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The rise of technologies provided individuals with new ways to pay for goods and services without using cash. Thus, Ethereum (eth) is one of the cryptocurrencies available to individuals today. It is a specific form of virtual money used in the form of tokens or coins (Bhattacharya, 2021). Today, there are multiple opportunities to make purchases by using this cryptocurrency. The growth of its popularity is explained by several benefits associated with this cash alternative. First, Ethereum has faster transactions compared to other cryptocurrencies (Bhattacharya, 2021). Additionally, it guarantees a high level of privacy for all users and their transactions.
At the same time, some disadvantages should be considered when deciding to start using Ethereum. It is highly volatile, leading to significant losses if investing in them (Bhattacharya, 2021). The price might change rapidly, and it is difficult to forecast its alterations. Furthermore, this cryptocurrency remains unstable and still undergoing significant changes (Bhattacharya, 2021). For this reason, there are some risks linked to high transaction fees, and growing competition peculiar to the sector (Bhattacharya, 2021). Users might also face issues with the fast-changing price. It means that the correct understanding of the market is required to invest.
As for me, I also use cash alternatives in my everyday life. For instance, iPay is a convenient way to buy some products or coffee at the local shop. I believe that cashless transactions are the future of our world as they provide the demanded level of comfort for individuals using them. At the same time, the development of this system is followed by using new methods to ensure the security and safety of all transactions. For this reason, I do not have any concerns related to this aspect of cashless payments.
Reference
Bhattacharya, S. (2021). Advantages and disadvantages of investing in Ethereum. AnalysticsInsight.
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