Ethereum was invented in 2013 by Vitalik Buterin as an ambitious project that seeks to apply blockchain technology to more than just money.
By using smart contracts, developers can create and run elaborate systems on the Ethereum network that do much more than move currency from one wallet to another. They have also created entire applications on the Ethereum network.
Ethereum’s native currency, Ether (ETH), is the second- largest cryptocurrency by market capitalization.
Investors recognize the potential of the network, as ETH is up more than 350% since the start of 2021. Most notably, the Ethereum network is not even in its final form, with more features and improvements still in the works, giving potential to this cryptocurrency.
What is ETH?
ETH is the native currency of the Ethereum network. The Ethereum network is a decentralized computer network that is based on blockchain technology .
Chains of blocks ( blockchain ) are public accounting books in which several network users verify all transactions. This means that they cannot be altered or hidden.
Ethereum intends to apply this extreme verification to wider uses than simple money transfer.
The Ethereum network has smart contracts, which are immutable thanks to the fact that the blockchain validates them.
These contracts are executed at all times as designed, without interference from third parties or governments.
This process has allowed developers to create decentralized applications ( dapps ) that run on the network.
In the same way that a computer can run software, Ethereum can run dapps .
To incentivize users to contribute the computing power to validate transactions on the blockchain, Ethereum rewards cryptocurrency miners with Ether (ETH).
Miners receive ETH for successfully validating new blocks on the blockchain, keeping the ledger intact. ETH is also used to pay gas fees, which are fees charged for using the network to send currency or run applications.
ETH market position
At the time of writing, ETH had a market capitalization of over $ 400 billion , making it the second largest cryptocurrency in the world.
Market capitalization represents the price of the token multiplied by the number of tokens in circulation.
When looking at price growth potential, it is important to look at market capitalization relative to other cryptocurrencies to determine the true growth potential of a project. Particularly for ETH, it is important to use the market capitalization of ETH to compare it to Bitcoin (BTC).
The dominance of BTC is at a low level, which means that BTC represents only about 40% of the total value of all cryptocurrencies.
ETH and tokens built on top of the Ethereum network are currently outpacing BTC’s growth rate , a bullish sign, indicating that investors may view the Ethereum network with optimism, beyond BTC.
The bullish case for Standard Chartered
Britain-based banking giant Standard Chartered has set a price target for ETH that is between $ 26,000 and $ 35,000. The firm’s team of financial analysts believe that ETH is more like a financial market, and that it has more use cases than BTC.
However, they point out that for ETH to reach $ 35,000 and overtake BTC as the largest cryptocurrency, BTC would have to trade close to $ 175,000. And they add that ETH is a higher risk investment than BTC, which could nevertheless yield a higher reward.
Van Eck’s bearish case for ETH
Van Eck is a global investment management firm that warns that governments could compete with ETH by creating Central Bank Digital Currencies, backed by government institutions much like fiat money.
Overall, Van Eck remains bullish on ETH, but notes that regulation may be one of the few things that can stop ETH’s momentum.
Where to buy ETH
ETH is a top-tier cryptocurrency that is listed on most major exchanges, such as eToro , Coinbase, and Gemini. From El Planteo, we recommend eToro .
How long will it take for Ethereum to reach $ 10,000?
Ethereum at a price of USD 10,000 is possible in the next few years. ETH remains the dominant platform for blockchain applications . However, the technology is fairly new.
As more and more developers learn to use the Ethereum network in the coming years, more dapps will exist on Ethereum, and more users will be drawn to the network.
Also, major institutions are starting to use Ethereum. Traditionally, governments and institutions tend to be slow to adopt blockchain technology , but the pace of adoption has accelerated in the last year.
As more companies realize Ethereum’s potential, its price will go up.
An ETH at $ 10,000 is likely to require further downsizing of Bitcoin’s dominance. However, Bitcoin is still the best indicator of the health of the cryptocurrency market in general.
In essence, ETH needs BTC and the market to go up in general, but it also needs to eat BTC’s market share.
Lastly, it is important to note the ETH 2.0 package, a major suite of ETH updates that will go live next year.
As ETH spends working on the basis of a protocol proof-of-work (work test) one proof-of-stake , or proof of participation, which is more efficient, several important changes that can occur up the price of Ethereum .
In August 2021, EIP-1559 was approved, which means that some of the transaction fees on the Ethereum network will burn (go out of circulation)
The more the network is used, the more ETH will be burned, and the scarcer it will be.
If ETH is used more in the next few years, this deflationary measure should mean that the price of Ethereum will increase.
The current proof-of-work system greatly increases the selling pressure on ETH. Miners have expenses to pay, and they do so by selling the ETH they mine.
As ETH becomes proof-of-stake and miners are eliminated, this massive dumping of ETH will stop. Also, staking rewards users for holding ETH, so the selling pressure will be further reduced.
The transition to ETH 2.0 should also drastically reduce fees, further increasing network usage and the amount of ETH being removed from circulation.
The rollout of these scalability enhancements appears to be set for 2022.
Where to store Ethereum safely
Best hardware wallet: Ledger
Hardware wallets store your cryptocurrencies offline. The user’s private keys, which are used to authorize transactions, are stored on the Ledger device . This process keeps the keys offline and away from hackers who could access the keys from an online location.
Best Software Portfolio: ZenGo
ZenGo is a mobile application that offers a wallet for storing private keys. In addition to being a wallet, ZenGo allows users to buy cryptocurrencies on the app.
Current cryptocurrency prices
The total cryptocurrency market capitalization stands at just over $ 2 trillion , marking a strong recovery after the early summer slump.
ETH and altcoins continue to wrest market dominance from Bitcoin.
The transition from ETH to proof-of-stake appears to imply a strong future for decentralized finance ( DeFi ) and a long-term growth line.
So is Ethereum a good investment?
If you think smart contracts, DeFi, and dapps are the future, keep ETH in mind as it should continue to be the leader in those categories.
With more institutional engagement and scalability improvements to come, most experts and analysts see a bright future for ETH.
How to Create Account in EXMO step by step
In this article you will learn how to register in EXMO in 2022, as you well know it is a cryptocurrency platform to trade, as well as buy and sell digital currencies. Next, we are going to make you a quick and easy guide to create your account.
How to open an account in Exmo.com step by step
Access the official website of EXMO to be able to register for free.
At the top right you will have a Registration button, click on it and there you will open a form to place basic data such as username, email, telephone, password and its confirmation, as well as the acceptance of terms and conditions of the platform.
Likewise, if you want you can subscribe to receive news you just have to activate the option. then activate the captcha and click on “Registration”
Phone and email verification
They will send you an SMS to the registered phone to place the verification code and give it confirmation. The same will happen with the email, in which they will send you an email with a link to confirm the account and activate it.
Once you have completed all the registration, you must verify your account, this is quite important that you do it so that you do not have limitations, it is a financial platform and as such, by regulation you must verify your identity and address.
- For identity, you can do it through your ID, passport or other identity document, also a selfie with the document, you can support yourself by linking the mobile if you do not have a webcam.
- In the case of the address, it would be verified with a bill for services such as electricity, water or other document where they can verify your location or residence, this is to raise the limits further.
- For the card, you need to enter your card details and even take a photo and attach it.
Ideally, you should verify everything, but the first thing is the identity, in which you will be required name, surname, middle name in the case you have. Secondly, you will be asked to identify what type of document you are going to use to identify yourself, for example, the DNI.
After that, you must upload a photo of the front and back of the identity document, if you do not have them at hand, you can do it with your mobile and send it to you by mail or web whapsapp or another application, and then upload it from the computer.
Once this is done, it will request a selfie with specific details, where you must write down on a paper the word EXMO, followed by the date of the day of the photo and hold the DNI without covering anything, there you capture the photo and attach it, with these steps you will already be in the process of verifying the identity.
Likewise, you can do it to verify the address with a receipt and in the case of the card you must do the same, they are similar processes quite simple, the idea is that you complete the entire registration process.
Another important point regarding registration is the security configuration in which you can add extra protection and have two-step authentication. Likewise, you can observe other options such as personal information, which you can review carefully.
How to create an account on Poloniex step by step
In this article you will learn how to register with Poloniex in 2022, it is a cryptocurrency trading platform, where you can trade with margin or leverage and you can also do hodl. Here’s a step-by-step way to create an account on Poloniex.
Go to the official website of Poloniex
Access the Poloniex registration page to later follow the step by step that we will give you to register for free.
Select “Sing Up”
Once you are on the platform you must select in the left menu “Sing Up”, where you must enter the email and password, the latter you must confirm it. Additionally, you must place the referral code (optional), as well as accept the terms and policies that govern this page.
Verify your email
Once the previous form has been completed, you must check the email where a link will be sent for the purposes of verifying the email, in order to continue with the account registration process.
With the email and password data entered, we select “Log In” and access. Among the important things that there are is the “profile”, where you will have to verify your account.
If you want to apply margin for trading or leverage you must verify your profile in “Upgrade” you will be able to select other aspects that will help you verify your identity, you will probably be asked to upload a file, such as a photo of the DNI or an invoice to verify the address.
Then, in the event that you want to use the future option that allows margin up to one hundred leverage, you have to have verified these things.
This request is totally normal, since it is required by all financial platforms by legal issue, with this you would already have verified level 2 and with it you would not have any type of limit.
Right now, you could make all kinds of deposits, normal purchases with certain fairly high limits.
Two-factor authentication verification
To protect your account you can activate 2FA this is double authentication code, so you must enter a code apart from the password to be able to log in.
How to Invest in Cryptocurrencies on Skrill
If you are one of those investors who do not like to deal with many complicated orders, but prefer to hold long-term, then Skrill is an excellent alternative for you. With the simplicity that characterizes it.
But the question is, how to invest in cryptocurrencies within Skrill? The answer will be shown in this article.
But first log in to your Skrill account, then you could already start the step by step that will be shown below.
Access Skrill’s Cryptocurrency Investment Options
Like any financial platform, Skrill puts at your disposal tools so that you can invest in cryptocurrencies within yourself, doing so in a simple and comfortable way. To access these tools, below, we will describe the following procedure:
Within the home screen of your account, in the left sidebar, find and tap on Cryptocurrencies.
Important: It is likely that when you enter this section, you will be asked to accept some terms or similar.
Once there, you are presented with different options in terms of cryptocurrencies. From among these, you will select Invest now, clicking on this option.
Once you access that section, you will be shown an extensive list of existing cryptos in Skrill. In each of which, you are given a Trade option. If you click on any of these, you would enter their trading options.
When you have entered the crypto you chose, you will see a Buy – Sell panel.
Ways to trade cryptocurrencies in Skrill.com
In this buy-sell panel or trading box, you will have some options that will allow you to perform these operations:
Steps to buy cryptocurrencies within Skrill
First of all, talking about the purchase of cryptocurrencies in the Instant mode (which is the usual one), you will be able to do the following:
Select the currency in which you want to buy cryptos.
Set the amount to spend that, for its purposes, must be a minimum of 10 EUR (You are also shown the balance you have available).
Select the cryptocurrency in which you are going to invest.
See what you are going to receive in cryptos in equivalence for what you have invested.
See the commission you will be charged for that transaction.
When you have everything ready, then you can click Next.
After this, you will be able to see the summary of the entire operation; you will be told everything you have added, such as the amount and what you would receive, and also the commission charge, which will be added to the total amount to be spent. If you agree with everything, you can click on Confirm.
Steps to Sell Cryptocurrencies within Skrill
There is not much to comment on in the case of selling your cryptos within Skrill, as they are basically the same steps as in the case of the purchase:
You establish the type of crypto that you are going to sell (and that logically, you should own).
You indicate the amount of cryptocurrencies to sell directly or, if you prefer, using the percentage indicators.
Select the currency in which you want to receive the funds in equivalence.
See how much you will receive, in the same way as the previous case.
Having this ready too, you would click Next.
Following this, you must also click on Confirm in a summary similar to that of the case of the purchase, where you will see important data with which, if you agree, you can proceed to the respective confirmation.
Some other options that Skrill gives you to trade
The options you have in Skrill to trade are very practical and easy to use. And for your convenience, they are not numerous. Here’s what you can find on Skrill for when you want to trade on it:
The Portfolio section
In this section you have at hand some useful things for your negotiations, such as:
The Watchlist, with which you can keep abreast of the indices of your cryptos in the market.
Alerts and orders. With these options you are given the possibility to mark an index within the cryptocurrency, which, if the price reaches it, this will be notified to your email or mobile, as you have it configured.
Recent activity. It is the section where you will get your last financial movements, when it comes to purchases and sales, as is logical.
The Trade section
Within this section, you can do what you are told below:
Visualization of Graphs. This will allow you to take a look at the stock market movement in a not at all complex interface (you can also see the current trend that the market has in terms of sellers and buyers).
As you can see, the trading system within Skrill is not complicated. They are few and simple options, but with the same utility for people like you who do not want to get too entangled in the stock market issue, but to play it safe, but in a simple way.
This tutorial summarizes it this way so that you have a general idea when investing in cryptocurrencies within Skrill.