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Ethereum Reaches New All-Time Heights

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June 14, 2017 – Comments (0) | RELATED TICKERS: ETH , GBTC

It’s fun to imagine the world without cash, but are we prepared to handle the risks of such conversion? Free from the burden of physical cash, consumers can adopt mobile payments which are faster and more continent. Nowadays, cashless payment for goods or services is as natural as smartphones, laptops or morning coffee. The truth is, cashless payments are simply much more convenient than using notes and coins.

The rapid progress of technology has naturally boosted the popularity of cashless transactions in the global economy. The rise of digital currencies like Ethereum, is making it that much easier for consumers to move away from a cash-dominated lifestyle. Ethereum is an open-source platform that facilitates the development of next-generation decentralized applications. It is the currency of the Ethereum network. Ethereum was first conceptualized in 2013 by Vitalik Buterin.

Digital currencies, an electronic version of notes and coins, can accelerate the push of establishing cashless societies. However, this raises a number of questions concerning any positive or negative impact on financial stability. From a monetary and financial stability point of view, the ongoing rise of electronic means of payment, and the emergence of alternative currencies has prompted a lot of questions. Yet, cryptocurrencies like Ethereum are becoming more popular since they offer more choices in terms of credit and payments.

Ethereum, the second-largest cryptocurrency, has been on an upwards trend in the past few month. Since the start of this year, Ethereum has gone up for more than 5,000 percent. If anyone asked me if I, Ari Glass, would have seen this coming, the answer is negative. That means this currency has captured some significant market share. Its market cap has now reached nearly $36 billion. Its price hit an all-time record level on Monday of $407.10.

Ethereum is driving a revolution in financial transactions. Of course, its potential significance hasn’t gone unnoticed by big businesses. Companies like JPMorgan Chase, Intel, Microsoft, BBVA, UBS, Santander, Accenture, Credit Suisse and others have all joined the Ethereum enterprise.  Digital currencies are also opening new opportunities for small businesses as well, since they have become legitimate alternative assets, slowly making their way into the mainstream.

Digital currencies are regarded as revolutionary because they're based on blockchain, a publicly available database of transactions, which provides security and transparency to the network. Some experts predict that by 2021 these new technological and economic trends will transform the wealth industry across a diverse universe of investors. According to the World Economic Forum (WEF), blockchain will make up 10% of the world's GDP. This means by 2025 the total market capitalization will be $10.1 trillion.

Regardless of what will happen in the next five years, one thing is for sure: blockchain technologies and cryptocurrencies are here to stay! Even if world governments don’t to go cashless in the age of these digital currencies, the rise of these cryptocurrencies, Ethereum in particular, should continue to see steady usage and payment growth.

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