The cryptocurrency trend is slowly getting into Australia. According to Finder’s recent survey, approximately 18% of Australians have at least one form of crypto as of early 2022.
The survey also mentioned that Australians are more interested in investing in cryptocurrencies despite the government’s reluctance to regulate and adapt laws involving digital coins. It also revealed that the country has the third-highest crypto ownership rate globally. It means more people buy Ethereum in Australia than in other nations.
Ethereum is considered the second most preferred cryptocurrency in the country. According to the survey, 42.9% of crypto owners in Australia invested in Ethereum coins. However, if you are still unsure if you must put your money on this cryptocurrency in 2022, this article will explain why Ethereum can be a great investment.
Ethereum: What is It?
Like all cryptocurrencies, Ethereum uses blockchain technology and serves as digital coins to pay for different transactions. But unlike the other leading cryptos like Bitcoin, Ethereum allows owners to build apps over its blockchain. In addition, this cryptocurrency has smarter contract functions that are self-executing on the blockchain platform.
What are the Benefits of Ethereum?
One of the first things that make people buy Ethereum in Australia is its highly flexible platform to build decentralized apps using the Ethereum Virtual Machine and the native Solidity scripting language.
Some of the most popular Ethereum benefits include:
- More functions – Aside from being a digital currency, Ethereum is also useful for processing other kinds of financial transactions. It can also store large data used for third-party apps and implement smart contracts.
- Massive existing network – Ethereum owners in Australia can take advantage of a large and reliable network. Entrepreneurs who invest in this cryptocurrency will be connected to a huge global community and the biggest blockchain ecosystem globally. As a result, Australian businesses can tap vast resources to boost their companies.
- Reduces the Need for Intermediaries – Because Ethereum has a decentralized network, users no longer need third-party intermediaries. That means owners no longer need to hire professionals like lawyers to write contracts and interpret them for them. It also means owners can skip visiting the banks for financial transactions.
- Regular Innovations – Because of the number of developers working on the open-source platform all the time, owners of this cryptocurrency can expect to see frequent changes in the applications for improvement.
Is Ethereum a Good Investment?
The consistent evolution of Ethereum leads the way for the emergence of a brand-new set of functionalities. As a result, it will attract more Australians to invest in this cryptocurrency.
Separate research from Kraken discovered that 23% of Australians became more interested in spending their money on cryptocurrency since they know that the value of cash or traditional savings decreases over time. The survey also showed that 39% of Australian millennials believe that crypto can be better than property investment.
So if you want to begin investing in Ethereum in Australia, you must look for a trading platform that offers this cryptocurrency. Your options include a crypto exchange or a broker. You must also have a registered and verified cryptocurrency account to reduce your risk of attracting scammers.
Once you have the basics, you need to set your budget for your first Ethereum purchase and ensure that you have enough funds to buy Ethereum. Once you have your desired volume of Ethereum, you must have a secured storage place like exchange wallets to avoid the risk of theft and unauthorized access. As soon as everything is in place, you can start trading Ethereum in Australia.
