Could Ethereum (ETH) Become The Next Bitcoin?

    The cryptocurrency’s value has experienced both record-breaking highs and heartbreaking lows over the past year, leading to a year that can only be described as “a rollercoaster of one year”.

    Bitcoin (BTC -3.40 percent) is the best-known and most popular cryptocurrency, with a market cap of over $1.1 trillion – almost half of the total $2.6 trillion crypto market.

    The market cap of bitcoin is based on the number of coins mined and sold.

    Ethereum is another cryptocurrency that has a chance to surpass Bitcoin in the future.

    Despite the fact that bitcoin has many desirable properties, it cannot be guaranteed (ETH -10.35 percent).

    Ethereum is currently the second most popular cryptocurrency after Bitcoin; Nevertheless, there are a number of reasons why Ethereum is a better investment than Bitcoin.

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    What Are Some Benefits Of Using Ethereum Instead Of Bitcoin?

    Here are some benefits of using Ethereum instead of Bitcoin:

    1. Ethereum Will Overtake Bitcoin In Terms Of Both Speed And Friendliness To The Environment.

    The mining process that takes place within the Ethereum blockchain is one of the most important differences between Bitcoin and Ethereum.

    To validate transactions, bitcoin uses a technique known as proof of work (PoW), which requires powerful computers to solve difficult puzzles.

    Due to the fact that there is a limited amount of bitcoin tokens available, solving these puzzles will become progressively more challenging as more tokens are mined.

    The process of bitcoin mining already consumes more energy than in other countries, and as time goes on, it is expected to require a greater amount of energy and money.

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    At the moment, Ethereum is also using the proof of work (PoW) method; However, the platform is in the process of migrating to the Proof of Stake (PoS) protocol.

    In this configuration, validators are required to risk a percentage of their cryptocurrency holdings to verify transaction requests.

    By increasing the amount you bet, you increase your chances of winning a prize.

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    PoS systems not only require significantly less energy (it is estimated that Ethereum will use 99.95 percent less energy once fully transitioned to the PoS protocol), but it also results in faster transaction times. 

    Once fully converted to the PoS protocol, Ethereum is expected to use 99.95 percent less energy.

    As a result, once Ethereum switches to a proof-of-stake-based system, it will be faster and more durable than Bitcoin.

    2. Ethereum Can Be Used In A Wide Range Of Applications.

    Blockchain technology offers a wide range of applications, some of which have the potential to transform many different industries.

    Bitcoin, on the other hand, is largely used as a means of payment.

    For example, Ethereum is able to host smart contracts, making it possible for two individuals to transact without requiring a third party, such as a lawyer, to mediate the process.

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    Decentralized finance (also known as DeFi) and non-fungible tokens are two examples of the new possibilities made possible by smart contracts, which also open new doors in the field of technology (NFTs).

    Ethereum isn’t the only network that can host smart contracts; Nevertheless, it is one of the largest and most popular networks for decentralized exchanges and applications such as network-based tokens (NFTs).

    If smart contracts or any other applications of Ethereum are widely used, the platform could still be successful, even if cryptocurrencies are not eventually accepted as a form of payment.

    3. The Possibilities Are Limitless With Ethereum.

    Because Ethereum is an open-source blockchain, programmers have the ability to create new applications that run on the network.

    It is possible that these will be decentralized applications such as NFTs, or they could be a new currency that will be hosted on Ethereum’s blockchain.

    On the Ethereum network, anyone is free to design a new application or cryptocurrency, which means the network’s capability is constrained only by the ingenuity of its developers.

    Some advocates of Ethereum think that if the Internet as we know it now is considered Web 2.0, then Ethereum and all of its decentralized applications could be Web 3.0.

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    This is despite the fact that no one knows exactly how revolutionary Ethereum can be.

    Even though Bitcoin is the most widely used cryptocurrency now, Ethereum has a lot of benefits that could bring it to the front of the pack in the near future.

    Even though there is never any certainty when investing (especially when it comes to cryptocurrencies), Ethereum can be a good investment option as it has a lot of promise over the long term.

    Is Ethereum The Next Bitcoin?

    No, Ethereum is not going to overtake Bitcoin as the leading cryptocurrency.

    Both cryptocurrencies have their own distinct significance and each offers a different set of benefits.

    Bitcoin is famous for its use as a type of store of value.

    Bitcoin accounts for about 40 percent of the market share in the entire cryptocurrency space.

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    Ethereum is notable because of its unique blockchain functionality.

    Unlike any other blockchain platform, Ethereum is home to hundreds of active smart contracts, decentralized applications (Dapps), and coins.

    About 20% of the total cryptocurrency market is controlled by Ether.

    There is no doubt that its value will increase over time, but it does not indicate that Ether will be able to surpass Bitcoin in terms of value.


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    Priyansh Gupta
    Priyansh Gupta
    My name is Priyansh Gupta and I am an online entrepreneur. My mission is to teach people who are interested in becoming online entrepreneurs and help them to scale their influence online at startup speed.

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