Nov
20
2022
Blockchain vs Distributed Ledger Technology (DLT), Explained

Blockchain vs Distributed Ledger Technology (DLT), Explained

By | Growing Wealth, invest, Investing | Comments Off on Blockchain vs Distributed Ledger Technology (DLT), Explained

DLT vs. blockchain is an often-misunderstood topic. The terms blockchain vs. distributed ledger are often used interchangeably, but in fact blockchain technology is a subset of distributed ledger technology and they are not the same thing.

Blockchain represents a new type of distributed ledger technology (DLT) that can function without the need for third-party oversight. Peer-to-peer transactions can be verified in a decentralized way, just as they can with distributed ledger technology, but with blockchain the data is stored in blocks vs. a DLT system, which does not require a chain.

What Is Distributed Ledger Technology?

DLT is a kind of distributed database that stores information in multiple locations. Instead of a single server hosting all the information, DLT uses geographically distributed servers known as nodes to store data in different places at the same time.

Each node on the ledger processes and validates each piece of data, creating a record while establishing consensus on the validity of the dataset across all nodes.

The main characteristics of distributed ledger technology also apply to blockchains. DLTs are:

•   Immutable

•   Transparent

•   Append-only

•   Decentralized

That said, while a blockchain network is fully decentralized, with no central authority, a DLT may have some central oversight. Both systems are popular in finance, owing to the need for the speed and transparency decentralized systems can provide.

đź’ˇ Recommended: A Beginner’s Guide to Cryptocurrency

What Is a Blockchain?

A blockchain is a type of distributed ledger made up of a series of decentralized servers also known as nodes. The blockchain records information about transactions and groups them into blocks of data, which are validated by the network.

Each new block gets added to the one that came before it, forming a chain of blocks, giving rise to the term “blockchain.” All transactions and data are recorded with a unique cryptographic stamp or signature called a hash.

Blockchain was first created when the Bitcoin network went live in January 2009. Since then, new types of blockchains have been developed that have additional functionality. Many potential blockchain use cases are still being experimented with.

Understanding DLT vs. blockchain is key to understanding different types of crypto.

Blockchain vs DLT: Similarities and Differences

When it comes to the similarities and differences of blockchain vs. DLT, it’s important to understand that blockchain is a form of DLT — but not all distributed ledgers are blockchains.

How Data Is Stored

In a blockchain, records are stored in blocks or modules, after having been validated by the network. Each transaction is then given a cryptographic signature known as a hash, which is a random string of characters, which gets added to the block, forming a chain. Blocks become permanent once they’ve been added to the chain. To alter the information inside a block would require compromising the entire network.

Another one of the benefits of blockchain is that the vast majority of blockchains are also permissionless, meaning no one needs permission from a central authority to access the system. Distributed ledgers can be permissionless too, but because some DLTs can be centrally controlled, this may not always be the case.

Degrees of Decentralization

Blockchains are also decentralized to some degree, meaning they distribute their development and maintenance amongst multiple parties. There is no CEO of Bitcoin, for example, and the network is maintained by thousands of individuals around the world running their own full nodes.

Volunteer developers work on the code based on their own volition, and if the majority of nodes agree that a software update should be implemented, then it will be. Disagreement among nodes can lead to a hard fork, as occurred in 2017 with Bitcoin Cash.

Distributed ledgers, on the other hand, are owned, operated, and controlled by a single entity. This combined with the fact that distributed ledgers do not create cryptographic blocks and add them to a chain are the two main features that designate the difference between DLT vs. blockchain.

Similarities Between DLT vs Blockchain Technology

When considering a DLT vs. a blockchain, remember that both involve many of the same characteristics and functionality, including:

•   A distributed ledger of data that’s transparent and immutable

•   The use of geographically distributed servers known as nodes

•   Some degree of decentralization

Both DLT and blockchain involve building and maintaining a distributed ledger. They both make use of servers called nodes that can be placed in many different locations around the world. And to a degree, both are decentralized, meaning there isn’t a single point of failure for the system (although DLTs may have a centralized owner vs. blockchains, which don’t).

Differences Between DLT vs. Blockchain Technology

While they are more similar than they are different, DLT and blockchains are not one in the same. Some of the ways the two differ from each other include:

•   Blockchains use encryption

•   Blockchains are fully transparent

•   Blockchains group data into blocks, adding them to a chain

Some forms of DLT also use encryption and can be transparent. DLT can vary in its transparency, permissions, and use of encryption. Blockchains, on the other hand, are universally encrypted. They always group information into blocks, too.

Blockchain vs. distributed ledger
Similarities

 Differences
Use of distributed nodes DLT may or may not use encryption
Maintenance of a ledger DLT does not use blocks
Some decentralization DLT may be transparent or opaque

Other DLTs Beside Blockchain

Since the invention of Bitcoin, quite a few variations of DLTs and blockchains have been created, as mentioned. Some forms of DLT behave much like blockchains, and were intended to mimic the tech in some ways, but can’t be classified as such.

Holochain

Holochain is an “open-source framework for creating microservices that run peer-to-peer applications on end-user devices” without the need for centralized servers, according to Holochain.org.

Holochain is intended to provide a way for people to run the type of applications that blockchains enable without needing a blockchain. Holochain provides tools that can enable users to:

•   Authenticate users and manage their identities

•   Enforce business rules and data integrity

•   Control access to both public and private data

•   Create a redundant, distributed database to store and retrieve data, and automatically react to security risks

•   Application code deployment and updates for user devices

•   Share participants’ workload in terms of resources

Hashgraph

Hashgraph has been popularized by Hedera Hashgraph (HBAR), a tech project backed by dozens of multinational corporations.

Hashgraph enables quick, low-cost transactions, allows for the implementation of smart contracts, and has the ability to scale better than most blockchains.

Direct Acyclic Graph (DAG)

DAG is the technology behind hashgraph. DAG stores transactions in a tree-like structure that resembles a graph, rather than a chain. Due to its efficiency in data storage — data can be recorded on top of each other, rather than appended in a sequence, allowing for more than 100,000 transactions per second.

The Takeaway

DLT can be thought of as blockchain’s predecessor. Blockchain is a new type of distributed ledger that uses encrypted blocks of data and collects them into an unbreakable chain.

There are also even newer types of DLT that have built off of blockchain’s advancements. In this sense, blockchain is just one important part of the natural evolution of distributed ledger technology.

FAQ

Is blockchain a digital ledger?

Yes, blockchain is a type of distributed ledger technology (DLT). While DLT came first, and the two share many of the same characteristics (including the validation of transactions through a decentralized system of nodes), blockchain is considered a more sophisticated form of DLT.

Is blockchain the only digital ledger?

No, blockchain is not the only type of DLT that exists. Holochain and DAG (direct acyclic graph) technology are two among several others.

Is bitcoin a digital ledger technology?

Not exactly. Bitcoin is the oldest and largest form of cryptocurrency, and it was also the first implementation of blockchain technology, which is a form of DLT.

Photo credit: iStock/LuckyStep48
SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
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For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.

2Terms and conditions apply. Earn a bonus (as described below) when you open a new SoFi Digital Assets LLC account and buy at least $50 worth of any cryptocurrency within 7 days. The offer only applies to new crypto accounts, is limited to one per person, and expires on December 31, 2023. Once conditions are met and the account is opened, you will receive your bonus within 7 days. SoFi reserves the right to change or terminate the offer at any time without notice.
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$100 $499.99 $15
$500 $4,999.99 $50
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Nov
20
2022
What Are Crypto Collectibles & How Are They Valued?

Guide to Crypto Collectibles

By | Growing Wealth, invest, Investing | Comments Off on Guide to Crypto Collectibles

Crypto collectibles comprise the world of digital media that can be purchased, authenticated, and stored on blockchain networks. They’re similar to traditional collectibles — think baseball cards, Beanie Babies, artworks, and more — but they have no physical presence. They’re only digital.

Crypto collectibles take the form of non-fungible tokens, or NFTs, among other digital assets. That means that they’re one-of-a-kind. There aren’t any copies of them, which is the case with cryptocurrencies (which are considered fungible).

What Are Crypto Collectibles?

A crypto collectible is a digital asset that is created, encrypted, and stored on a blockchain. But there are distinct differences between a crypto collectible and a cryptocurrency: Crypto collectibles are non-fungible (crypto collectible and NFT can be synonymous, in most cases) and unique.

By contrast, all the different types of crypto are fungible: e.g. you can trade one Bitcoin for any other Bitcoin, it doesn’t matter — they are functionally the same.

The fact that crypto collectibles are non-fungible also means that they’re scarce, and scarcity gives them value — or perceived value — in the marketplace. Again, you can think of crypto collectibles as similar to baseball cards in the physical world. If you have a very rare baseball card (e.g. a Babe Ruth rookie card), it may carry a lot of value, because many baseball card collectors are willing to pay top dollar to get it.

Again, too, crypto collectibles are authenticated on blockchain networks, so that there’s a clear record of ownership and transactions related to any given collectible. They’re generally stored in a digital wallet, which is also how cryptocurrency works. In terms of the most common forms of crypto collectibles, it’s probably NFTs.

NFTs: Overview

As discussed, NFTs are non-fungible tokens are cryptographic digital assets that have uniquely identifiable metadata and codes, which are stored on the blockchain, ensuring that the NFT can’t be replicated or forged.

đź’ˇ Read more about what, exactly, NFTs are.

The tokens act as a representation of either digital or tangible items. For instance, one could create NFTs that stand for digital artwork, virtual real estate in a game, collectible Pokemon cards, or even someone’s personal identification information.

NFTs can take other forms as well, such as NFT music, which is exactly what it sounds like: A non-replicable audio track, stored on a blockchain network.

A lot of things can potentially be tokenized, in fact, like the first-ever tweet from Jack Dorsey, Twitter’s then-CEO.

While NFTs can, do, take numerous forms, the most important thing for most people in the crypto space to know about them is that they’re one-of-a-kind, and such, rare. That rarity is what gives them value.

How Do Crypto Collectibles Work?

Crypto collectibles such as NFTs function as assets. They can be collected, stored, or traded on marketplaces in exchange for cryptocurrencies or fiat currency, like USD (although there are some hoops to jump through before getting your hands on cash).

For instance, if you plan on selling NFTs to generate cash, you may need to go through the process of creating, or minting them to ensure you have ownership. You’d then need to determine the best marketplace to use to list and sell them. From there, you’d likely be trading your NFTs for another type of cryptocurrency, which you might then need to exchange for USD.

It’s important to keep the entire goal of NFTs in mind: To digitize, and thus lock in the value of an item, and make it relatively easy to trade, buy, or sell. When discussing NFTs and crypto collectibles, monetization and the ability to trade is really what most actors in the space are interested in, and what has helped fuel interest in the NFT ecosystem in recent years.

Where to Buy and Sell Crypto Collectibles?

Crypto collectibles, such as NFTs, can be purchased on digital exchanges and marketplaces. There are many out there, including OpenSea and Rarible, which allow users to make an account, attach their digital wallets, and start buying and selling NFTs. Users on many of these platforms can also create crypto collectibles or mint their own NFTs (read more about what NFT minting is, and how it works).

But usually, buying and selling collectibles is as simple as signing up for an account with a marketplace, funding that account, and then making trades.

5 Top-Selling Crypto Collectibles

There are thousands, if not millions of types of crypto collectibles and NFTs on the market. Here are some of the most expensive crypto collectibles:

1. EVERYDAYS: THE FIRST 5000 DAYS

The most expensive NFT or crypto collectible ever sold (so far) is a piece of digital artwork called “EVERYDAYS: THE FIRST 5000 DAYS” by the artist Mike Winkelmann (also known as “Beeple). The NFT sold for $69.3 million at auction by Christie’s in 2021, and is a collage of Beeple’s earlier work. It was purchased by an NFT investor named Metakovan.

2. Clock

It has a simple name, and it’s a simple NFT. “Clock” is an image that displays the number of days since Julian Assange, the founder of Wikileaks, was sent to prison. The NFT itself sold for $52.7 million in 2022. It was created by an artist named Pak, and the funds received from the NFT’s sale went toward Assange’s legal defense.

3. HUMAN ONE

“Beeple” strikes again — one of his other artworks, “HUMAN ONE” is more than just an NFT. It’s actually a physical sculpture that comes with an NFT, too. So, it’s a sort of hybrid traversing the physical and digital, and it sold for $29 million in 2021.

4. CryptoPunk #5822

CryptoPunk #5822 is a part of the CryptoPunk NFT series, and many have sold for high dollar amounts. This one, specifically, sold for $23.7 million in early 2022, and was purchased by Deepak Thapliyal, who is the CEO of a Chinese blockchain company. This particular CryptoPunk depicts an “alien” avatar, which is the rarest type in the whole collection.

5. CryptoPunk #7523

Yet another part of the CryptoPunk collection, CryptoPunk #7523 sold for $11.8 million in 2021. It was purchased by Shalon Meckenzie, who is most notable for being the largest shareholder in DraftKings (a sports betting company), who says he bought it because this CryptoPunk, like #5822, is of the rare “alien” type.

How Crypto Collectibles Are Valued

When buying and selling cryptocurrency, the value of different coins depends on a variety of market factors, including demand — but sometimes broader economic issues or challenges in the crypto space. It’s similar with crypto collectibles, but with a twist.

A number of different factors can play into the value of these digital asset. But owing to the fact that crypto collectibles are one-of-a-kind, collectors or investors may be willing to pay more to get them. As a result, their value can increase. If there are no bidders or potential buyers, their value falls.

Pros and Cons of Crypto Collectibles as Investments

As with any investment, crypto collectibles have their pros and cons. That’s important to note before you start buying and selling cryptocurrency.

Some of the pros include the fact that NFTs have a clear record of ownership and transaction data, they’re potentially a high-growth asset, and they can be used as a tool for diversification in an investor’s portfolio.

Some even offer additional perks, such as access to exclusive groups or events, or even have a physical element associated with them, such as Beeple’s “HUMAN ONE,” mentioned above.

But the potential cons are hard to ignore. Above all else, NFTs and numerous different types of cryptocurrency are speculative investments — they are highly volatile, and there are no guarantees that investors will see a return. Further, they can lack the liquidity that other assets have (such as stocks), and there’s a lack of historical data to research for investors.

And one other important thing to keep in mind is that the crypto ecosystem is still rife with scams and fraud. So, be careful before making any big-money moves.

The Takeaway

Crypto collectibles comprise NFTs and the entire world of non-fungible digital assets. They can be bought, sold, and otherwise traded on exchanges and digital marketplaces, and their values are largely determined by the overall market. In other words, a crypto collectible’s value can be as much or as little as someone is willing to pay for it.

FAQ

Are crypto collectibles a type of NFT?

It’s more accurate to say that NFTs are a type of crypto collectible. In fact, they’re the main type — NFTs are digitized tokens of items that are then bought and sold in the cryptocurrency ecosystem, although they’re not cryptocurrencies themselves.

How much can crypto collectibles sell for?

Theoretically, there’s no limit to what a crypto collectible could sell for. Collectibles trade on the open market, and their value is thus determined by the market. They can sell for as much as an investor or collector is willing to pay for them. In some cases, crypto collectibles have fetched tens of millions of dollars.

Photo credit: iStock/AntonioSolano

Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

2Terms and conditions apply. Earn a bonus (as described below) when you open a new SoFi Digital Assets LLC account and buy at least $50 worth of any cryptocurrency within 7 days. The offer only applies to new crypto accounts, is limited to one per person, and expires on December 31, 2023. Once conditions are met and the account is opened, you will receive your bonus within 7 days. SoFi reserves the right to change or terminate the offer at any time without notice.
First Trade Amount Bonus Payout
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$50 $99.99 $10
$100 $499.99 $15
$500 $4,999.99 $50
$5,000+ $100

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Nov
18
2022
Ethereum Price History: 2015-2022

Ethereum Price History: 2015-2023

By | Growing Wealth, invest, Investing | Comments Off on Ethereum Price History: 2015-2023

Ethereum is the second-largest cryptocurrency by market cap after Bitcoin, and it was the first to introduce blockchain-based smart contract technology. In part thanks to Ethereum’s many innovations, the value of ETH has been relatively high over the last seven or eight years — with a historic low of about 42 cents and an all-time high of about $4,800 in November of 2021.

The concept for the Ethereum platform was first proposed in a white paper by Vitalik Buterin in 2013. In 2014, he and a team of developers raised about $18 million to establish the nonprofit Ethereum Foundation and fund its development. The Ethereum platform launched in 2015.

From the beginning, the vision for Ethereum was distinct from Bitcoin or any other cryptocurrency at the time. The larger idea for Ethereum was to create a programmable blockchain that would enable a sort of free market environment, where developers could create applications and programs without any control or interference from a third party.

Ethereum Price History

The innovative spirit of the Ethereum blockchain has sustained its value over the years.

Many blockchain-based projects have been built on the Ethereum network, including countless decentralized finance (DeFi) apps, non-fungible tokens (NFT), and a long list of utility tokens that serve various use cases.

The Ethereum Virtual Machine (EVM) powers these automated agreements.

When it was launched in 2015, the price of 1 ETH was under a dollar – starting at $0.74. In 2016, the cryptocurrency was listed on Coinbase and was trading between $7 – $10. By 2017, a volatile year, the price skyrocketed as high as $1,600 before falling by about 95%, to $80.

Over the next few years, ETH would eventually see another bull market, taking its price to a new all-time high of $4,815 in November 2021. Since then, the price has fallen again, and was trading around $1,124, as of November 9, 2022.

Ethereum Price History

Ethereum (ETH) Price History
Year

 High

 Low
2015 $1.39 $0.42
2016 $21.25 $0.93
2017 $881.94 $7.98
2018 $1,119.37 $82.83
2019 $361.40 $102.93
2020 $533.00 $95.18
2021 $4,815.00 $718.11

Ethereum Price in 2015: Starting Price

Price of Ethereum in 2015: $0.42 to $1.39

In 2015, the year that Ethereum first launched, the price started at around $0.74 and the lowest closing price for ETH was $0.42.

The year 2015 was the only time when Ethereum was worth one dollar or less, with the exception of January 2016.

There weren’t many significant events for the Ethereum price history in 2015. The network had only just been launched and the ETH token had little value.

Ethereum Price in 2016: First Hard Fork

Price of Ethereum in 2016: $0.93 to $21.25

Early 2016 was the last time that Ethereum was worth less than a dollar. The lowest price for ETH was in January, around $0.93. ETH climbed as high as $21.25 in June before falling back to $6 in December.

There were several significant Ethereum-related events that happened in 2016. Ethereum saw what was at the time the largest crowdfunding in history with its Decentralized Autonomous Organization (or DAO). The DAO was then hacked when attackers exploited an aspect of the crowdfunding mechanism inside a smart contract that allowed them to withdraw ETH from the fund.

As a result of this attack, Ethereum developers decided to hard fork the network. This allowed them to roll back the blockchain to a time when the DAO hack had never happened.

The original chain then became Ethereum Classic (ETC), and the new chain became Ethereum (ETH). This event is sometimes referred to as the ETC/ETH split.

In other important crypto news, ETH became the second-ever crypto to be listed on Coinbase in July of 2016. Up until that time, Coinbase users could only buy and sell Bitcoin. This helped set the stage for Ethereum’s massive bull run over the next few years.

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Ethereum Price in 2017: Becoming Mainstream

Price of Ethereum in 2017: $7.98 to $881.94

In 2017, awareness of Ethereum began to grow, and the ETH price started to soar. The lowest price for ETH that year was just under $8, where it began in January. The ETH price then rose as high as $881.94 by December.

In 2017, the crypto asset class as a whole started going mainstream. Bitcoin rose from about $1,000 in early 2017 to as high as $19,000 by December 2017. Ethereum and many other altcoins came along for the ride, seeing even more dramatic price increases. During this time, ETH would solidify its place as the second-largest cryptocurrency by market cap, where it still sits today.

Ethereum Price in 2018: Breaking $1K

Price of Ethereum in 2018: $82.83 to $1,119.37

In 2018, Ethereum reached $1,119.37, the highest price it had ever been at the time. But by December, the lowest price for ETH was $82.83, as the infamous “crypto winter” set in, and many cryptocurrencies saw their values plummet by 90% or more.

While there weren’t many significant events pertaining to Ethereum specifically in 2018, there was a lot of FUD (fear, uncertainty, doubt) surrounding crypto in general at this time. Many media reports declared that Bitcoin and cryptocurrency were “dead” after the market shed hundreds of billions of dollars off its total market cap.

Just two years earlier, in 2016, the entire cryptocurrency market cap had been under $10 billion. At the peak in 2018, it topped out at $820 billion, representing a rise of more than 80x in just a few years as traders piled into a speculative mania that would go down in history as one of the biggest asset bubbles ever.

Ethereum Price in 2019: The Uneventful

Price of Ethereum in 2019: $102.93 to $361:40

The lowest price for Ethereum in 2019 was $102.93, more than 90% down from $1,432, the highest price Ethereum had ever been at that point in time.

There weren’t many significant events regarding the Ethereum price history in 2019. It wasn’t a very eventful year in crypto.

Ethereum Price in 2020: The Coronavirus Effect

Price of Ethereum in 2020: $95.18 to $533.00

Ethereum began 2020 at about $127, a price not far above where it began the previous year. Times were tough, owing to the pandemic. But ETH was able to find its footing toward the end of the year.

In Q1 2020, the coronavirus pandemic and associated lockdowns led to a worldwide sell-off across all asset classes. Crypto was no exception. Ethereum fell below $100 in March 2020 before climbing higher in the second half of that year. This set the stage for the epic bull run of 2021.

Ethereum Price in 2021: Epic Bull Run

Price of Ethereum in 2021: $718.11 to $4,780.73

The lowest price for ETH in 2021 was $718. This year saw the highest price Ethereum has ever been, at $4,815.00. This smashed the previous record high of over $1,400.

2021 saw a bull market in most asset classes, including stocks, bonds, real estate, and crypto. The total crypto market cap crossed $3 trillion for the first time that year. Ethereum was supposed to undergo an upgrade (called the Merge) in 2021, but it was pushed to September of 2022.

Ethereum Price in 2022

Price of Ethereum in 2022: $896 to $1,965

The lowest price for Ethereum in 2022 so far has been $896, while the high has been $1,965. The price is currently hovering around the $1,100 level, as of Nov. 9, 2022.

Owing in part to the economic crisis brewing in early 2022, thanks to inflation and rising interest rates, crypto valuations have plummeted in value this year. The stablecoin crisis in early Q2 didn’t help, as Terra and its linked crypto LUNA, crashed. As of Q4 of 2022, the crypto markets had lost billions in value, and 2022 has been dubbed the next crypto winter.

Even Ethereum’s successful migration from a proof-of-work system to a proof-of-stake network in September has not yet delivered additional price momentum — but at least it’s not as low as some of its competitors. The merge marks the end of traditional crypto mining as a way to generate new Ethereum tokens.

đź’ˇ Recommended: What Is Ethereum 2.0? How Will It Be Different?

Considerations When Investing in Ethereum

Cryptocurrencies are volatile, and many altcoins, including ETH, can be even more volatile than Bitcoin. This increases the chances for outsized gains as well as steep losses. When investing in ETH, it’s important to consider a project’s past and future. The DAO hack of 2016 resulted in the ETC/ETH split, something that interested investors may want to consider researching further.

Another important factor to consider is Ethereum’s “merge,” or upgrade from a proof-of-work consensus mechanism to a proof-of-stake one. While this evolution hasn’t yielded big gains, it’s possible that the greater energy efficiency across the Ethereum network could still yield unforeseen benefits.

The Takeaway

Ethereum is one of the oldest and most successful crypto networks. It has made the DeFi revolution possible, thanks to its development of smart contracts and other innovative uses of blockchain technology.

Still, there’s no getting around the fact that crypto prices are volatile. Ethereum price history is one of ups and downs, ground lost — and ground regained. Ethereum launched with a value of about 1 dollar in 2015 and early 2016, but since then the price has soared way beyond those levels.

A correction of almost 95% happened after Ethereum’s 2018 high of over $1,400, and a correction of over 80% occurred after the more recent 2021 high of over $4,800, the highest price Ethereum has ever been.

Photo credit: iStock/PeopleImages

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

2Terms and conditions apply. Earn a bonus (as described below) when you open a new SoFi Digital Assets LLC account and buy at least $50 worth of any cryptocurrency within 7 days. The offer only applies to new crypto accounts, is limited to one per person, and expires on December 31, 2023. Once conditions are met and the account is opened, you will receive your bonus within 7 days. SoFi reserves the right to change or terminate the offer at any time without notice.
First Trade Amount Bonus Payout
Low High
$50 $99.99 $10
$100 $499.99 $15
$500 $4,999.99 $50
$5,000+ $100

SOIN0622001

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Nov
13
2022
Bitcoin (BTC) vs Waves (WAVES) Compared and Explained

Bitcoin vs Waves: The Differences and Similarities

By | Growing Wealth, invest, Investing | Comments Off on Bitcoin vs Waves: The Differences and Similarities

As the world’s oldest form of crypto, Bitcoin is considered a store of value and a form of payment. Waves, a newer crypto, is more of a groundbreaker in the DeFi space.

Bitcoin was developed as an alternative to traditional currencies and financial channels. Waves, on the other hand, was created to allow users to launch their own applications and digital tokens. If you’re weighing whether to invest in Bitcoin vs. Waves, consider the advantages and disadvantages of each.

What Is Waves (WAVES)?

Waves is an open-source blockchain network that allows users to create and launch custom decentralized applications (dApps) and cryptocurrency tokens.

Blockchain technology processes information using “nodes”: decentralized networks of computers that can drive faster, more secure transactions. Decentralization is a key feature of the crypto realm, which is sometimes referred to as decentralized finance, or DeFi.

Waves works in a similar way to Ethereum, in that the Waves network is typically used to create products that require a high level of security — often relating to finance, personal identification, proprietary data, etc.

Waves has its own decentralized exchange, called DEX, and a native token, WAVES. The token works as a medium of exchange for network users, much like ETH on the Ethereum network.

How Does Waves Work?

Practically speaking, the Waves network is designed so that users with little or no crypto expertise can create digital tokens. All you have to do is fire up the Waves app or web platform and use the network’s token-creation system.

Waves offers users a different approach than similar blockchain networks in that tokens created on the network do not use advanced smart contracts, but rather scripts in user accounts. If you want to get technical, Waves uses a variation of the proof-of-stake consensus mechanism (called “leased” proof of stake) to verify data on the blockchain.

What Is Bitcoin and How Does It Work?

Bitcoin is a virtual currency. Launched in 2009 using blockchain technology, it’s the oldest and largest crypto asset on the market. Bitcoin balances and transaction records are maintained on a public blockchain ledger.

All Bitcoin records, transactions, and ownership data are maintained and verified by a large network of computers around the world through a proof-of-work consensus mechanism. (This is different from the proof-of-stake mechanism that Waves uses.) Through that mechanism, “miners” upkeep the network and are rewarded with Bitcoin.

Bitcoin holders can send each other Bitcoins, assuming they each have a special digital wallet or crypto wallet designed for that purpose, and a private key, which is an address where digital assets are stored.

Because Bitcoin is so popular, some businesses accept Bitcoin in exchange for goods and services — which is not the case for many other cryptocurrencies. In that sense, Bitcoin can be used as a literal currency in some situations.

đź’ˇ Recommended: Bitcoin Price History: 2009-2022

Comparing Bitcoin vs Waves

By now you may realize that Bitcoin and Waves are intrinsically different. Here are some ways in which the two are similar, and how they differ:

Similarities

The biggest commonality between Bitcoin and Waves is that both have been integral to the growth of the crypto market. Bitcoin was the trailblazer, and its immense growth in value over the past few years attracted attention from all over the investment sphere. But Waves’ ability to give folks with little know-how the tools to launch their own tokens is also generating buzz.

Differences

Bitcoin and Waves differ in key ways. Foremost, Bitcoin is a digital currency, while Waves is a platform for launching tokens. They’re two completely different things.

The two have different goals and aims, too. As noted above, Bitcoin was developed as an alternative to traditional currencies and financial channels. Waves was created to allow users to launch their own applications and digital tokens — even if they don’t know much about crypto.

On a technical level, the two exist on different blockchain networks and use smart contracts in different ways. Because it was designed as a currency, Bitcoin didn’t originally have smart contract functionality. Now, a separate blockchain network called Stacks enables smart contracts for Bitcoin. The Stacks blockchain uses the STX token as a “gas” asset to pay for executing smart contracts.

Smart contracts on the Waves blockchain feature scripts written in Ride, a domain-specific language for developing dApps focusing on security and ease of development. Due to built-in limitations, running Ride scripts doesn’t require any “gas” fees.

Finally, it’s worth pointing out that there is a huge disparity in value between Bitcoin and Waves’ token, WAVES. While Bitcoin has traded at prices exceeding $65,000 in the past, WAVES can be purchased for much less — typically between $4 and $30.

Bitcoin vs. Waves

 Bitcoin

 Waves
Built on blockchain technology and smart contracts âś“ âś“
Integral to the growth of crypto âś“ âś“
Functions as a platform âś“
Functions as a virtual currency âś“
Proof-of-stake mechanism âś“
Proof-of-work mechanism âś“

The Takeaway

Bitcoin and Waves couldn’t be more different in functionality, underlying technology, and business goals. As the world’s oldest form of crypto, Bitcoin is considered a store of value and a form of payment. It was developed as an alternative to traditional currencies and financial channels.

Waves, on the other hand, was created to allow users to launch their own applications and digital tokens. Waves is more of a groundbreaker in the DeFi space, allowing entrepreneurs with minimal tech knowledge to create crypto products.

FAQ

Is Waves crypto legitimate and trustworthy?

Waves has been around since 2016, and its relative longevity in the crypto space is a good indicator of its legitimacy.

How safe is Waves crypto staking?

You can stake digital assets on Waves, which is one reason it attracts many users.

Who created and who owns Waves crypto?

Waves was founded by Sasha Ivanov in 2016, and the company is headquartered in Moscow. Since then, a parent company, Wave Labs, has been established in Miami, FL.

Photo credit: iStock/DjelicS

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.

2Terms and conditions apply. Earn a bonus (as described below) when you open a new SoFi Digital Assets LLC account and buy at least $50 worth of any cryptocurrency within 7 days. The offer only applies to new crypto accounts, is limited to one per person, and expires on December 31, 2023. Once conditions are met and the account is opened, you will receive your bonus within 7 days. SoFi reserves the right to change or terminate the offer at any time without notice.
First Trade Amount Bonus Payout
Low High
$50 $99.99 $10
$100 $499.99 $15
$500 $4,999.99 $50
$5,000+ $100

SOIN0221029

Read more
Nov
13
2022

Guide to How to Invest in Blockchain

By | Growing Wealth, invest, Investing | Comments Off on Guide to How to Invest in Blockchain

Blockchain technology has grown way beyond its roots as the foundation of most cryptocurrencies into an expansive tech sector that investors may want to consider. For those wondering how to invest in blockchain, there are multiple opportunities, from trading crypto to investing in companies that are developing new uses for blockchain.

The transparent, digital ledger known as blockchain is associated primarily with different types of crypto, but it has a rapidly growing number of use cases across many sectors: health care, law, real estate, finance, international trade, and more.

For investors willing to do their due diligence, and understand the risks involved, there are opportunities in the blockchain space.

A Look At Blockchain Technology

In order to understand what blockchain tech is, it helps to know the basics of how a blockchain works. While blockchain was the innovation in 2009 that made Bitcoin — and the entire cryptosphere — possible, numerous applications for blockchain technology have emerged since then.

Think of blockchain technology as a sort of next-level, digital infrastructure. It’s a transparent, append-only digital ledger that can be used to track or record almost any type of asset, from goods and services to patents, smart contracts, decentralized apps (dApps), and more.

Blockchain technology relies on cryptography and a system of peer-to-peer (P2P) verification to secure transactions and, in the case of cryptocurrency, to mine coins and tokens. Because the security of blockchain is critical to how it functions, complex consensus algorithms are used on each network.

Although most people think crypto goes hand-in-hand with blockchain, in fact blockchain technology is increasingly common for a range of digital products and functions. Anything that requires an immutable ledger, contract agreement, or data transaction record can use blockchain — such as real estate transactions, legal agreements, voting records, supply-chain tracking, and much, much more.

What Does Investing in Blockchain Mean?

Can you invest in blockchain? While you cannot invest directly in a blockchain itself — a blockchain can’t be owned by investors — there are multiple ways to invest in blockchain technology, and a growing number of sectors that use it.

•   By investing in crypto, you can think beyond the coin to what the entire crypto project is trying to create using its particular blockchain capabilities. The blockchain that supports the Ethereum network has different capabilities than the one that supports Bitcoin, Dogecoin, Litecoin, and so on.

•   You can invest in blockchain stocks and other securities, like exchange-traded funds (more on that below), initial coin offerings (ICOs), and cryptocurrency trusts. While many of these investment products are new, and may come with risks, they may also present new opportunities.

Investing in blockchain technology is a way to participate in the evolution of a whole new part of the market, which includes DeFi (decentralized finance) companies, digital securities, crypto exchanges — as well as existing sectors like real estate and supply chain management that are increasingly embracing blockchain.

Investing in Blockchain vs. Investing in Cryptocurrencies

Because blockchain is a big part of how cryptocurrency works, buying crypto is one way to invest in blockchain. Investing in cryptocurrencies means buying individual tokens that can be used within the blockchain technology ecosystem. And because each coin or token is so different, reflecting the blockchain it’s based on, interested investors can explore different types of crypto as a way of investing in different blockchain capabilities.

For example, some blockchains are programmed to support the execution of smart contracts, the creation of non-fungible tokens (NFTs), the cross-border transfer of funds, and much more. By owning the crypto that’s part of that ecosystem, you’re essentially investing in that blockchain. But there are many other ways to invest in blockchain today.

5 Ways to Invest in Blockchain

Here are some of the other ways to invest in blockchain. Because this is an evolving space, it’s important to carefully weigh the potential risks, as well as the likely costs, of some of these investments:

1. Purchasing Crypto ETFs, Trusts, and Other Investments

While investing in crypto can give you access to blockchain as an investment, Wall Street has found a few ways to make crypto more accessible to institutional investors through the use of crypto exchange-traded funds (ETFs), crypto trusts, crypto index funds, and other securities.

Bear in mind that investing in funds that invest in crypto can be a risky proposition — and one that removes the investor another step from investing in actual blockchain technology.

And although these crypto investments may sound similar to traditional investments that can be bought and sold by main street investors, these funds are typically available only to institutional or accredited investors and they are traded on over-the-counter (OTC) markets. OTC markets are known to be less liquid and more risky.

There are some products available to retail investors, such as ETFs that track companies that have exposure to blockchain technology. These may be a more direct route to investing in blockchain.

2. Initial Coin Offerings (ICOs)

When a new cryptocurrency gets created, oftentimes the developers hold an initial coin offering, or ICO, which allows people to purchase the tokens early in order to support the project and get a good price before the project launches.

ICOs, similar to initial public offerings of stock (IPOs), can be accompanied by a fair amount of public discussion about the merits of the new coin, and the technology it’s built on. For investors interested in finding the next blockchain investment for their portfolios, an ICO could provide an interesting opportunity.

3. Purchasing Cryptocurrencies

While this point was addressed above, it’s important to underscore that there are thousands of different types of cryptocurrencies that investors can buy and sell, each one with its own dedicated blockchain.

Unlike traditional fiat currencies, which are used as a means of exchange and a store of value, crypto often serves multiple functions on its dedicated blockchain. This is another reason to invest in crypto as a way to invest in various blockchains.

4. Investing in Blockchain-Based Businesses

When it comes to investing in blockchain technology stocks, there are a lot of options. The blockchain ecosystem is complex, involving developers, exchanges, miners, data, security, and more. There are also companies that aren’t directly making blockchain technology, but are using it for their existing business to streamline systems and increase efficiency. These include large corporations such as Walmart, Starbucks, IBM, Meta, and Amazon.

Buying shares in blockchain companies can be a great long-term strategy, since this industry is just getting started. Here are some of the subcategories of blockchain that one could invest in:

Decentralized Finance

Decentralized Finance (DeFi) shifts the control of financial transactions away from centralized financial institutions, such as banks. The goal of DeFi is increased transparency and efficiency, lower fees, and putting people in charge of their own money. Examples of DeFi include crypto wallets, peer-to-peer lending, and cryptocurrency exchanges.

DeFi wouldn’t be possible without blockchain technology. By investing in different aspects of the DeFi space, investors are essentially investing in the relevant blockchains and blockchain technology that supports these financial innovations.

Financial Technology

Related to the above: Financial Technology (Fintech) is a type of technology that improves upon financial services.

Blockchain technology plays a big role in fintech, as it is being used to revolutionize all aspects of legacy finance, from banking to lending and transacting.

Metaverse

The metaverse is essentially where the digital world intersects the material world. It includes technologies such as virtual reality, augmented reality, and online interactive virtual worlds. Users engage in immersive and interactive experiences for education, work, entertainment, and socializing.

Not everything in the metaverse uses blockchain technology, but many companies, such as game developers and social media platforms, are using cryptocurrency tokens within their virtual worlds, or recording data and transactions from those worlds on the blockchain. In other words, investing in the metaverse is essentially investing in blockchain technology.

Exchanges

Another way to invest in blockchain by investing directly in cryptocurrencies is to invest in stocks of cryptocurrency exchange companies, such as Coinbase (COIN). Exchanges allow people to buy, sell, and exchange different cryptocurrencies. Coinbase is a popular cryptocurrency exchange that is publicly traded on the Nasdaq.

Blockchain and Health Care

Blockchain is revolutionizing the health care system, and this transition is only just beginning. Blockchain can help with secure and efficient sharing of sensitive patient data, allowing health information to be used both within organizations and across the broader medical system. It can also help with healthcare contracts and negotiations, including healthcare insurance.

5. NFTs

Non-fungible tokens (NFTs) are cryptographic digital assets. Their data is stored on the blockchain, ensuring that they can’t be replicated or forged.

Pretty much anything can be tokenized, from real estate to music to art. Currently, most of the NFT market is focused on collectibles like sports cards and digital art. But there are other highly priced NFTs on the market, such as a tokenized version of the first-ever tweet.

Individuals can purchase NFTs and resell them for a profit if their value increases.

The Takeaway

Blockchain technology has become a tech sector that many investors may want to consider. For those wondering how to invest in blockchain, there are multiple opportunities, from trading crypto itself (which gives investors exposure to that crypto’s underlying blockchain), to investing in companies that are developing new uses for blockchain in many areas: health care, law, real estate, finance, international trade, and more.

Buying shares in blockchain companies can be a great long-term strategy, since this industry is just getting started. While you can’t invest directly in a blockchain (blockchain is the digital infrastructure organizations use to run various operations), you can invest in companies that use blockchain for decentralized finance, to run crypto exchanges, to create smart contracts, NFTs, and more.

FAQ

Can you invest directly in a blockchain?

No. Blockchain is a technology that is used for many purposes. There is no way to invest directly in a blockchain, but there are many ways to invest in companies developing and using blockchain technology.

How can you make money from blockchain?

You can potentially make money from blockchain by investing in stocks or ETFs focused on blockchain companies, purchasing individual cryptocurrencies, or initial coin offerings (ICOs).

What are some applications of blockchain technology?

Blockchain technology can be used for anything that requires a digital, append-only, immutable ledger of transactions or data storage. This includes money transactions, real estate transactions, voting records, supply chain tracking, and more.

Photo credit: iStock/Poike

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.

2Terms and conditions apply. Earn a bonus (as described below) when you open a new SoFi Digital Assets LLC account and buy at least $50 worth of any cryptocurrency within 7 days. The offer only applies to new crypto accounts, is limited to one per person, and expires on December 31, 2023. Once conditions are met and the account is opened, you will receive your bonus within 7 days. SoFi reserves the right to change or terminate the offer at any time without notice.
First Trade Amount Bonus Payout
Low High
$50 $99.99 $10
$100 $499.99 $15
$500 $4,999.99 $50
$5,000+ $100

SOIN0422045

Read more

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