Ethereum is an open-source peer to peer network on a distributed computing platform. It works on smart contracts which are contradicted to Bitcoins blockchain. Ethereum eliminates the need for banking and facilitates in making payments through a blockchain in a decentralised manner. Thus, vanishes any third party requirement for payments. Bitcoin, on the other hand, works like an electronic cash. One can buy ETH from BTC from any crypto exchange in the worldwide.
Let us find out five reasons which convey that Ethereum has a better future than Bitcoin
Article continues after advertisement
Increasing popularity due to its safety
Vitalik Buterin is the man behind the second most influential cryptocurrency in the world Ethereum. From the time Ethereum was launched in 2014, it has been a steady performer in the crypto market comparatively to Bitcoin. Ethereum stood strong even after the crypto market crash in 2017 where Bitcoin had hit an all-time low. Since Ethereum enables third party cryptos to run using Ethereum smart contracts it has led to its increasing popularity and community. Decentralised Autonomous Applications (DApps) and Decentralized Autonomous Organisations (DAOs) are supported in Ethereum, unlike Bitcoin which is just a financial alternative. Ethereum wallets are full node wallets which can store many cryptos that run using Ethereum smart contracts whereas the focus of Bitcoin is mainly payment technology.
Increase in the number of exchanges for Ethereum
Ethereum is just one step behind Bitcoin to be the leading cryptocurrency. Most of the leading crypto exchanges, provide services to buy ethereum from any crypto or fiat money. You will be baffled to find the number of crypto exchanges that list Ethereum. You get an array of exchanges to choose from when you transact Ethereum. The growing community of the Ethereum network has led to some of the exchanges even offering a personal manager to manage coins effortlessly. Live Ethereum price analysis in these exchanges depicts a moderate fluctuation in the price of Ethereum. Bitcoin, on the other hand, has witnessed a decrease in its prices by $300 – $1000 in a few hours of the day last month.
Increasing demand for Ethereum
Though Bitcoin tops the chart when it comes to leading cryptocurrencies, Ethereum is no short of it as the price of Ethereum was on the rise by a whopping 2300% in 2017. That is, the Ethereum price was $8.09 in January 2017, and it increased to $203.30 by mid-2017. That is indeed an incredible performance of Ethereum. Due to such a potential increase in its price Ethereum is a favourite investment option for crypto enthusiasts and hence its demand has always been on the upper side. The Ethereum Investment Trust (EIT) which was launched by Grayscale in 2017 to envisage the users about the price fluctuations of Ethereum and has revealed a shocking fact about how people have eagerly invested in Ethereum than Bitcoin recently.
The increasing trust the online market is gaining these days has opened the doors for cryptos like Ethereum. The ease of transactions and security of the Ethereum network has made it one of the most sought-after cryptos for using smart contract applications. Bitcoin has always seen a boom and a steep downfall in its prices making it less reliable. The most recent advancement is the launch of Enterprise Ethereum Alliance (EEA) to let large companies and technology vendors use blockchains for transactions. Business giants like Microsofts and JPMorgan were amidst the launch of EEA. The different Governments have been backing Bitcoins whereas the corporate sector is the backbone for Ethereum’s success.
Preferred cryptocurrency platform
An alarming number of merchants are embracing Ethereum network for trading off late. It is also predicted that the future use of Ethereum may be Quadrupling. Last year 83% of Ethereum coins purchase was through Bitcoins whereas due to the acceptance of fiat currencies for Ethereum, now only 23% of the Ethereum was bought from Bitcoins. This is a setback for Bitcoin. Some of the companies that accept ethereum for its products are Overstock, Cryptoart, Chicago gem shop, Laptop Power Bank and more. The digital transformation of currencies using Ethereum is also in the pipeline which clearly depicts that Ethereum is a preferred cryptocurrency platform than Bitcoin.