Why Ethereum will be bigger than Bitcoin
This is Ashton Addison from EventChain.io, and in this Steemit blog — Ethereum.
The cat is out of the bag. Ethereum is going to be bigger than Bitcoin by next month, and at this point we are reaching the 11th hour. I don’t believe Bitcoin is going to crash and burn, both currencies are going to grow, but Ethereum’s potential at a functional level far surpasses that of the Bitcoin protocol, barring any differences in governmental structures of the two networks which I will discuss.
Ethereum rendition by Shed Designs for EventChain.io
Now that Bitcoin’s transactions per day, amount of nodes verifying the network, and daily trading volume are already overtaken by ETH, should we consider Ethereum to be the next king of cryptocurrency? Do we really need to have a king in this new decentralized ecosystem where different currencies serve different purposes, provide further liquidity and can act as complements to one another. Bitcoin and Ethereum could both be considered part of the royal family, and can work off of each other.
Ethereum has been skyrocketing in 2017 faster than expected and many people have been waiting for the day Ethereum overtakes Bitcoin, dubbed the Flippening by some.
You can watch Ethereum make its way to surpassing Bitcoin on Flippening.Watch and as of writing this, Ethereum is at 80% of Bitcoins market cap, with equal trading volume but more nodes and higher mining rewards. If Ethereum grows at half the rate it’s grown in the last few weeks, it will surpass Bitcoin before July. It wasn’t last week I wrote the Crypto Coin Show article on how Ethereum could pass Bitcoin before August. (here: http://bit.ly/2tsNNqJ)
Ethereum’s transaction capabilities have far surpassed Bitcoin’s capability, and the Bitcoin scaling debate between Bitcoin Core an Bitcoin Unlimited has been dragging on for a lifetime if your measure it in internet days. Hopefully Bitcoin will make some scaling progress in August when the SegWit malleability fix is proposed to start activation, though it needs constant support for 6 months to come into effect so nothing in guaranteed.
Many Bitcoin Maximalists (and Ethereum Classic holders) believe that Ethereum is in a bubble and ready to pop and that Bitcoin is more decentralized solution as a digital currency, however if two sides are against each other in Bitcoin and nothing ever moves forward, the whole point in being decentralized is thrown out the window because nothing will ever be resolved.
Ethereum’s hype has been through the roof this past month, and Ethereum’s ability to manage a token creation system that seemingly creates valuable tokens and host decentralized platforms all on the Ethereum network is bringing traders and investors from other industries into cryptocurrency from fear of missing out (FOMO).
Shapeshift.io made an announcement that their system was being held up because so many people were transferring from Bitcoin to Ether.
Everyone is transferring from BTC to Ether
We all know Bitcoin has transaction scalability issues, but Ethereum is not perfect either. The Ethereum network has become bottlenecked during the past few ICOs as and the networks has been held up as many traders and investors participate in a single ICO for a matter of minutes or hours. Vitalik has commented on this situation in his blog post.
Remember that there is a lot of extra hype in Ethereum right now, and you are supposed to buy low and sell high, not the opposite. When prices rise fast there is always a short term price crash in the opposite direction, but I like to look at it in the long term. Ethereum is not guaranteed to double again in the coming months, but then again nothing is guaranteed. Always invest only as much as you’re willing to lose and keep your portfolios well diversified.
Ashton Addison for Crypto Coin Show and EventChain.io
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