Digital technology has brought about several changes in our lifestyles. For example, in the past, people had to carry cash even to buy a small candy bar from a store. But now, with digital payment platforms, people don’t have to carry cash. Many years ago, one had to book movie tickets at a counter outside the theaters. But in 2021, one can book movie tickets online. This is the case across the world. As for now, everyone strives to keep up with social media trends to stay competitive.
These changes are acceptable and, more importantly, believable as well as realistic. But using digital cash instead of ‘hard’ cash in 2021 sounds like a plot for a sci-fi movie based on a futuristic theme. To be honest, nobody would have ever imagined that a new and more advanced type of money, with no physical form, would evolve. This idea had come to life when Bitcoin was introduced as the first digital currency or cryptocurrency.
Introduction to Ethereum and its history
Despite Bitcoin being the most traded cryptocurrency in the global trade market, we cannot ignore the way Ethereum (ETH) had crawled its way to the top. It is now considered to be the second most traded currency. In fact, Ethereum and Bitcoin are competitors as both of them are exchanged on their respective blockchains. Yes, you heard it right- the Ether currency is exchanged or traded on its unique blockchain.
It was released on white paper in 2013 by Vitalik Buterin, who was working as a programmer for developing and updating blockchains. The cryptocurrency was launched on a separate platform so that it can be integrated with other applications or small business software platforms for better trading. In addition, Vitalik wanted to introduce a currency that could help create decentralized applications using different technologies such as AI, machine learning, or even SaaS.
Known as application configuration, SaaS apps allow users to modify their apps. Additionally, real-time customer conversations can affect the configuration options that determine how a product functions and looks, just as with traditional corporate software.
As a consequence, the service provider is in charge of the application’s integrity, accessibility,
and outcome. They are also striving to improve customer service.
Why is trading in Ethereum beneficial for traders in 2021?
- Ethereum has the potential to change the traditional finance world and establish a different platform with decentralized trading concepts in the future. You can easily integrate this in your billing management software in the future to make such financial transactions.
- Using Ethereum, different DeFi applications can be created which will use the same blockchain as Ether.
- The market value of Ether coins is very high, with a total value of $1233, as predicted in 2021. Due to its volatility, Ethereum has become the second most traded currency in the world.
- Several exchanges support Ethereum, thereby providing you with the opportunity to find a trading platform with low transaction fees or a better user interface.
- There is no limitation to the availability of the Ether coins. On the one hand, the miners continue to add new coins to the market, while on the other hand, some coins are lost in the trades.
What are the flaws in Ethereum cryptocurrency?
- Like all other cryptocurrencies, investing your real cash in Ethereum can be risky in case the market falls.
- The transaction speed of ether is very slow, or even sluggish. This can cost you millions if you fail to grab a lucrative trading opportunity.
- It’s not ideal for amateur traders.
Now that you are aware of the pros and cons of trading in Ethereum, you must make a wise decision regarding your investments in Ether currency. If you want to know more about the different trading strategies related to Ether, watch the live trades, demos, and tutorials online. Custom graphics in the best videos are often made using a random shape generator. These will help you learn about Ethereum more effectively.