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Ethereum has been creating a buzz around the cryptocurrency market for a while now. Since its inception in 2015, Ethereum has always believed in adapting according to its users, over the years they have improved its blockchain, reduced its transaction speed and a lot more. Unlike Bitcoin and a lot of other currencies, Ethereum is not only restricted to making transactions, it is used in several other ways which make it very versatile
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Ethereum has been creating a buzz around the cryptocurrency market for a while now. Since its inception in 2015, Ethereum has always believed in adapting according to its users, over the years they have improved its blockchain, reduced its transaction speed and a lot more. Unlike Bitcoin and a lot of other currencies, Ethereum is not only restricted to making transactions, it is used in several other ways which make it very versatile.
This article will explain why Ethereum could be the future of cryptocurrencies and why one should invest in it. We will also help you to get started with the best place to buy Ethereum in Canada so that you are never vulnerable to many cryptocurrency scams that circulate within the market.
Let’s get started with a few points that will help you understand why Ethereum is the future for cryptocurrencies ahead.
1. Used as a layer to develop applications: The Ethereum blockchain is used as a layer to develop several modern-day decentralised applications which is the future of several budding businesses and startups. These applications have several use cases and are already being used in industries like finance, medicine, gaming, music and many more. Every time a user is using a layer of the blockchain the number of transactions increase which directly increases the demand for Ethereum’s token “Ether” and that causes inflation in its price.
2. Ethereum for smart contracts: Smart contracts are the way ahead and are already being used by several industries as they eliminate the need for a middleman. Smart contracts are clauses agreed upon by two parties initiating the contract(much like any standard contract) and when any party does not comply with these clauses then there is a monetary penalty which is automatically enforced upon them. This is a great system and will surely be adapted more rapidly in the future.
3. Keep introducing new upgrades to improve the user experience: This is a very important factor to consider scalability and Ethereum surely ticks this one-off. Ethereum recently introduced an upgrade to improve transaction speeds within its blockchain and also announced that it would be adopting a proof of stake mechanism from its current proof of work one which would reduce transaction time and would also reduce its energy consumption by 99%.
What should be done next?One should always keep in mind that there are a lot of good alternate coins which are doing some great work and are worth investing in. Ethereum is currently on the top but we never know what things might look like in the future. Some great coins to look at are Litecoin, Bitcoin Cash, XRP and many more.
If you are wondering “how to buy Litecoin Canada” or how to buy any currency in Canada then fire up your computer, log onto the Netcoins website, create an account and fill in all the required information, post all of this you need to transfer money into your wallet and begin treading. SOURCE CREDIT: https://buybitcoinincanada.blogspot.com/2021/08/is-ethereum-future-of-cryptocurrencies.html
