Ethereum is an open source peer-to-peer network on a distributed computing platform. It works with smart contracts that contradict the Bitcoins blockchain. Ethereum makes banking superfluous and facilitates the decentralized processing of payments via a blockchain. This eliminates any third party payment claims. Bitcoin, on the other hand, works like electronic cash. One can Buy ETH from BTC from every crypto exchange in the world.
Let’s find out five reasons that show Ethereum has a better future than Bitcoin
Increasing popularity due to its safety
Vitalik Buterin is the man behind the second most influential cryptocurrency in the world, Ethereum. Since Ethereum was launched in 2014, it has been a stable performer in the crypto market compared to Bitcoin. Ethereum remained strong even after the crypto market crash in 2017, when Bitcoin hit an all-time low. Since Ethereum enables third-party cryptos to be executed using Ethereum Smart Contracts, this has led to its increasing popularity and community. Decentralized Autonomous Applications (DApps) and Decentralized Autonomous Organizations (DAOs) are supported in Ethereum, as opposed to Bitcoin, which is just a financial alternative. Ethereum wallets are full node wallets that can store a lot of cryptos that are executed with Ethereum smart contracts, while Bitcoin mainly focuses on payment technology.
IIncrease in the number of exchanges for Ethereum
Ethereum is just one step behind Bitcoin as the leading cryptocurrency. Most of the leading crypto exchanges, offer services to buy Ethereum with crypto or fiat money. You will be amazed to find the number of crypto exchanges listing Ethereum. You can choose from a number of exchanges when doing Ethereum. The growing community of the Ethereum network has resulted in some of the exchanges even offering a personal manager to help manage coins with ease. Live Ethereum Prize The analysis on these exchanges shows a moderate price fluctuation of Ethereum. Bitcoin, on the other hand, saw its prices drop by $ 300 to $ 1,000 in just a few hours of the day last month.
Growing demand for Ethereum
Though Bitcoin tops the charts when it comes to leading cryptocurrencies, Ethereum isn’t falling short as the price of Ethereum rose a whopping 2300% in 2017. That said, the Ethereum price was $ 8.09 in January 2017 and rose to $ 203.30 by mid-2017. That is an incredible feat by Ethereum indeed. With such a potential price spike, Ethereum is a popular investment option for crypto enthusiasts and hence its demand has always been in the upper range. The Ethereum Investment Trust (EIT), launched by Grayscale in 2017 to educate users about the volatility in price of Ethereum, has revealed a shocking fact about how people have been busily investing in Ethereum rather than Bitcoin lately.
The increasing trust that the online market is gaining these days has opened the doors for cryptos like Ethereum. The simplicity of transactions and the security of the Ethereum network have made it one of the most sought-after cryptos for using smart contract applications. Bitcoin has always seen a boom and steep drop in its prices, which makes it less reliable. The most recent advance is the introduction of the Enterprise Ethereum Alliance (EEA) to enable large companies and technology providers to use blockchains for transactions. Corporate giants like Microsofts and JPMorgan were there when EEA was launched. The various governments have backed Bitcoins while the corporate sector is the backbone of Ethereum’s success.
Preferred cryptocurrency platform
An alarming number of traders are using the Ethereum network to trade late. It is also predicted that future usage of Ethereum could quadruple. Last year, 83% of Ethereum coins were bought through bitcoins, while now only 23% of Ethereum was bought through bitcoins due to the acceptance of fiat currencies for Ethereum. This is a setback for Bitcoin. Some of the companies that accept Ethereum for their products are Overstock, Cryptoart, Chicago Gemshop, Laptop Power Bank and more. The digital transformation of currencies with Ethereum is also in the pipeline, which clearly shows that Ethereum is a preferred cryptocurrency platform over Bitcoin.