Should i invest in ethereum october 2022

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Would you consider investing in Ethereum ETH? Bitcoin vs. Ethereum As Ethereum continued its upward trend in the bull run last year, even though Bitcoin was losing value, the king and queen were finally being perceived as competitors. And more outcries about how Ethereum is going to dethrone the king became common were heard. Bitcoin's original purpose was to act as a medium of exchange, but the cryptocurrency does not seem fit to fulfil this role.

Cryptocurrencies function as a safe haven for investors when the traditional market crashes like how it was observed during the stock market crash of due to the coronavirus outbreak. Since Bitcoin dominates the cryptocurrency market, it is the most sought-after choice.

This makes Bitcoin more of an asset than a medium of exchange. The price of Bitcoin alone makes it infeasible to act as a medium of exchange. Then, Bitcoin is also an old coin and suffers from scalability and inefficiency. For instance, Bitcoin can process around four transactions in a second, whereas Ethereum is aspiring for 20 transactions a second.

Research by the Economist found that a significant portion of Bitcoin, one-third, is being held for investment purposes while the value of Bitcoin used to facilitate transactions is relatively small. With that said, Ethereum, as to how it tackles the issues that Bitcoin faces, after the Ethereum 2.

The cryptocurrency market saw a huge boom, with cryptocurrencies establishing new all-time highs or near all-time high levels. Ethereum closely followed Bitcoin throughout the bull run, and when Bitcoin started to lose value, analysts expected the same from Ethereum. However, it came as a pleasant surprise when Ethereum continued its upward trajectory despite Bitcoin. The queen of cryptocurrencies is still maintaining its upward trend, and analysts are expecting good things from the cryptocurrency.

Ethereum has been closely associated with Bitcoin, which usually makes it a second choice to Bitcoin or just an accompanying option with Bitcoin. Ethereum must topple Bitcoin's hold on the crypto market to establish itself as an even stronger cryptocurrency. As investors perceive Ethereum as an independent, viable option for investment, it will indefinitely gain value, and this is something that Ethereum has been trying to do in recent times.

The developers have designed monumental changes that will improve the platform substantially. Ethereum has become one of the most trusted platforms for decentralized apps and decentralized finance. But as the network gained popularity, the increased usage led to the unveiling of many problems pertaining to scalability.

Hence, the Eth2 upgrade is set to revolutionize the platform's technology. Many significant changes are underway; with the upgrade transition from the current network to the new one, an interim network called the Beacon Chain has been developed. The Beacon Chain has been in operation since December and will facilitate the transition.

The mining consensus mechanism, i. Proof of Stake increases the efficiency of the network as the mechanism requires comparatively less energy. The Shard chain nodes are expected to increase the throughput of the network by 64 times. The upgrade is planned in four phases and is likely to be completed by The announcement to roll out Ethereum 2. Hence, the update is likely to increase the price of Ethereum significantly as it tackles the issues Ethereum faces currently.

The paper also predicted a 5-year price for both cryptocurrencies. Their projections show Ethereum going up in value for the foreseeable future. While some platforms suggest phenomenal growth, others are not that optimistic. However, the cryptocurrency market is brutal, and a sharp drop in the value of a cryptocurrency can be expected after high growth, as is being seen in the current bull run.

Corrections can likely undertake Ethereum. After all, it is a high risk and high reward asset. Smart contracts enable participants to transact with one another in the absence of a trusted central authority. Transaction records are immutable, verifiable, and securely distributed across the network, giving participants full ownership and visibility into transaction data. Transactions are sent and received by user-created Ethereum accounts.

What Does Ethereum Do? Ethereum can power a variety of applications with a wide range of functions: Currency: With a cryptocurrency wallet, you can send and receive ether as well as pay for goods and services where the digital currency is accepted. Some platforms, such as Coinbase, even allow you to store your coins in a digital wallet, making them less vulnerable to hackers.

Decentralised apps, or dApps: Ethereum powers digital apps that allow users to play games, invest, send money, track an investment portfolio, follow social media, and more. Non-fungible tokens: These tokens can be powered by Ethereum and allow artists or others to sell art or other items directly to buyers via smart contracts. Decentralised finance: By using Ethereum, some people may be able to avoid centralised government control over the movement of money or other assets.

Again, it may be more accurate to think of Ethereum as a token that powers various apps rather than a cryptocurrency that allows users to send money to one another. Why Invest In Ethereum? There are several ways to profit from the growing use of Ethereum. The simplest option is to buy Ethereum directly. Because it is the most volatile, it carries the most risk but also the most potential profits.