January 22nd, 2019
Bitcoin is the most popular and valuable cryptocurrency available in the market. Since its inception in 2009 there has been over 1500 cryptocurrencies launched in the market but nothing came close to it. Bitcoinhas been ruling the market ever since it was introduced. However with growing popularity of Bitcoin there are few complications coming up with the cryptocurrency. Two of the major issues are its high transaction fees and time. Booming price of Bitcoin in the last year created a huge buzz in the market and it goes far beyond free market libertarians and technology enthusiasts. Many new onion trading platforms are available where users can buy or Sell Bitcoin in few simple clicks.
Alongside Bitcoin popularity, Ethereum is also making its way in the traditional market. Recently it has drawn the attention for its growing price increase and enhanced features over Bitcoin. Ethereum was created in 2013 by a Russian programmer and it was launched in 2015. For initial two years its price was below $10 but later in 2017 it exploded. In the last 12 months its price increased by a huge margin and reached somewhere around $1,400 in January 2018. Off late its price has fallen back to $700 but still proving to be the most promising cryptocurrency in the market. Experts believe this new digital currency has the potential to hold most future price gains; some are of the belief that in days to come it may surpass Bitcoin.
How can it overtake Bitcoin?
Top business figures from around the world seem to be excited about Ethereum and its prospects. Ethereum has all the features and possibilities to overtake Bitcoin Capitalization in few years time, its early signs point it clearly. The first quarter of 2018 saw a massive crash, Ethereum too suffered loss but somehow investors are finding it more promising compared to Bitcoin. With some of the popular trading sites where you buy or Sell Bitcoin there are options to trade Ethereum too.
Bitcoinwas introduced in the market in 2009 and it became the first decentralized digital currency as the world was stumbling from worst financial crisis. Then, crypto- anarchists and market experts who were completely disillusioned by the recession hailed Bitcoin. It was Bitcoin’s decentralized nature and ability to facilitate payments without involving banks or financial institutes that made this cryptocurrency so popular. Bitcoin had all that it takes to revolutionize the global financial system.
How is Ethereum more effective?
Over the years as Bitcoin popularity increased its issues of high transaction fees and time is creating complicacies everywhere. Ethereum which was introduced latter is believed to address all fundamental flaws of Bitcoin making it far more effective. Digital currencies such as Bitcoin Cash and Litecoin have increased truncation times and cost by a huge margin. However Ethereum aim is more ambitious than improving Bitcoin’s credentials as a store of value and payment system.
Some of the early investors point out that Bitcoin is a virtual currency which stores value similar to gold. Bitcoin is limited to its function but Ethereum is completely different. Apart from a virtual currency this digital currency is designed as a platform which enables applications such as smart contracts to run easily without involving third parties.
Ethereum is designed not just to decentralize all traditional banks or financial institutes but also to decentralize the entire internet. This is done by expanding Bitcoin’s core technology named the Blockchain which permanently records all transactions made across the network. The best thing about Ethereum is that its more advanced Blockchain technology and versatile, anyone can use it to create decentralized applications. It opens up more prospects with Ethereum, as we move towards an autonomous future. Ethereum has all the potential to proliferate to a different level of business interaction.
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