People everywhere are talking about bitcoin, and for good reason. The popular cryptocurrency is worth more than gold, impossible to counterfeit, and virtually untraceable. It’s also rather new, and folks in the finance world often cling to new developments to “get in on the ground floor” and make as much money as possible.
Yet bitcoin isn’t the only cryptocurrency in town. Ethereum, a bitcoin analog, works similar to everyone’s favorite virtual currency, but better in some aspects. It works faster and can be used for business applications. It’s also growing at an alarming rate, much faster than bitcoin and other cryptos.
To get a better idea of what ethereum is and how it can potentially outpace bitcoin, CNBC put together this nice video about the up-and-coming currency. Once you learn all about its difference, you might even want to buy some ether of your own!
If you want to own ethereum, you need an ethereum “wallet.” You could host this wallet on your computer, but going with a crypto exchange like Coinbase is often safer and easier. Plus, if you want to purchase ethereum, you need to do so from an exchange like Coinbase or Gemini. With these services, you simply exchange traditional currencies (US dollars) for ether tokens, plus a small fee.
You should know that, like bitcoin, ethereum is just as volatile. It could rapidly increase in value in less than a minute. It can also decrease just as fast. If you’re one to avoid risk, you should stay away from all cryptocurrency investments. If you’re okay assuming a certain amount of risk, then investing in ether might be the investment for you.