Is Ethereum the best crypto currency since Bitcoin or is it better?
Bitcoin and Ethereum top the list of 1000+ crypto currencies being traded on the internet. According to the latest news, crypto currencies have achieved $155 billion market capitalization which is quite a milestone. Bitcoin, crypto currency that gained prominence in 2013 has the largest share of 71 Billion(45% of the entire coin marke).
Ethereum occupies the second position with a market capitalization of $31 billion. Other notable crypto currencies include the Ripple, Litecoin, and Monero.
Here are the reasons why Ethereum qualifies as the best currency since Bitcoin.
Ethereum has filled the gaps
Bitcoin emerged as a crypto currency that provided a mode of transaction and trading without duplication. The fact that more people started relying on crypto currency created more needs. Hence, there were gaps in Bitcoin that were needed to be filled. One can say that Ethereum filled the void by providing more options and services that Bitcoin missed.
Ethereum is not all about money. It uses blockchain technology to feature smart contracts and the Ethereum Virtual Machine. For peer to peer contracts, it uses its currency called Ether.
Ethereum has more enhanced features
Ethereum is not all about trade and use of currency for transactions. It provides the users an ease with following features.
- Ethereum trades crypto currency
- It is more secure
- It codifies transactions
- It decentralizes decision making through contracts
Its major feature is the decentralization of consensus without the involvement of the third party. The platform can achieve a verifiable consensus through a mechanism, without going to judges or any legal system. In this, regard Ethereum is more digital in its practices as it liberates the users from the influence of regulators.
The Features of EVM (Ethereum Virtual Machine)
Basic feature that makes Ethereum the choice of investors after Bitcoin is the EVM. In term of value and market capitalization Bitcoin still surpasses Ethereum, but in term of features, the latest has an edge. EVM provides smart contract feature to the users through which they can make more transactions by remaining on the platform. In fact, they get a chance to increase the use of Ethers, they have mined.
Through smart contract features, users can enter in many financial agreements, such as coupon paying bonds or options contracts. Other features of EVM include its ability to fulfill employment contracts, to execute wagers. Up to certain extent, Ethereum is also acting as e-commerce platform rather than merely providing a currency. It also facilitates the purchase of high-value items by acting as trusted escrow.
In fact, EVM is bringing smart contracts as an alternate of social and financial agreements; something that is allowing a crypto currency to exist according to it new meanings.
EVM is in test phases and has very less power. The power of the machine is expected to rise while enabling it the choice of consumers, businesses, and other entities.
Ethereum is growing exponentially
Ethereum is in the market from last two years, and it has reached the half of Bitcoin in term of Market Capitalization. The crypto currency is growing exponentially. Certain latest charts reveal that trends for Ether are more bullish than Bitcoin. In fact, the number of transaction on Ethereum is increasing more rapidly than those of Bitcoin.
Ethereum has got capacity
As mentioned above, Ethereum was designed to develop the capabilities of Bitcoin with the help of advanced features. It has utilized blockchain technology in the relatively smarter way. After 8 years of its inception, Bitcoin seems to have reached its capacity for now. So, there is not much room for further investors. That’s why more crypto currency miners and traders are looking up to Ether, which is relatively new and equipped with more features.
Within two years of its launch, Ether has managed to grab the half of the Bitcoin transaction on its blockchain; a fact that also reflects well in the market capitalization.
Bitcoin vs Ethereum?
Ethereum is not all about crypto-currency like Bitcoin. It is a platform of apps, known as smart contracts. In term of design and application use cases Ethereum is on top, but in term of the popularity of it as a currency, Ethereum is second to Bitcoin.
Also, Ethereum has an unlimited supply of Ether, contrary to Bitcoin that has a limited number of BTC to offer thus making Ethereum inflationary while Bitcoin is deflationary.
The best comparison is that Bitcoin is gold and Ethereum is oil. Many cryptocurrency investors hold both Bitcoin and Ethereum, while others are maximalists or prefer certain coins to other. To each his own….