Ethereum Price in Malaysian Ringgit
Bitcoin is a big revolution that has taken the world by storm since it was introduced several years ago. This has caused a ripple effect in many financial markets which have already grown by leaps and bounds.
As Bitcoin continues to grow in every way, many other names have since surfaced. One of the most popular names in this is Ethereum. What really is Ethereum and is it any different as compared to Bitcoin?
Highlights of Ethereum
Ethereum has many features that make it such an attractive investment type. Among them include:
- runs on a distributed computing platform
Background of Ethereum
Ethereum was first proposed by Vitalik Buterin. He was a researcher in cryptocurrency as well as a capable programmer. This came about in late 2013 where he managed to secure funds through an online crowdsale around mid-2014. After that, almost 12 million ‘pre-mined’ coins were issued through the crowdsale and the system went live around a year later. At this rate, it totaled up to about 13% of the total supply of Ethereum being circulated.
The word Ether was used through its EVM or Ehtereum Virtual Machine. Ethers can be used to transfer between accounts. Meanwhile, the term ‘gas’ is used as the internal pricing mechanism. This is used to help allocate the resources in the network and to help curb spam when they occur. Later on around 2016, Ethereum was divided into ETH or just Ethereum and ETC or Ethereum Classic.
How it all started for Ethereum?
Buterin first got involved with Ethereum through his involvement with Bitcoin when he was attached with the Bitcoin Magazine. Then, he believed that there is a need for a scripting language for the application development of Bitcoin. When this did not gain the acceptance he hoped for, he began working on this proposal. Before Ethereum, there were several names being used or proposed including “Olympic” and “Frontier” while other names like “Metropolis” and “Serenity” are said to be the future of Ethereum.
Is Ethereum available in Malaysia?
Bitcoin in Malaysia has been growing in traction since it was introduced. As the second-largest blockchain in the world, Ethereum is enjoying the same level of success. Designed to run on decentralized smart contracts which Bitcoin is unable to do, Ethereum has been one of the most attractive investment platforms of late.
In fact, the price has been increasing since its token sale. 1 bitcoin would bring about 2,000 ether. What you need to do is to first buy bitcoin. You will then need to create your Ether Wallet. This can be done via MyEtherWallet which is possible online. From there, you can then exchange your bitcoin with Ether and then store them in your wallet. Coinhako is another name that could help you with this. Buying Ethereum in Malaysia is possible via the same way you buy Bitcoin which is through bank transfer with prominent institutions like Hong Leong, CIMB and Maybank, among others.
Ethereum – 2021 Updates
BTC has been in the headlines throughout 2020 and 2021 particularly for its price volatility. Predictions have been going on about how BTC will breach certain thresholds and this has been made possible with market movers changing the landscape every now and then. In 2021, Tesla founder Elon Musk alone has caused the price of BTC to spike and then pushed it lower than expected after his announcement of first accepting BTC for payments by Tesla and then stopping it due to environmental concerns.
Such events have created new opportunities for other cryptocurrencies. While alternative coins have been making huge success, ETH has been making steady inroads within its own market. The price of ETH spiked to about 500% in mid-May 2021 with significant growing interest in decentralized financial services. ETH, being the second-biggest cryptocurrency in the world (in terms of market capitalization) reached US$4,300 during this time.
In the first 2 quarters of 2021, the ETH has grown by 470% against the US Dollar. This is reflected through a higher uptake of peer-to-peer transactions and has in May outgrew BTC in terms of performance. To comparison, the ETH stated 2021 at a lowly price of US$1,000 per token and has since surged ahead in the competition. If this trend continues as it is, it would not be surprising to see it growing past US$20,000 in the next 3 years. This came in light of the announcement by Etherum that major upgrades are underway. To be exact, market analysts believe that it would be around US$19,843 by the time we reach 2025. That would only happen if the trend to use digital currencies continue to grow. This would mean that ETH could well be the most transacted crypto in the world by the end of 2022 which is not too far away.
Ethereum and 3 of the world’s biggest names in partnership – Microsoft, JP Morgan and Amazon
There is no denying that Ethereum is the next biggest crypto after Bitcoin. Its blockchain, the dApps uses the smart contract technology that creates decentralized online services that have since attracted some of the top names in the world to work with Ethereum. Hence, when it comes to partnerships and industry adoption of this blockchain, Ethereum offers a great option. It has more developers than the others and has been building to become the backbone of several high-profile projects. In fact, more than 60% of the companies operating on blockchain in the Forbes Blockchain 50 list uses Ethereum. This means that the future for Ethereum holders is extremely promising. A few big names have been associated with Ethereum which are:
- Amazon – Amazon had in late 2020 announced that it’s Amazon Managed Blockchain (AWS) has started supporting Ethereum. Customers of the AWS would be able to connect to the public Ethereum network and others like Ropsten and Rinkeby, all of which can be done within minutes. With AWS, businesses that intend to use blockchain technology can ride on this service through its Hyperledger Fabric platform and now with more through Ethereum.
- JP Morgan – Back in early 2019, JP Morgan announced that it was planning to launch its cryptocurrency. JP Morgan has then been the first to develop a USD-represented digital coin which was to be used for almost-instant transactions for payments services. The JPM Coin, built on its Quorum networks which is based on the Ethereum blockchain and have been expanding ever since. More than 200 banks have already been on board the Quorum via the Interbank Information Network.
- Microsoft – The famous Microsoft Azure was built on the Ethereum platform. The cloud storage and services provider will allow developers access to a community where tools and services can be shared and operated. It was later reported that Starbucks would use Microsoft Azure as part of its ‘from bean to cup’ tracking feature.