Ethereum vs Bitcoin: Can we expect a brighter Ethereum Future?
The Titans: Ethereum vs Bitcoin.
While Bitcoin is still the apparent leader in cryptocurrency trends, Ethereum has gradually become the second-largest currency as far as the market cap goes (at the time of writing this article).
So, the Ethereum vs Bitcoin debate is gaining more traction today than ever. Whether you’re a veteran trader or someone just starting to dabble in the cryptocurrency, the choice between the two major tokens can often get confusing.
Today, we'll add more clarity and insight into how these two major currencies stack against each other and what the future may hold. Remember that nothing is for sure in this industry (or any other for that matter). But staying informed and making good analysis is a great starting point for any decisive action one may be willing to take.
The Basics of Both
Let’s begin by taking a deeper dive type of overview of both currencies.
Bitcoin came about as the brainchild of a person who went by the pseudonym Satoshi Nakamoto. It was the first cryptographic ledger that was successful on a large scale. Although it's not officially recognized as a currency, it continues occupying a unique space as a medium of virtual transactions.
Ethereum founder Vitalik Buterin envisioned blockchain technology as a means of decentralizing power existing power structures. So, Ethereum went a step further as a decentralized platform that’s open-ended without being confined only to virtual currencies. The building of dapps (Decentralized applications) and smart contract deployment are core examples of how Ethereum capitalized on blockchain technology.
So, in the Ethereum vs Bitcoin debate, we have to first acknowledge that they are similar in a basic aspect. They both use cryptography and distributed ledgers as the core elements that make them run. Each has its own native currency – BTC and ETC (Ether), of which is growing in it’s use among Dapp applications and other activity on the blockchain.
How they differ
The key difference between Ethereum and Bitcoin is in their general objective and intent.
Bitcoin continues to rise as an alternative to fiat currency, and its aspiration is indeed to become a store of value that acts as a legitimate medium of exchange. Ethereum, on the other hand, intends to act as an infrastructure where applications and immutable contracts can be built.
So, while one aims to become an alternative system of monetary transactions, the other aspires to serve as a decentralized platform.
As someone interested in these currencies, another obvious difference is in their value and worth. At the time of writing this article, Bitcoin’s market cap was over $637 billion and priced at more than $34,260. Note: it is still fluctuating and undoubtedly will continue to do so). On the other hand, Ethereum, priced at above $2000, had a market cap of more than $232 billion. (Note: the same fluctuations are also realized in Ethereum as well).
Although Ethereum seems miles behind Bitcoin with these numbers, the volatile nature of cryptocurrency implies that there are no guarantees. So, making an Ethereum price prediction involves a lot of estimations and assumptions and lets just be real about this… no one has a crystal ball so it’s anyone’s best guess as to where it can go or where it will go.
We won't mislead you with speculations of how the Ethereum vs Bitcoin battle will pan out. Rather, we’re focusing on objectively understanding both currencies better so that you can make informed decisions with respect to any potential investments you may decide to make.
How to earn Ethereum or Bitcoin
A common means of earning Ethereum or Bitcoin is by working in positions where you get paid in cryptocurrency. These jobs usually cover marketing, development, designing and other IT-related work.
Trading platforms are also another growing source of earning cryptocurrencies. However, this medium is not for the indecisive or faint-hearted because of the volatile nature of virtual currencies. There’s also peer-to-peer lending platforms where users borrow and repay with interest, generating income for lenders.
Finally, mining is another way some users grind their way up to earning. If you’ve ever wondered how to mine Ethereum or Bitcoin, the answer involves a heavy mining rig (hardware), complex calculations, and slim chances of turning a profit while also paying for huge amounts of electricity at the same time. But those who do it well still manage to earn currency for their efforts.
Will Ethereum overtake Bitcoin eventually?
Some experts believe that Ethereum will invariably overtake the larger Bitcoin with time. They attribute this future to Ethereum’s more agile technology and broader infrastructure that goes beyond tokens and currencies. As you can imagine, anyone making an Ethereum price prediction would have a field day with this sort of news.
But that’s merely one side of the story.
Others maintain that Bitcoin will continue its lead as the most prominent cryptocurrency in the market owing to the trust, familiarity, and user-base it commands.
Looking at Bitcoin’s long domination of the cryptocurrency tables and the growing innovation of the Ethereum network, either one of these predictions could come true in the future.
Whether you’re on team Bitcoin or team Ethereum, there are cases to made on either side of the coin. It almost feels like politics but I’m not about to go there.
What does the Ethereum vs Bitcoin future look like?
First off, cryptocurrency and blockchain technology does not come under any centralized regulations. So, you can't take a single study of an Ethereum future or Ethereum forecast as 100% true and inevitable.
However, if you're leaning towards a more positive Ethereum forecast, the new Ethereum 2.0 may be a sign to rejoice. This new upgrade for Ethereum promises to make it more innovative, with higher scalability and better security, while still keeping it sustainable. If it works as intended, Ethereum may possibly see bigger growths and gains. The success of Ethereum 2.0 will be a key component that decides how well it fares in the ongoing Ethereum vs Bitcoin battle.
So, when does Ethereum 2.0 launch?
The upgrade to Ethereum 2.0 is already launched and in the works now. It’s an ongoing process that takes time and agile adjustment. The intention is to fully make a transition from the old proof-of-work system to the new proof-of-stake mechanism.
The process involves major upgrades from old to new systems (Ethereum hard fork), which may disrupt or enhance the mechanism. Back in April, the Berlin Ethereum hard fork drove up Ether (ETC) prices above the $2500 mark. And with the London Ethereum hard fork nearly here, all eyes are on the second-largest cryptocurrency network.
The bottom line is that decentralized currencies and blockchain tech are not confined to traditional rules. This makes any Ethereum forecast or Bitcoin prediction a more speculative rather than guaranteed affair.
However, with the right insights into the industry and its trends, you'll be able to navigate the waters and be on the right side of the Ethereum vs Bitcoin battle when it truly counts!
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