Welcome back to the Tribe! In this post we are going to take a look at the price of Ethereum to USD, other stable coins on the market, direct to Ethereum solutions, and layer 2 solutions!
Nothing should be considered investment or financial advice! Enjoy the ride!
Ethereum To USD
Here is the current Ethereum price in terms of USD:
If you want to find the current Bitcoin price in USD click here.
Other places you can find this would be:
Once you have your Ethereum, you are probably going to want to do some trading here and there. If so, you do not want to go from fiat to crypto over and over again, so you are going to use something called a stable coin.
If you are going to own and trade Ethereum, then you are going to want to know about stable coins.
The most common stable coins on the market are USDC (USD coin) and USDT (Tether). Although there is something you need to know about each coin. First, Tether has been around much longer. While you might think that means it is more reliable, you would be wrong.
In fact, most investors stay away for Tether starting in 2019 due to several reasons. Besides the rumors of them pumping and dumping the market, there have been confirmed reports that the company behind Tether does not hold assets 1 to 1 in terms of dollar value but instead as holdings and other assets physical and victual. In addition, they have been accused of randomly printing tons of money in the past that was not directly related to someone purchasing Tether.
For these reasons and many more, we highly suggest that people use USDC instead for your stable coin needs. It is regulated, holds assets on a 1 to 1 basis, and is much more friendly in terms of the digital world.
Direct To Ethereum
A common thing companies are trying to do now is provide consumers with a way to purchase Ethereum directly with fiat without using an exchange.
The problem with exchanges is the KYC or know your customers regulations that are required by governments and international financial institutions. Although sometimes consumers do not have time for this or need a faster approval process to get their Ethereum quickly. A few companies working on this are companies like:
- Wyre – has apis built out to accommodate crypto
- Ramp – has apis to help with crypto to fiat transactions for apps and web applications
- Paypal – trying to similar things for the everyday consumer
In addition, these companies are trying to make it simple to people to not only go from fiat to Ethereum, but to go from fiat to a layer 2 solution on top of Ethereum!
Layer 2 Solutions
There are a ton of layer 2 solutions, but what are they exactly?
Well, layer 2 solutions are exactly what they sound like – a second layer on top of the Ethereum blockchain typically created by a smart contract or side chain. The purpose of these layer 2 solutions are to allow people to make nearly feeless payments and transactions since the settlement on the actual blockchain does not need to be made for every interaction. In other words, there are no gas costs for people to trade, create or move things on top of a layer 2 solution until a settlement is made.
This allows platforms to create gambling sites, NFT marketplaces, games, and so much more on top of Ethereum and allow them to trade, play, buy, sell, etc all without incurring tons and tons of micro fees.
A great example of this is the Polygon network and their wrapper Ethereum. The way people “wrap” their Ethereum is by going to a bridge like the Polygon bridge. Once you go here, you connect your wallet and bridge your Ethereum into the layer 2 network or side chain in this instance by entering your ACTUAL ETH into a smart contract that holds or freezes that amount on the network.
You are then given a 1 to 1 ratio of wrapped Ethereum to use on top of the solution.
Ethereum To USD Post
Thanks for reading our post on Ethereum to USD! We hope this helps people find the right price, and a few more things that might help guide you on your crypto journey!
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