Money is evolving. Cash payments are fizzing out. Many retailers don’t accept checks anymore. Some people don’t carry their credit cards or debit card; they pay with their phones and mobile wallets!
With the digitization of payment comes the digitization of currency itself. Although most people are not yet aware, the year 2009 was the birth year of digital currency. Born out of the Great Recession of 2008 and the mistrust of banks, Bitcoin is a decentralized digital currency that functions with blockchain technology, rather than relying third-party banks.
Blockchain technology provides trustworthy transparency by storing an accessible ledger of all transactions on computers around the world.
Although Bitcoin is respected as the first cryptocurrency, digital currency evolved even further with the birth of Ethereum in 2015, which, based on Bloomberg’s Ethereum prediction, will “bypass the market cap of bitcoin by the end of the year.”
Ethereum is not just another form of cryptocurrency. Ethereum is a digital world. Within the world of Ethereum, programmers can build businesses, or decentralized applications commonly referred to as Dapps. Programmers can also make smart contracts and financial transactions with the cryptocurrency of Ethereum, which is called Ether.
You might be thinking, “Well, I’m not a programmer so how does Ether apply to me?” Good question. It’s true that currently, not everyone is a programmer, but children are now learning to code in elementary school. The digital revolution is underway. Within a few decades, everyone will know how to program.
With this in mind, investors, even without programming experience, are betting on Ether. According to The New York Times, Ether is valued at $34 billion. It has grown from equaling 5% of Bitcoin’s value to equaling 82% of Bitcoin’s value in the first six months of 2017. The New York Times claims , “if recent trends continue, the value of Ethereum’s virtual currency could race past Bitcoin’s in the coming weeks.”
If you’ve never heard of Ethereum before this article, or even if you have and have blown it off many times over, there is still time to take heed of the increasing price prediction of Ethereum and invest in the digital revolution.