You’ve got cash in the bank, but you know it can’t stay there — not if you want to see your net worth skyrocket. The question is, where exactly should you invest your money?
If you’re thinking cryptocurrency, you’re in good company. Research shows that 8% of people in the United States invested in cryptocurrency in 2018. However, just 2% were investing in a particular type of cryptocurrency called Ethereum.
The truth is, though, that Ethereum is becoming an increasingly in-demand cryptocurrency, falling behind only bitcoin in popularity. That means if you’re looking for the next big thing in cryptocurrency, Ethereum might be for you.
Here’s a rundown on five things you need to know before you invest in Ethereum in 2019.
Let’s dive in!
Russian programmer Vitalik Buterin’s goal when programming Ethereum was to make the cryptocurrency a customizable blockchain based on its users’ needs.
The entire premise of Ethereum is based on computer programs known as smart contracts. These programs essentially execute transactions by themselves based on the conditions that users have agreed upon.
Because Ethereum is a type of cryptocurrency, no particular governing entity controls it. In other words, it is decentralized.
This makes Ethereum quite different from other online systems that businesses rely on. These systems have centralized control, meaning that governing bodies in various countries regulate them.
One of the reasons for Ethereum’s surging popularity is the fact that it is secure from hackers.
As we mentioned earlier, this cryptocurrency doesn’t have a centralized server, so hackers have a hard time manipulating it. It is made secure using cryptography, which prevents a hacker from being able to access a node and alter the blockchain.
Before you can invest in Ethereum, you’ll need to get a digital wallet. That’s because Ethereum does not trade on your typical stock platform.
In other words, you cannot go to an online broker to buy this cryptocurrency. Instead, Ethereum must be converted into the wallet of your choice.
A few types of hardware wallets are available for Ethereum, including KeepKey, Ledger, and TREZOR. What’s great about these wallets is that they also support bitcoin, so you can store both of these cryptocurrencies in one device.
A major benefit of Ethereum is that it is not as expensive as bitcoin.
While Ethereum may trade at a couple hundred dollars, bitcoin can trade for a few thousand dollars per unit. So, Ethereum is a great option for those interested in getting their feet wet in the cryptocurrency investing world.
In addition to highlighting how to invest in Ethereum, we offer a wealth of advice on how to invest in bitcoin and in cryptocurrency in general.
Our goal? To help you to approach cryptocurrency investment opportunities with confidence so that you can create wealth with this type of currency.
Take a peek here to find out how you can get started on your successful cryptocurrency journey today.