Have you thought about buying cryptocurrency?
If so, you’ve likely heard about Bitcoin and Ethereum, which are currently the two most popular cryptocurrencies available. But which one should you buy?
Is it worth buying both cryptocurrencies? Should you focus on one over the other?
Both Bitcoin and Ethereum have their benefits and uses. You have to assess your needs to figure out which one to focus on.
Here’s what you should know about Ethereum vs Bitcoin:
Ethereum
The Ethereum network got made for software developers and for exchanging products and services using smart contracts. The cryptocurrency, Ether, is made for such transactions.
Nevertheless, Ethereum prices have gone up and it has become a viable investment option. One of the major NFT sales got purchased using Ether.
As such, if you’re looking to buy digital assets or sell cryptocurrency for fiat you might want to consider stacking up on Ether.
Bitcoin
This was the first major cryptocurrency and remains the best option for investors. It’s also a great option as an alternative form of currency.
The Bitcoin prices have skyrocketed since 2020 making the price of Bitcoin very expensive for most investors. As such, many new investors have been put off Bitcoin.
However, one might consider buying Bitcoin even though the prices are absurdly high. The reason is that the price might go even higher — especially with inflation among major fiat currencies.
Ethereum vs Bitcoin: Which Do I Choose?
So now you’re wondering whether you should choose between Ethereum vs Bitcoin.
If you’re looking at an alternative form of currency, you might wish to focus on Bitcoin. It’s still the preferred cryptocurrency and the one that most retailers prefer. You’ll find both online and physical retailers willing to accept Bitcoin as a form of payment.
You’ll also find Bitcoin ATMs in many major cities around the world. It’s currently the only cryptocurrency to be made into a legal tender.
Nevertheless, with the major NFT sale mentioned before, there’s now a strong case to invest in Ether.
As it’s currently the more affordable option, you might find it as a great cryptocurrency for investing in. You might be able to sell your Ether at a later stage for fiat. Or you can use it to purchase an NFT as an investment.
As of now, Ether hasn’t caught on as an alternative form of currency. As such, you might want to hold off on Ether if your main focus is to get away from fiat currency.
Buy Cryptocurrency
Now that you know the pros and cons of Ethereum vs Bitcoin, you can choose which cryptocurrency works best for your needs.
To play it safe, you want to focus on investing in both cryptocurrencies. As Bitcoin prices are rather high, you might have to focus on Ether at present.
Ether is a great option for investment or conversion to fiat currency. Bitcoin offers the same advantages but also has the added benefit of an alternative currency.
Make sure you also consult a financial advisor before making any decision on cryptocurrency! You can find more financial articles and tips on our website.