Ethereum is not only the second largest cryptocurrency when it comes to market cap and influence, but also is the backbone of the wildly popular DeFi movement. In 2020 the cryptocurrency saw gains of over 470%, and continues to scale through the charts with impressive returns and use cases. Looking to get in on the action? Here is our guide on how to buy Ethereum (ETH).
What Is Ethereum?
While we’ve mentioned that Ethereum is the second largest cryptocurrency, do you know much else about this digital asset entering the spotlight? Launched in 2015 by a team led by Vitalik Buterin, Ethereum has risen above its high market cap reputation and brought incredible innovation to the industry.
First and foremost the cryptocurrency is designed to be a blockchain on which companies and developers can create their own networks and cryptocurrencies. Providing a platform for decentralized applications (dapps) has created a breeding ground for innovation and a reliable backbone to many crypto projects. Tether (USDT) is currently ranked as the third largest cryptocurrency by market cap and is built on Ethereum, for example. On top of the dapp opportunities, the blockchain network also made smart contracts more accessible, allowing developers to easily create and implement them on the network.
Why Ethereum Is A Strong Option
Regarded as the most actively used blockchain, Ethereum has a number of use cases that continue to grow by the day. In 2020, the cryptocurrency grew 470%, opening the year at $130 and ending it at $740. Shortly into the new year the cryptocurrency reached $1,300 just $100 short of its previous record high. One of the contributing factors was the incredible momentum in the DeFi industry (built on top of the Ethereum blockchain) which saw gains of over 1,200% in 2020.
Two other contributing factors include the formation of the Ethereum Enterprise Alliance (EEA) and the launch of phase 0 in the ETH 2.0 beacon chain developments. The EEA is an organization that gives large corporations (of which there are already over 200 members) an opportunity to explore incorporating Ethereum technology into their businesses. High profile companies have already signed up, fueling mainstream media attention and widespread interest.
ETH 2.0 is the long awaited upgrade to the Ethereum network that will ultimately move to a Proof of Stake consensus mechanism. After many investors staked ETH into the new development, in early December 2020 phase 0 was launched. This caused both an ETH price surge and more mainstream media attention. Much like Bitcoin, Ethereum is building a solid reputation with investors outside of the cryptocurrency realm.
How To Buy Ethereum (ETH) With Credit Card
Get started with as little as $20 and easily buy Ethereum and other cryptocurrencies using a wide range of payment options, including bank transfer, credit or debit card. Once you complete the purchase, You’ll see your the Ethereum in your Oobit wallet - a safe and simple way to manage your crypto assets.
Ethereum Powering The Future
Once you’ve bought ETH you can choose to use it in a number of ways, or store it as a long term investment. With such a wonderfully innovative platform, the possibilities are endless and there really are few limits. And with Ethereum’s recent ETH 2.0 launch, the cryptocurrency is set to have another powerful year in 2021.