Ethereum to Outpace Bitcoin
- Posted on Jul 12, 2017
Presently, the bitcoin may be trading positively above $2300, but its presence in terms of total cryptocurrency market cap’s proportion is falling at a constant rate, whereas the Ethereum is increasing rapidly.
There are many factors that are responsible for this shift. In spite of the recent appreciation as a technology, the bitcoin is becoming dull over the period of last some years. Ethereum has been raced ahead with technology from the Bitcoin and looking to emerge as one of the top virtual currencies.
When it comes to Bitcoin, it is extremely useful as a store of value. However, the usefulness for transacting value is very limited. In the present age, the people are looking for online payment options that can process immediately, but the bitcoin transactions took anywhere from ten minutes to many hours depending on the traffic on the network. Additionally, it is also expensive for the individuals who have to send a small amount. Presently, the average transaction cost is $1.50.
On the other hand, the Ethereum was never considered as a competitor for bitcoin. It is actually a platform for new types of financial applications that run on peer to peer network computers. These apps are developed to disintermediate the type of relationships and transactions for which there is a requirement of traditional means, including public registries, banks, and the legal system.
It is an exciting thing and a vibrant community of software developers of technologists. There are hundreds of projects, companies, and startups present at every scale that include the likes of Microsoft, Samsung, and Intel who are looking to build software by using Ethereum.
Moreover, everyone has to pay a small fee when they want to utilize any of these dApps on the public Ethereum blockchain. The utility of the majority of these dApps works on the basis of network effects. Ethereum works as an underlying protocol on the basis of which other networks are built on.