortable with cryptocurrencies. The online retailer Overstock.com, based near Salt Lake City, announced during the summer that customers could use cryptocurrencies to buy from its store, including furniture, bedding and DIY.
To invest in ethereum and other cryptocurrencies go to Buyvirtualcurrency.co.uk
The value of any investments you make in bitcoins or alternative cryptocurrencies can go down as well as up, so you could get back less than you invested.
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