Over the past few years, Bitcoin has become the hallmark of crypto currencies, being the first popular currency as well as the most popular, and has attracted many to invest. Bitcoin has made quite a few millionaires, and has attracted the watchful eye of governments and rich entrepreneurs alike.
As bitcoin rose in value, it spurred the creation of many other cryptocurrencies, including litecoin, Dash and ZCash. However, among the thousands of alternative coins, or altcoins, none have gained as much traction as a new competitor who entered the market early 2015: Ethereum. Similar to other currencies in the sense it was probably inspired by Bitcoin, Ethereum, provides a key additional function that many other currencies lack: uses outside of a peer to peer transaction base.
Ethereum allows developers to create their own decentralised applications and use Smart Contracts for things such as asset registration, land ownership and anything else where keeping a permanent record is essential. It has tons of other uses too, the possibilities are endless. Unfortunately, Ether has already shot up in value, so the super early adopter value spike has already transpired, but with the faster block confirmation times (~10 mins vs ~20 seconds) and larger blocks, Ether allows for more transactions and more confirmations faster, and along with the added development room to grow Ether could overtake Bitcoin as the cryptocurrency of choice, while rising in value at the same time. Ethereum can quite possibly be the next big cryptocurrency.
Will Ethereum overtake Bitcoin?
While it was never the intention for Ethereum to be an intrinsic store of value like with Bitcoin, investors spotted an opportunity and invested anyway following the early gains Bitcoin had achieved, causing the price to skyrocket in early 2017.
Believe it or not, the Ether price was just £7 ($9) on 1st January 2017, not even 12 months ago! Now the price has been fluctuating roughly between £200 and £250 ($260 and $330) for the past 2 months, which is actually very stable for the usually volatile cryptocurrency markets. Mid way through 2017 the price hit highs of £330 ($430), and investors are hoping the value will soon start climbing even higher.
In terms of growth in 2017, Ethereum has blown Bitcoin completely out of the water! From January to November, Ethereum has gained a whopping 4,600%, while Bitcoin is up around 700%.
Interest in the technology is growing at an unfathomable rate, with thousands of companies and organisations around the world developing projects and expressing an interest. Even global ecommerce giants Amazon are becoming interested in Ethereum. Just last week they registered (among a couple of others) the domain amazonethereum.com. But will Ethereum overtake Bitcoin?
It’s certainly possible that one day Ethereum could overtake Bitcoin. The fate of Bitcoin is being heavily debated at the moment prior to the upcoming B2X hard fork, while Ethereum is quietly gaining more and more traction in the background.
Anything can happen in the cryptocurrency world, and 2018 is certainly going to be eventful. 2017 will undoubtedly go down in history as the year of the crypto, but could 2018 be any better. More importantly, could Ethereum overtake Bitcoin?
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