If you’re still spewing about not investing in Bitcoin when you had the chance, you’re not alone. The realisation that coins bought 7 years ago are now worth millions have really kicked the collective internet in the teeth.
Yeah, it bloody hurts, but Bitcoin is just one of many cryptocurrencies out there, so what if there was one that was ripe for investing in right now? You might be in luck, because one in particular is catching a lot of attention.
It’s called Ethereum and a heap of pundits (read: nerds) reckon it’s the tits. In the same way Bitcoin provides a decentralised alternative to currency, Ethereum aims to do the same thing, but for programming and computing.
“Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference,” their website says.
In other words, while Bitcoin has revolutionised payments, Ethereum has the potential to completely transform the internet. It uses the same core technology as the former, but is far faster and more efficient.
For example, you could use a smart contract to create a crowdfunding campaign, among almost limitless other possibilities you could not achieve with Bitcoin. It has the power to affect hundreds of industries, making it an incredibly powerful and influential piece of technology.
It’s currently the second most valuable digital currency (behind Bitcoin, duh) and its currency component is referred to as Ether.
What makes Ether so appealing to investors is how fast its value is rising – extremely quickly.
Just 3 months ago it was worth $AU17.42, now it’s sitting around $AU280. That is, frankly, fucking insane. At the time of writing, it’s value rose by $AU18.83 today alone.
The largest cryptocurrency convention, Consensus, has been happening this week and has contributed a huge amount of hype around the platform. If this continues and companies decide to get on board, that value could ramp up even more.
So if you missed out on the Bitcoin bandwagon, maybe Ethereum is your second chance. If you are keen to invest, we highly recommend you do plenty of research because like all investments, there’s no sure things out there.
Photo: Looney Tunes.