Even though Bitcoin was the first form of cryptocurrency to hit the market in 2009, it certainly wouldn’t be the last. In fact, in recent years, over 1100 cryptocurrencies have been released with varying degrees of success.
Choosing which currency to invest in can be a hit and miss process, but there are two that stand out from the crowd: Litecoin and Ethereum. If you’re not familiar with them, we aim to enlighten you on why they’re a worthy investment below.
What is Ethereum?
Just like Bitcoin, Ethereum is an open software platform, distributed on a public blockchain network. While they’re quite similar in design and function, Ethereum can vary quite significantly on the technical side of the coin. While Bitcoin only offers a peer-to-peer electronic cash system with online payments and a blockchain to track ownership, the Ethereum blockchain has its primary focus on the programming code of any decentralized application.
It’s also used to pay fees and services on the Ethereum network, and users store their cryptocurrency in an Ethereum wallet. It’s not as sought-after as Bitcoin, but that could all soon change due to the volatility of the cryptocurrency market.
Aside from the legitimate prospect of building on your investment, investing in Ethereum also has several other benefits. It’s immune to any data changes, it’s corruption and tamper-proof, it’s secure with no central point of failure, and it has zero downtime. The buying, selling, and trading app can never go down, and it can never be switched off. If ever there were a way to convince someone that investing in Ethereum was a solid decision, these points would be it.
What is its value?
The Ethereum price continues to increase, and it’s forecast to keep doing so as the Bitcoin’s current value as of November 2017 plummets. It’s never a sure-fire ‘get rich quick scheme’ with cryptocurrency. You can win big as many people did when they invested at 0.30 cents per Bitcoin, or you can watch as the Ethereum to CAD rate heads on a downward spiral. If there’s one thing for sure: you’ve got to be in to win.
If you found an Ethereum calculator online, you would see that the current Ethereum price sits at CAD 424.70 for every one Ethereum. Investors will be beaming at the almost 5.3 percent increase, but the game’s not over yet. Ethereum in Canada is growing at an exponential rate, and many people are choosing to dig into their savings accounts to get a piece of the action before they miss out. This decision can only but benefit the system.
Where can you buy it?
If you’re looking to take advantage of the steady upwards trend of Ethereum, you’ll need to know where in Canada you can buy it. We’ve listed three of the best Ethereum buy, sell and trade platforms on the internet for Canadian residents.
CoinSmart is undoubtedly the best place to buy Bitcoin in Canada. In fact, it has even earned the title as the leading platform. You can securely and efficiently trade not only Bitcoin and Ethereum, but gold, silver, and other precious metals. It’s fast, it’s easy, it’s secure, and it has exceptionally low transaction fees in comparison to other platforms online.
The name says it all – QuickBT is your go-to platform for, well, quick Bitcoin – and other cryptocurrencies. It’s fast, secure, and you can purchase Ethereum from anywhere using either cash, credit or debit. It also enables you to buy Litecoin as well.
Coinbase is operated in 32 countries around the world – including Canada. It’s a premium buy, sell and trade platform, and offers the flexibility in trading in the most popular cryptocurrencies available – Bitcoin, Litecoin, and Ethereum.
What is Litecoin?
Litecoin ranks as the fifth best form of cryptocurrency used by consumers around the world. It holds its own on the market nicely and continues to rise in price on a regular basis. But how does it differ, if at all, from Bitcoin? Just like Bitcoin, it’s a peer-to-peer digital currency that comes at a minimal cost to anyone to use. There are few transaction fees, and it’s entirely decentralized (just like Bitcoin) without a central authority. Essentially, it’s giving the everyday person control back of their finances, and this is to be applauded even if it’s not without a little risk.
However, that risk can be well worth it. With substantial support, trade volume and liquidity, it’s a proven medium of commerce that works in line with Bitcoin and could very well tackle it head-on.
What is its value?
Litecoin, at this very moment, is relatively affordable to purchase. Unlike Bitcoin, it hasn’t yet reached into the thousands of dollars for one coin. No one ever thought Bitcoin would either, so there’s no time like the present to become a Litecoin investor. Using a Litecoin calculator, we worked out that the current LTC to CDN rate is CAD 81.06 for every one Litecoin.
It’s not the most lucrative cryptocurrency but that LTC to CAD rate is only set to rise. In fact, you can almost bank on a Litecoin price increase in the very near future due to its current growth of nearly 4.65 percent.
If you missed the boat with Bitcoin and didn’t have a cool $7,000 to $9,000 to lay down on one coin, Litecoin is the next best thing. Who knows what the future holds?
Where can you buy it?
Just like Ethereum and Bitcoin, Litecoin can be purchased from thousands of platforms worldwide. However, the three most popular platforms in Canada include CoinSquare, Coinbase, and QuickBT.
Many people believe they missed out on making their millions with Bitcoin. While that’s not true, it does leave the door wide open for Litecoin and Ethereum. Start your cryptocurrency journey today!