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Pros and Cons of Ethereum

Pros and Cons of Ethereum

26 Nov 2020

Reading Time: 3-4 minutes

Investing in Cryptocurrency is becoming more commonplace. Many publicly traded companies invest in it and you can also read recommendations from big-name investors and financial advisers. With so much potential for the future and so many cryptos to choose from, this is really the best time to get into cryptocurrency.

The 2nd overall Cryptocurrency is Ethereum which is not the second in price. Still, due to its reliable nature, it is a favourite among investors.

If you are new to the cryptocurrency game and want to know whether you should invest in Ethereum, here are the pros and cons of investing in it


1. Reliability

Ethereum's current network and software has been consistent over the past few years. Since the hack which inevitably split the Ethereum team in half, there have not been any major incidents on the network.

2. New Ethereum Network

Over the past year, Ethereum has been testing out its new network which is called Ethereum 2.0 Genesis. This new network model will change the way Ethereum is mined. This is a good news for those who do not want to spend thousands on a mining setup.

Backed by Large Companies

Because Ethereum is also a developer platform, it has a secondary use unlike Bitcoin. Companies such as Microsoft use this platform to develop apps and programs. Being backed by the largest tech company in the world is a definite positive.


1. It will Always Be Second to Bitcoin

No matter how big it gets and even with the new Ethereum 2.0 Genesis network update, it will still be second to Bitcoin due to name value and the sheer price difference.

2. You Can Invest in Other Cryptos With A Higher Price

As mentioned above, Ethereum does not have the highest price, which is good for people wanting to get into. However, for anyone that wants to make a substantial profit, it is not the best choice as other coins will offer a much larger return.

3. Traditional Mining Will be Gone Very Soon

Once the new network launches, the blockchain will switch over from its previous proof-of-work method to the new proof-of-stake method. This means that instead of using your PC to mine Ethereum. You will instead deposit the Ethereum you have into the network and a virtual miner will work based on how much you deposit.

This last Con is a big one for anyone who has invested money into mining as this equipment will now be useless to mine Ethereum. You could still use it to mine other coins but once the update fully switches over. Ethereum mining will be a thing of the past.

Despite everything above, Ethereum is an excellent cryptocurrency with a bright future.  According to the Crypto Research Report, it is set for a steady gain in price over the coming years.

All cryptocurrency comes with risks, so be sure to do adequate research before investing. If you do invest in Ethereum and want to track its price which is currently $554 AUD. Click here and use our crypto tracker.

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