It seems like 2022 was a great year for the cryptocurrency market since Bitcoin hit the highest price ever, and the same goes with Ethereum these days. According to many experienced people who are an active part of this huge and profitable community, right now, it can be even more profitable and worth to mine Ethereum instead of Bitcoin. As we all know, Bitcoins require a lot of computing power until the miner is rewarded with their coins for the hard work on the blockchain.
So, we can say that this is the right time for the people who prefer the altcoins, to make some profit for their savings, by trading on platforms like thebitqtapp.com/de/login, including the Ethereum savings. Last week, it hit the highest hash rate, with an average worth of 2,000 Megahash. So, people now are getting more interested in this currency, since Bitcoin can be a pretty expensive investment this time. Ethereum was always considered as the second or third most popular cryptocurrency, together with Litecoin, and this is proof that probably every digital asset will once have a chance to shine and become attractive for the miners.
What is Ethereum and how it works?
Practically, Ethereum is the digital place where you can mine crypto coins named Ether. People are often confused, and they consider Ethereum as a currency, and since a lot of them think the same, it was widely accepted like that. But, today, we hope these things are clear, since the coins are Ethers, and the blockchain-alike network is named Ethereum. It works similarly to Bitcoins. This cryptocurrency was developed in 2015, and Ether is basically a token that is used for independent transactions. It has a value too, and today, on the first days of April 2022, one ETH is worth something more than $2,000 – the highest price since their existence.
But, the current situation doesn’t mean it will be like that forever. Every miner should verify the activities from the blocks after they solve the tasks, so they can be rewarded with the tokens we talked about. Since mining through Ethereum is faster than Bitcoin’s network, that means it consumes less electricity and power and saves money too. As the value of the currency grows, fewer tokens can be mined through one block.
One of the most specific things about it is that you can send Ethers directly to the recipient, known as smart contracts, that lets the developers write portions of code to release the transaction – that means the network is pretty dynamic, but still cost-effective, encrypted, and time-saving. A lot of people consider it as one of the closest cryptocurrencies to fiat money, and they think this network is more reliable than Bitcoin’s.
Currently, it seems like people are more interested in ETH than in BTC, and it’s pretty understandable because once we are overwhelmed with something, it can easily become very boring to us. And that’s the case with Bitcoin. The world is fighting to make it acceptable and legal everywhere, forgetting that there are some hidden rising stars.
The interest in this cryptocurrency is growing every day, and people are realizing what they’ve missed in recent years.
Here are a few reasons why everyone is going mad over ETH:
1. A similar way of work like BTC
Most of the crypto enthusiasts know how the blockchain works, due to the huge interest in Bitcoins. But, what if we tell you that ETH is very similar, and you can easily adapt to it. As we said, the main difference is that ETH is not that energy-consuming, so you make a bigger profit mining it. Many investors prefer the blockchain strategy instead of every other, because it’s exciting and challenging, and gives a lot of chances for fast transactions, according to Coinformant. As time goes by, the developers make some improvements and upgrades, and you can be sure they are following the current trends and technologies, keeping this currency more and more attractive for the miners. A lot of people claim they own huge amounts of Ethers, and they only wait for the right time to make some profit from it.
2. Everything new is exciting
Ethereum isn’t something new, but it wasn’t that popular as it is these days. As more people are talking about it, there are a lot more who will try to become a part of the ETH world. According to many, it’s even more trustworthy than the commercial BTC and can provide a stable network and secure transactions. It’s worth giving it a try. Who knows, maybe you will finally be able to become a part of this market, without investing in BTC.
3. More stable price ups and downs
We can’t expect the price to rise over the night, since it needs more work for that. But, in the next few years, the predictions are that ETH will be more stable, so if you have some savings, you don’t risk a lot, because the price rates are much lower compared to BTC, and there are no huge fluctuations. So, if the situation is still like that in the months that come, you won’t face large gains or losses, but still will have an option to make some profit from trading with Ethers.
Right now, Bitcoin’s price is something below $60,000 and that’s great, keeping in mind that only a year ago the situation was very bad, and the price was less than $10,000. The world wasn’t ready for the huge pandemic, and it affected every possible market, including cryptocurrencies. But, on the other hand, it created ideal conditions for some cryptos to show they are potentially the next most profitable currency.
A lot of people find BTC mainstream, and they are looking for a new challenge, that won’t cost that much. So, if you really like to earn and save some crypto coin, and you think BTC is a huge investment right now, we highly recommend learning more about Ethereum. It’s pretty similar, but it’s still pretty exciting, especially for the newbies.