The two most industry influential cryptocurrencies, i.e., Bitcoin and Ethereum are foremost leading the market. Though, the development of Ethereum was to complement Bitcoin. But despite this, it ended up being its biggest competitor. Considering this as one of the aspects, we will uncover the myths and doubts you have about the future of cryptocurrencies.
Updates on the Future of Cryptocurrencies: Bitcoin vs Ethereum
Bitcoin and Ethereum have always been in the news for many reasons. We guess it is only because the cryptocurrency market is getting hyped after every update released by the big people globally. May it be Musk or JPMorgan, their statements have always been acted influential in the cryptocurrency industry. And that is why the future of cryptocurrencies is much in the hands of such big names.
In this article, we will be looking at all aspects of Bitcoin and Ethereum. So, let begin.
Bitcoin
In 2009, Bitcoin came into existence under the pseudonym of Satoshi Nakamoto. It was the first-ever cryptocurrency that one can purchase in bits. The cryptocurrency uses cryptography that powers Bitcoin transactions. It is the safest form of transaction and the medium of exchange adopted by people worldwide.
According to the latest updates, JPMorgan said if the slumped Bitcoin recovers 50% of its highest peak, then nothing can stop Bitcoin from creating history.
The vast majority of traders are adopting cryptocurrencies in India is because it does not reveal the identity of the sender or a receiver. It makes the transactions get executed without any halts or delays. On the other hand, Bitcoin tends to be an alternative to the fiat currencies such as USD, EUR and many more on which there is no government or bank involved. It's a sort of digital gold which people can hold, sell, buy and exchange when needed.
Ethereum
Ethereum came into existence in 2015 as a complement to Bitcoin. But its rapid adoption in the market made Ether Bitcoins competitive. Due to its advanced technology, Ethereum technology needed when someone is building or deploying decentralised applications.
Many people globally also named Ethereum a DIY platform for decentralised apps (DaApps) that uses smart contracts. One of the main differences between Bitcoin and Ethereum is that Bitcoin is in use for decentralising money. Whereas, Ethereum allows the decentralisation of every ledger-based record, from voting rights, house registration to medical records and so on.
The matter is more complex than it seems. Due to the extensibility of cryptocurrency, the coins do not have clearly defined operations. That is why many aspects seemed to overlap one another, leaving no space for user's migration. The future of cryptocurrencies is indefinable. Many countries are in favour to adopt cryptocurrencies in the market.
In one of the recent cases, Sotheby's Hong Kong organized an auction to sell 101.38 carats diamond. They also invited cryptocurrency holders to come and place a bid at the auction. Isn't it good that cryptocurrency holders are making their own space in each industry?
From Facebook adopting cryptocurrency, biding approvals through cryptocurrency at auctions to Bitcoin becoming the official cryptocurrency of El Salvador, mostly are in favour of cryptocurrencies.
It shows that the future of cryptocurrencies such as Bitcoin and Ethereum seemed much bright. All there is a wait for the policies to be brought forth to the world where the role of banks and government can ger transparent and without any barriers, people can trade, hold, exchange, and sell cryptocurrencies in the future.
Deciding on the future of cryptocurrencies too soon seemed much hard. One side Bitcoin is proving its potential to be a better store value. Whereas, Ethereum is establishing its potential to be the fastest payment method. Both are have had issues in the past and is still facing one or the other. Zeeshan Feroz said comparing Bitcoin and Ethereum is like comparing Apples and Oranges. Both the cryptocurrencies serve their purposes and can coexist with DeFi bridging the two.
