The advent of the internet has changed virtually every aspect of our lives – from dating and shopping, to even money. Cryptocurrencies such as Bitcoin (which has cemented itself as the leader) serve as a medium of exchange that converts traditional dollars into coded cash, online. They’re meant to be a safer way to pay.
The galaxy of cryptocurrencies seems to be expanding all the time. And one name, in particular, is gaining tremendous traction – Ethereum.
While Ethereum is far from Bitcoin in terms of market cap, it’s still leaps and bounds ahead of all the others.
Of course, Bitcoin has faced competition all along. As of August 2015, according to mapofcoins.com, there were more than 669 cryptocurrencies available for trade in online markets and more than 740 in total. Those numbers have only grown since then.
All of this competition is no coincidence, either. Rather, cryptocurrencies represent just one of a number of systemic, structural forces coming to overturn centralized banking.
Their success is mainly due to the waning faith in central banks, as they offer vendors as well as consumers a non-state, non-central-bank-issued currency option.
Naturally, the popularity of cryptocurrencies has led to an explosion of options, which in turn has created competition for Bitcoin.
Despite a peak in competition, Bitcoin isn’t shaking in its boots. Because the Ethereum network has proven to be something that, in the long run, may be beneficial to the Bitcoin ecosystem, itself. What’s the Difference? Ethereum, launched in 2014, is an open source platform for “smart contracts.” It’s built on top of block chain technology that’s designed to store transactions and data without requiring any central authority or repository.This effectively cuts out the middle man – big banks.Dubbed as one of the “ Bitcoin 2.0 ” projects, Ethereum has the potential to bring blockchain technology to a […]
