Ethereum has been described by many as the silver to Bitcoin’s gold. It makes sense, if you look at it. While Bitcoin is the undisputed king of cryptocurrencies, Ethereum is a close second. Bitcoin (BTC), like gold, is a limited resource that can only be produced through mining. Having a fixed supply makes it difficult to manipulate, making Bitcoin a great store of value. Ethereum, on the other hand, is much like silver in that it has many more possible applications than Bitcoin. As we’ll discuss below, Ether (ETH) is only one part of the Ethereum platform.
In the cryptocurrency space, it’s been the norm to expect the unexpected. While history can be a good reference, change is the only true constant. Today, Bitcoin may be at the top, but tomorrow is another story. Here are the reasons why Ether may one day overtake Bitcoin.
Ethereum is More Than a Digital Currency
Bitcoin was revolutionary for its time. It was the first truly successful digital currency, thanks in large part to its application of blockchain technology. Ethereum launched in 2015, 6 years after Bitcoin, and it brought with it new innovations for the industry. Dubbed as Crypto 2.0, Ethereum is both a computing platform and an operating system. Ether is the platform’s token, and it acts in much the same way as Bitcoin. The Ethereum platform allows users to create their own smart contracts that run on the blockchain. This enables users to execute and manage agreements safely and securely, without third parties. Ethereum also introduced decentralized applications (DApps). DApps are applications that run on the Ethereum platform. They differ from regular computer applications in that they’re decentralized, open source, and transparent. Today, there are over 3,000 DApps with many different use cases. There are DApps for gaming, gambling, insurance, and even other tokens that run on top of the Ethereum platform.
Ethereum has Better Technology
Ethereum’s developers took a lot of time and effort to improve on Bitcoin’s technology. It solved some of the biggest issues that plagued Bitcoin’s blockchain. As a result, Ethereum’s blockchain is much more developed than Bitcoin’s, and it shows. Ether transactions can be completed in mere seconds vs. minutes for Bitcoin. In turn, Ether generally has less expensive transaction fees than Bitcoin. While both blockchains are continually developing and improving, the existence of smart contracts and DApps ensure that the Ethereum project has almost limitless industrial applications. If Ethereum continues to grow not only its Ether token, but the entire platform as a whole, then that could mean big things for the project in the future. It wouldn’t be entirely crazy to say that, under the right circumstances, Ether may one day eclipse Bitcoin in value.
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