The talk is In the Crypto community across all platforms, forums, meet ups and around the Crypto space is wether Ethereum will take over Bitcoin or not?
In this post I will cover this topic and hopefully give you a good vision of what is to come in the Cryptocurrency arena very soon.
For those of you who do not know Bitcoin is the media darling right now and everyone Loves Bitcoin, but is there a new Sherrif in town?
Bitcoin started back in 2009 and has created something that will change the world as we know it.
Digital currency has evolved beyond anything it ever had been achieved before. The Blockchain technology was born and we will never look back now. This has provided us with a system that is more secure, transparent than anything we have ever seen before.
We can now send value anywhere in the world just like sending an email. This is possible all because of the Blockchain technology. Satoshi Nakamoto who was the creator of Bitcoin, we salute you for all you have done and what this will create in the future too.
What the internet did for information the Blockchain will do to Money!!
Bitcoin has now paved the way for over 850 other Cryptocurrencies that are being designed by Entrepreneurs & Tech geeks who are all trying to create something special in this space. There are so many different concepts and each has its own philosophy and reason for their cause of entering the market place.
One of the leading designers is Vitalk Buterin who created the Ethereum platform after being involved with Bitcoin for many years. Vitalik was actually the chief editor of the Bitcoin magazine and is an expert programmer. The Ethereum platform was born in 2013 & is designed as a world computer.
Ethereum is how the internet is supposed to be & a platform where anyone can come and design Decentralised Apps (dapps for short) & smart contracts that can self execute with set rules pre programmed in.
You can Build unstoppable applications-
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.
The Technology is simply Mindblowing and has caught the attention of the likes of Microsoft, IBM, JP Morgan, Samasung, Mercedes just to name a few. Ethereum’s technology will transform human behaviour as we know it .There are now many Fortune 500 companies using the platform for their own purpose to secure data using the Ethereum Blockchain. This speaks volumes for what this platform is all about.
What is Ethereum –
Fortune 500 companies would not put their names to it unless it was really special and they see it could benefit them as well. Ethereum is leading the charge in bringing about potentially radical transformations of business and society of the blockchain revolution.
The growth of ethereum has not even started yet & only a couple of years old the potential for growth is pretty prominent.
When I joined Ethereum it was around the $2 mark now it is about $200 a coin. The currency is called Ether, which is actually a gas to help power the platform. (More about this in another blog)
Ether is gaining huge value due to the high demand of speculators now joining the space and all wanting a piece of the hottest trend in the world right now which is Cryptocurrency..
When Bitcoin first started the value was just 0.10c a coin. It is now around $2500 a coin. Can you imagine if you put just $100 in Bitcoin back then. Today you would be a multimillionaire. That is a fact.
Here is the problem with Bitcoin, it is quite limited alouthgh excellent for secure peer-to-peer financial transactions but tricky to build whole businesses on. The Blockchain is limited on how many transactions it can process every ten mins, or even longer in some cases due to its huge que & demand slows down processing times across the network.
I actually sent a Bitcoin transaction the other day for a purchase I made and it took 50 mins to be processed. That is not good if you was the merchant or like me the customer waiting for the transaction to be cleared.
“Ethereum was designed from the outset to enable the creation of software applications that are decentralized – running on computers all over the world simultaneously. This could lead to the building of a new generation of decentralized businesses, networks and organizations, which some people believe could eventually challenge the status quo in everything from finance to government, media and manufacturing”
Ethereum is about to launch platforms that will disrupt, Uber Air BNB with a a peer to peer app service that allows the customer to interact with the driver or owner directly. No middle men needed at all which will create the ultimate sharing platform. The financial industry is about to be radically changed by this technology as well.
Consider Ethereum’s first killer app: ICOs, or so-called initial coin offerings. These are basically crowdfunding sales; investors purchase bits of blockchain software called “tokens.” These tokens can represent anything from an interest in a company’s products to a share of future profit.
What is an ico –
In 2017, blockchain entrepreneurs have already raised $750-million through these ICOs. About two-thirds of them used Ethereum’s ERC20 token standard, and now the projects and organizations existing on top of Ethereum are worth billions.
Yes we love Bitcoin it has created something truly magical, it is the godfather of Cryptocurrency and with the big decision coming on Aug 1st 2017 wether bitcoin will fork or not ,will only lend a huge hand to Ethereum rising and the Flippening taking place.
Ethereum taking over Bitcoin looks imminent but only time can tell…
With a technology this powerful, advanced & designed as a world computer, Knowing Ethereum is also being backed by the likes Of Microsoft, Samsung, IBM, JP Morgan to name but a few,I think there will be only one winner in my opinion in the Crypto space between Bitcoin & Ethereum.
Imagine this – If it does really achieve what they say it will and surpasses Bitcoin, are you going to be one that profits from the explosion, or one that looks back and says only if I took that chance?
What is it to be?
The choice is yours. ..
What do you think will happen between Bitcoin & Ethereum? Do you think Ethereum will pass Bitcoin?
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