Of late, you probably hear more and more about this cryptocurrency, commonly referred to as Ethereum. However, that isn’t exactly correct, so to start with, let’s talk about Ethereum’s blockchain technology. Ethereum is actually so much more than a cryptocurrency. It is blockchain technology that writes indisputable, unbreakable digital contracts.
Ethereum is also a technology to create both fungible and nonfungible (NFT) tokens. That is just the beginning of what Ethereum is and does, but here we are referring to Ethereum’s native cryptocurrency, Ether (ETH). With that said, let’s look at why so many market analysts forecast ETH to be the eCommerce payment solution of the future, the very near future at that!
To begin with, cryptocurrencies are not controlled by a government or Central Bank. No nation or Central Bank can control the value of crypto, so they can’t control inflation if crypto takes over for fiat, the value of which is most definitely manipulated by those institutions. Ether is fully contained in cyberspace and is held within tens of thousands of computers across the entire globe.
Basically, it is a digital record with a value similar to fiat but not controlled by any organization. The current value can be followed with any number of Ethereum price charts, and the crypto exchange runs 24/7, so those values are updated often in the course of a day. So that when the value is up, you can buy more for less. That, in itself, is amazing!
As Secure as It Gets
Ether, like Bitcoin, is a series of digital files spread across that network of tens of thousands of computers mentioned above. Not only can governments not control the value of ETH, but they will also have a hard time tracking exactly how much crypto a person holds. Not only does this make it difficult for governments to discover the extent of your holdings, but it is just as impossible for hackers to steal your crypto. As long as you hold your digital private key, there is no way to lose it. As a word of warning here, if you do happen to lose the key you’ve set to authenticate your ETH, your crypto will be lost in space, and cyberspace, forever.
Potential to Keep Prices Lower
This is another side benefit of holding value in a currency that is literally a P2P transaction. Just as there is no Central Bank that controls it, you can ‘spend’ it directly from your hot wallet at any time you choose without giving any personal information whatsoever. Unlike paying by debit cards, credit cards, or eChecks, there is no personal identifying information needed to spend it.
How exciting is that? Imagine a world where you won’t be the target of mass sales calls because any other merchants or businesses partnering with the one you’ve just bought from will never know who you are! They will not have an address, phone number, bank information (because there is no bank!), or anything else that identifies you. This is something that appeals to almost 100% of consumers tired of those spammy calls and emails, which is why ETH crypto is about to set the stage for all commercial transactions going forward. (And this is just the beginning.)
As an additional note here – it is also predicted that the very internet you are on now will be decentralized through blockchain technology aiding in your anonymity.