Three Reasons That Might Contribute To Eth Recent Price Drop: Details – Raymond’s 10 years of experience in leadership positions in fintech companies and banks empower him to democratize digital financial solutions.
If you have dabbled in cryptocurrencies or read about decentralized applications, chances are you have heard of Ethereum.
Three Reasons That Might Contribute To Eth Recent Price Drop: Details
If you’re familiar with Ethereum and its impact on the global financial and payment systems, you probably know a lot about what I’m about to write about. But if you have not heard of Ethereum, I will tell you three reasons why I am very confident that the cryptocurrency and its decentralized, open-source blockchain will change the world just like Bitcoin.
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The Ethereum network shows more promise than Bitcoin because of its real-world applications and ability to store value. It also represents the future of digital currency and smart contracts in a way that Bitcoin simply cannot.
Although Bitcoin is the first original cryptocurrency, it can be argued that Ethereum is the first application of blockchain technology that can be used by global companies, SMEs and global consumers.
Because the Ethereum network supports development and allows anyone with an idea to build new applications on its infrastructure, many people have used it to build payment systems. We’ve seen it explode with the rise of NFTs, and we’ve seen Ethereum’s usage rate surpass that of Bitcoin in the past 12 months.
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One of the main reasons people want to use the Ethereum blockchain for payments is that it is private and decentralized. If you use credit or debit cards to make a transaction, companies will collect your information and may use it to sell to other parties or find ways to offer you more products and services.
With Ethereum, privacy is built into the system and it is a long string of numbers where capital flows in and out in a completely secure and renewable way. With Ethereum, you don’t have to worry about someone selling your personal information. You are safe and sound.
The Ethereum Foundation invites developers from all over the world to work on its blockchain technology and create decentralized applications (Dapps) that can perform many different tasks. On their website, their mission statement is clear:
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“The main mission of the Ethereum Foundation is to promote and support the Ethereum foundation and basic research, development and education to provide the world with guidelines and tools that enable developers to produce the next dapps and together build a good foundation more, independent and more reliable Internet.
The Ethereum mission has begun. According to cryptocurrency app tracker State of the Dapps, there are currently more than 3,000 decentralized apps running on the Ethereum blockchain. These developers can also apply for grants for their projects, just like UniSwap, the world’s largest renewable exchange.
Many of these applications on the Ethereum blockchain platform are already changing the world by creating new ways to safely transfer property, funds, debt, shares, and even create multiple universes.
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We are now in the world of Ethereum 1.0, which was great at the time, but is now overcrowded with many transactions, difficult to scale, and uses outdated technology to create new tokens and trade.
This is why the Ethereum Foundation launched Ethereum 2.0. The upgrade could be the tipping point the world needs to make cryptocurrency usable by ordinary people for payments and banking.
First, Ethereum 2.0 has a smaller environmental impact than the first one. Currently, demand for large amounts of electricity is a key component of Ethereum’s proof-of-work mechanism. The problem is that proof of work requires more and more electricity over time. Ethereum 2.0 will reduce the network’s energy consumption by at least 99.95% by turning it into a Proof-of-Stake mechanism.
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Second, Ethereum is expected to increase the number of transactions that can be made per second to around 150,000 by the end of 2021. The rise of Ethereum will certainly reduce network congestion, which leads to a sharp decrease in gas rates.
I am confident that progress in infrastructure coupled with a growing DeFi community could lead to a sharp increase in Ethereum price in the long term, especially as institutional investors continue to influence.
If, like me, you believe in the power and future development of the Ethereum blockchain, you can take a portion of your disposable income every month and invest it in Ethereum. This is called dollar cost averaging (DCA).
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With dollar averaging, you invest equal dollar amounts in cryptocurrency regularly each month, instead of trying to time the market, you buy at different prices.
With this method you will accumulate more Ethereum on a regular basis and I believe you will be in a great position in the long run.
This article has been prepared by Fintech (LT) UAB (“the Company”) and provides general information about some of the Company’s activities as of the date of this presentation.
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