What you should know about Ethereum

What you should know about Ethereum

 

A nationwide survey conducted in 2020 revealed that Ethereum was the second most popular cryptocurrency in Australia (the first was Bitcoin), with around 27% of Australians owning it. Interestingly, the first Ethereum, which was launched in 2015, cost under 2 AUD$ and climbed to over 300 AUD$ in just two years.

Therefore, it would be good to invest in it now and enjoy the profits in the long run. Before you research how to invest in Ethereum in Australia, there are a few things you need to know about it.

How does Ethereum work?

Ethereum is a decentralized, open-source programmable blockchain that enables you to replicate and process smart contacts on all the network’s computers without the interference of a third party. A smart contract is a self-executed agreement that enables buyers and sellers to establish transaction conditions using a shared computer code. In simple terms, it is a decentralized software platform that supports cryptocurrencies and any decentralized applications. The community-run technology’s digital currency is called ETH or Ether/Ethereum.

What is the value of Ethereum in Australia?

According to crypto experts and market analysts, the value of 1 ETH in Australia is 4,630.36$ at present, and it is expected to surpass 5,000 AUD$ in 2022, according to crypto experts and market analysts. Some experts also say that Ethereum will surpass or challenge Bitcoin in the coming years. Conservative estimates put the value of this currency at 16 927 AUD$ by 2025, a highly optimistic number but not unfeasible considering its rapid growth and popularity globally.

Where can you buy and sell Ethereum in Australia?

You can buy Ethereum cryptocurrency in one of the registered crypto exchanges in Australia after considering factors such as the trading fees and spreads. A reliable exchange platform will offer you the option of purchasing Ether with a debit or credit card after depositing Australian dollars into your account, besides other payment methods, including PayID, POLi, and bank transfer. However, the trading platform you select should enable you to buy and sell ETH whenever you want, with the ability to chart and monitor it consistently. Besides buying, the selling process should be straightforward by setting a price limit.

Reasons to Invest in Ethereum

• Enjoys an incredible popularity

The most obvious reason to invest in Ether is its dominance in the digital currency market, as it enjoys a second position globally based on market cap. Ethereum is the second most popular cryptocurrency in Australia, with over 12% of its population aware of its existence. Interestingly, Tennis Australia (the governing body for tennis in the country) has decided to sell non-fungible Australian Open tennis balls for 0.067 Ethereum in 2022, attesting to its increasing popularity in various sectors.

• Energy efficient

Unlike other cryptocurrencies, Ether promises to be more energy efficient with each passing year. According to some sources, its updated version of Ethereum 2.0 uses 99.95% less energy. The upgrade will also decrease transaction costs, thereby enabling people to make smaller transactions at one go.

• Significant growth

As mentioned earlier, Ethereum is set to witness massive growth in the coming years, surpassing the current prices and reaching an all-time high in Australian dollars. Some experts say it might even go five figures, so that is not an opportunity you would not want to miss.

So, these are some valuable details related to how to invest in Ethereum in Australia. It has a significant potential for growth in the future, will yield considerable profits, and will enjoy an unlimited supply at all times.