5 Cryptocurrencies Redditors Are Buying for Early Retirement

2. Ethereum

Ethereum is the second-largest cryptocurrency in the world by market cap. It was founded in 2014 by Vitalik Buterin, who proposed the idea of decentralizing operations in 2013. As of March 21, 2022, Ethereum has a market cap of $349.33 billion and 1 unit of Ethereum, an Ether, is currently worth over $2,900. The Ethereum blockchain network uses smart contracts, which are agreements written in computer programs, to decentralize finance and other centralized applications to remove third-party interferences. Ethereum pioneered decentralized applications, dApps, to be built and run promising reliability, security, and complete and equal control of all stakeholders of the network.

As far as financial applications are concerned, Ethereum provides decentralized finance (DeFi) applications to carry out transactions for users on the network without the need for financial services authorities such as banks, brokerages, and exchanges.

Ethereum and Bitcoin were the top picks of almost every Reddit member that shared their crypto portfolios on the platform. Redditors are bullish on the future of Ethereum and plan on holding it for long instead of trading it.