Ethereum vs Solana: Which Is Right for You?
If you pay attention to the cryptocurrency market, you’ve probably heard of Ethereum and Solana. These two crypto-assets enjoy a growing reputation in the financial world.
People use both of these assets for different purposes. Some use them as assets for trading or storing wealth.
Others use their blockchains to host personal projects and create new crypto assets. Ethereum is the older of the two, having premiered in 2015. However, Solana has gained significant support since its launch in 2020.
The question for many traders and investors is whether to trade in Ethereum vs. Solana. If that’s what you’re wondering, look no further! We’ll explore this question in the guide below.
Benefits of Ethereum Crypto
There are several reasons to buy Ethereum. Despite its relative youth, this crypto asset is the number two player in the cryptocurrency market. It’s also an incredible player in the growth of decentralized applications.
Currently, close to 3,000 dApps use its blockchain to function. Moreover, the crypto world expects Ethereum to undergo a significant upgrade for its blockchain.
This upgrade could resolve the continual Ethereum issue if all goes according to plan. That problem is its transaction speed.
Crypto assets like Bitcoin Cash pride themselves on their fast transaction speeds. However, Ethereum has struggled in the past with slower speeds. These speeds make Ethereum transactions less convenient and secure.
The result of this change would be an increase in Ethereum’s overall market share. So, it may be wise to buy Ethereum price cad now instead of waiting until after the upgrade.
Benefits of Solana
Although Ethereum may receive critical upgrades, some would argue that Solana remains a better choice. Part of the reason for this is that Solana is a newer technology. As such, it benefits from a more cutting-edge infrastructure.
Another reason for buying crypto with Solana is its rapid growth since its 2020 debut. In one year, it grew as much as 10,000%! That means that if you’d invested just $50 in Solana when it premiered, you could now have over $500,000.
Solana also functions in a similar way to Ethereum. Like its older counterpart, you can use it to build dApps. It also supports other blockchain-based projects.
So, what sets Solana apart from Ethereum? The primary difference is that Solana users can program in several different development languages. As a result, it’s easier to use than Ethereum.
Lastly, all Solana dApps can communicate with one another. This feature allows for much higher scalability across the blockchain.
Deciding on Ethereum vs. Solana
The choice between Ethereum vs. Solana can be tricky for new crypto traders. So, consider your crypto goals.
Would you rather play it safe and invest in a more reputable asset? Or, would you prefer to try the newer crypto and see if it can meet your aims?
Once you decide on this, don’t hesitate! Start trading in either Ethereum or Solana as soon as possible.
We hope you enjoyed this article! If so, check out some of our other cryptocurrency content today.