By Carlie Bacon
Are we on the verge of becoming a fully cashless society? Already, many people forego green for plastic and IOUs for Venmo. Amazon outright rejects cash at its bookstores. Companies have capitalized on the transition from tangible to virtual by offering cryptocurrency—encrypted peer-to-peer transactions.
Ethereum, a relatively new virtual currency company, has recently seen major growth. Its value increased 1,000 percent in the last quarter while Bitcoin transactions have slowed. Ethereum’s applications are powered by Ether, a single unit of payment. Like Bitcoin, Ethereum capped its supply. You can think of the supply cap like a virtual gold standard. Specifically, Ether is capped at 18 million Ether per year. Ether has dramatically increased in value, from $1 to $12, totaling about $1 billion in Ether that currently exists. Bitcoin currently stands at about $6 billion. Continue reading