Ethereum to Rand OR What is ethereum? Is it worth it to trade it for Rand?
Looking at Trading Your Ethereum for Rand?
ETH has asserted itself as a fundamental coin for the cryptocurrency ecosystem and South Africans have enjoyed trading with this coin. Leaned on for its importance in the initial coin offering (ICO) space, ETH quickly rose to become the second largest coin on the market. With the following article, you will learn is worth trading ethereum to rand. Continue reading.
At its simplest, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.
Are we still trading ethereum though? And what, if anything is affecting its price?
What are the main factors affecting the price of ETH?
– The price of Ethereum is governed not only through speculative actions but also by mining profitability.
– Another point to consider is the harsh stances by governments of China and more recently, South Korea. The aggregate effect of regulators has led to a decline in investment and those that did would have pulled out as soon as they could.
– The increased interest in cryptocurrencies has also put a strain on the way the market is currently functioning. First, numerous exchanges have stopped taking on new users.
Ethereum purchases available in Rand
With Ethereum purchases now available in rand, investors can spend less when buying other cryptocurrencies. ETH has a number of advantages over Bitcoin as a transactional currency, including lower transaction fees and confirmation times.
Using ETH, you typically spend the equivalent of around R3.00 as a transaction fee and wait a minute or two for the transaction to go through.
This is far quicker and cheaper than Bitcoin, which can take hours to confirm payments and cost around R280 for a transaction.
How to make Ethereum?
If you want to know how to make or mine ETH, stay tuned, because very soon we will have a present for you! Mine ETH, or you can learn to mine many other cryptocurrencies. We are working on a great tutorial series.
Keep in mind, though, the mining world is a whirlwind of change. The tools that you pick up today might be obsolete next year, and some mining pools might fall away while others emerge, so it’s worth keeping aware of industry shifts.
Is it worth trading Ethereum to Rand and trying to make a profit?
In the last one year, the value of Ethereum has grown by almost 20 times. So, one can very well imagine what will be the profit fetched from mining ETH in 2018. At the same time, one needs to take into account the following factors:
1. Hash rate: This is the rate (or speed) at which the mining work is carried out.
2. Mining Difficulty: Mining difficulty refers to the difficulty level of the algorithmic equations which need to be solved to process ETH transactions.
3. Electricity Consumption: In order to take into account the profitability of ETH mining in 2018, you first need to exclude the electricity charges from the total revenue. You can use an online calculator to calculate your mining profitability.
1 Ethereum is currently R3922.4 South African Rand (24/08/2018).
So you can decide whether your time and energy are worth it. We think it could prove to be a lucrative income.
Where does Ethereum go from here?
In the last few months, Bitcoin has lost value consistently. However, it has risen more than 1000% in the last 12 to 16 months. On the other hand, when you’re looking at Ethereum, it is just down 20% or so from its peak. It has also risen more than 1000% in the last 14 to 16 months. This is one of the reasons why investors are actually looking to invest in ETH as well. Many investors are trying to find out whether Ethereum can actually overtake Bitcoin.
Davos conference was one of the prime venues where the cryptocurrency discussion actually took place. Most of the larger company heads are intrigued by the sudden rise of cryptocurrencies. This is one of the main reasons why it was the topic of discussion there.
JPMorgan Executive summary of cryptocurrency:
1. Cryptocurrencies are unlikely to disappear, here to stay.
2. Cryptocurrencies are the face of blockchain (echoing similar sentiment as CFTC chairman: cannot seperate blockchain from cryptocurrency.https://t.co/2RI3Sv1x0L
— Joseph Young (@iamjosephyoung) February 10, 2018
It is not like people are already considering Ethereum to be a worthy successor of Bitcoin. There are many opposing voices as well. The problem is that Bitcoin is the pioneer in the cryptocurrency market. On the other hand, when you’re comparing the cryptocurrencies on the basis of application, you would realize that Ethereum has a much stronger application. This is one of the main reasons why investors are thinking that ETH would be able to increase in value.
The truth is that ETH provides a decentralized processing platform. This ensures that more and more people are able to earn Ethereum just by lending the processing power. Also, ETH mining is currently profitable as well. This is actually increasing the attention to ETH.
Ethereum has in the last few months also received a lot of media hype as well. This has brought the attention of mainstream investors towards ETH. This is one of the main reasons why it has lost little as compared to some of the other cryptocurrencies like Bitcoin which has lost approximately 40% from the peak.
Does Ethereum have potential and should I be trading?
The truth about the relationship between ETH as well as Bitcoin is complicated, to say the least. The reason for that is Ethereum is often considered as a 2nd cryptocurrency. If indeed, the Bitcoin adoption does not increase in the off-line world, there is definitely an opportunity for ETH to become the most valued cryptocurrency. For now, however, the trend in the cryptocurrency market is not that strong and that is why most of the cryptocurrencies are actually down by more than 20% from their peak. In the future, Ethereum does hold a lot of potential.