What are the Benefits of Investing in Ethereum

Ethereum has a lot going on at the moment. Over the last 7 days, the blockchain-based network’s native token Ether (ETH) has rallied 23 percent to almost $400.

As of writing, ETH has delivered an ROI of more than 200 percent on INR invested since January 1, 2020!

Ethereum (ETH) YTD Price Chart 2020, Source: CoinGecko

This many analysts say is reminiscent of 2017’s mega bullish crypto rally.

Also, as per the latest reports, 90 percent of Ethereum holders are in profit. The last time this happened was in February 2018.

Now, bitcoin is the most famous cryptocurrency amongst digital asset investors in India. But Ethereum has its own vibrant community and loyal fanbase as well.

While choosing cryptocurrencies to invest in, you must not miss out on ETH, as it is uniquely positioned to bring waves of change in the Indian crypto and blockchain technology ecosystem.

That’s one overall benefit. But there are other benefits of investing in Ethereum as well. So, without further ado let’s jump right in and check them out!

Opportunity to Invest in DeFi

While Bitcoin is democratizing financial ownership, DeFi intends to democratize finance itself. Hence the name, decentralized finance (DeFi).

Imagine anyone from anywhere around the world utilizing a single, uniform platform for savings, lending, borrowing, investing, trading, insurance, etc. Yes, that’s what Defi is all about.

Global access to banking and broad financial services without centralized interference. And the backbone of this democratic infrastructure is Ethereum itself.

Ethereum’s DeFi Ecosystem, Source: The Block

According to DeFi activity tracking website DeFi Pulse, the decentralized finance space is becoming valuable by every passing day.

The website notes that the total USD amount locked in DeFi (a metric that quantifies DeFi’s value) has already crossed the $4 billion mark. And this rising value has boosted Ethereum’s market value as well.

DeFi Market Growth, Source: DeFi Pulse

You can earn interest off ETH by ‘locking’ it in the Ethereum-based financial system. Or just investing in Ether could be beneficial as DeFi and associated Ethereum-based financial tools continue to attract large scale attention.

To know more about why DeFi is trending hot in the cryptocurrency space now, check out this video:

 A Trillion Dollar Payment Channel

Ethereum is not just an application-heavy blockchain network, but an immensely valuable medium of exchange as well.

Data shows that just 5 years after launch, Ethereum has settled close to $1 trillion in transactions.

On July 30 this year, exactly 5 years since Ethereum’s first main net launch on 30 July 2015, the network had clocked ‘roughly $986 billion in aggregate transaction volume’.

Also another report from crypto analytics firm, Messari suggests that Ethereum along with Bitcoin has helped folks transfer upwards of $1 trillion since 2017.

Bitcoin and Ethereum to settle $1.3 trillion in transactions in 2020, Source: Messari

Future of the Internet

As per Ethereum’s design blueprint, the world’s second-largest cryptocurrency system ideally has three operational layers.

The three layers of Ethereum, Source: Michele D’Aliessi

Ethereum can be considered as a revamped version of the internet built on top of the current one. Only that it’s decentralized and functions with consensus.

This is in fact, the true objective of Ethereum. To establish a decentralized Web 3.0 which is censorship-resistant and free for everyone to use.

Investing in Ethereum in a way is investing in the future of computing as we know it. Hands down one of the biggest benefits.

Ethereum 2.0

The hottest news surrounding Ethereum, which is also fuelling ETH’s INR price rally, is the upgrade to version 2.0.

According to a CoinDesk report, ‘Medalla’ is going to be the final testnet before ETH2.0’s beacon chain launch. ETH 2.0 will mark Ethereum’s switch from the ‘proof-of-work’ (PoW) to a ‘proof-of-stake’ (PoS) consensus algorithm.

As the coverage says:

Everything You Need to Know About Ethereum 2.0, CoinDesk

It will be a historical event in the cryptocurrency and blockchain space. Why? For the first time, a large decentralized network as Ethereum will totally change it’s operational configuration to a different protocol.

Early entrants will be at the receiving end of all positive market activity resulting from the seminal transition.

These were some of the benefits of investing in Ethereum. But these benefits will only make sense when you buy and actually invest in ETH.

Crypto exchanges like WazirX provide a great platform to buy Ethereum (ETH) with INR. It is fast, secure, and economical as far as fees on trade, deposits and withdrawals are considered.

How to Buy Ethereum (ETH)?

To buy ETH through WazirX, you need to register on the platform first, then finish a super quick KYC process and finally deposit funds for the purchase. Here’s how it goes:

Step 1: Account Creation

  • Download the WazirX app or visit the website. Then hit the Sign-Up button
  • Fill in your email address (one that you use frequently), and your desired password
  • Click on the Terms of Service checkbox, but go through it once before checking
  • Then press the Sign Up button
  • You will be sent a verification email after hitting the sign-up button. If you have received it, click on Verify Email to complete the process.. If you haven’t, check your spam folder. Or hit Resend Here. On successful verification, you should see this message:

Securing Your Account

For security purposes, we highly recommend enabling 2-factor authentication (2FA). You can do so by downloading the Google Authenticator app and connecting it to your account.

KYC Verification

The last stage in the account set up process is KYC verification. Select your country from the list:

Then verify your KYC and finish the process. After that, you are all set to buy XRP from WazirX!

Step 2: Depositing Funds

Depositing INR

You can deposit INR funds from your bank account to your WazirX account via UPI/IMPS/NEFT/RTGS.

Just submit details like bank name, account number, IFSC code, etc of the bank account with which you wish to transact, and then you are good to go.

In case the INR deposit is rejected, check out the WazirX support page for such issues.

Depositing Cryptocurrency

Depositing cryptocurrencies into your WazirX account, either from your wallet or another exchange is an effortless process. It’s also free – with no fees charged on any deposit!

Start by obtaining your deposit address from your WazirX wallet. Then, share this address on the ‘Send Address’ section of your other wallet for transferring your cryptocurrencies.

For more details, check out the WazirX Support page on depositing cryptocurrencies.

Step 3: Buy Ethereum (ETH)

With all the necessary steps covered, you are now ready to buy ETH with your deposited funds. Here’s the process:

Log on to the WazirX app or website to view the latest ETH/INR prices.

On the app, press the ETH/INR price ticker. After that, scroll down a bit, and you will find the BUY/SELL  button amongst the ‘Charts’, ‘Orders’, ‘Trades’, and ‘My Orders’ options at the bottom.

Enter the INR amount with which you want to buy ETH Note that this amount should be less than or equal to the INR funds deposited in your WazirX account.

Hit BUY, and wait for the order to execute.

Once the transaction is executed, you should find the ETH bought added to your WazirX wallet.

Other articles: How Digital Forms & Reporting Can Improve Your Field Service Business

Recent Articles

Cannabis Testing Market Trend and Analysis

Product, software, and service like Analytical instruments, cannabis testing software, and services and consumables are the segmentation of the Cannabis Testing Market. It was...

5 Best Games You Should Play on the PlayStation 5

Looking for the best PS5 games to play right now? We don’t blame you. Those who have picked up (or are planning to pick...

How To Change Your iOS GPS Location?

Want to change your GPS location to iOS? IOS GPS location forgery programs and programs help to falsify your location in every application on...

How to Run A Successful Book Store?

Running a book store is not as simple as it seems. You have to carry out all operations effectively with smart inventory management. It is...

Here is How to Opt-out or Disable or Uninstall Mozilla Maintenance Service

Mozilla Maintenance Service The Mozilla Maintenance Service has been installed by Firefox which permits application updates to occur in the background, and users don't have...

Related Stories

Stay on op - Ge the daily news in your inbox

paykwik bahis siteleri casino siteleri deneme bonusu