Why Canadian Cryptocurrency Investors Should Consider Ethereum Over Bitcoin

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Bitcoin was developed in 2009 to help solve the worsening global financial crisis. Since then, cryptocurrency has become popular, and until now, Bitcoin is a choice digital currency to consider.

Apart from Bitcoin, Ethereum is another cryptocurrency that has quickly risen to the throne. It is the second cryptocurrency that could overtake Bitcoin since it brings much more to the table.

Ethereum is not a pure cryptocurrency like Bitcoin, it was created differently. Bitcoin focuses only to store value and as an alternative medium exchange to the traditional fiat currencies. Ether is a native cryptocurrency.

Ethereum is a blockchain platform that runs contracts and applications through its currency. Unlike Bitcoin which has a hard cap of 21 million, Ethereum does not have an issuance limit, its supply remains indefinite and increases year over year.

Unlike other cryptocurrencies, Ethereum is viewed as an evolving platform that adapts to current needs. Phil Bonello, the Grayscale Investments research Director looks at Ethereum as a growth-type investment. He bet that Ethereum will continue developing since it is built on a decentralized ecosystem.

Bonnello for instance says that non-fungible tokens (NFTs), are a blockchain that is hosted by Ethereum. The new assets could be in the form of video, audio, photos, among other digital files.

Canadian looking to get exposure to Etherum investment can consider Purpose Ether ETF (TSX: ETHH). The Ether exchange-traded fund was launched on 20 April 2021. With ETFs, you don’t have to worry about the token’s security or custody.

When you invest in ETFs, you have an actual Ether portfolio. ETFs trades like actual stocks. Purpose enables users to hold Ether in their Tax-Free Savings Account or Retirement Savings Plan.

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