Ethereum is a rising player in the virtual currency world. Closing in on the bitcoin, it has quickly become the second most choice of the payment methods.
Launched in 2015, the value of Ethereum has grown more than 4K percent in 2017, and one ether (smaller unit) is now almost 325 dollars.
What is Ethereum?????
It is the second most relevant form of virtual money after Bitcoin. The system it rn on is called Ethereum, which was first defined by a Bitcoin programmer in 2013.
This programmer Buterin presented it as an enhancement to Bitcoin. Like Bitcoin, it is a decentralized payment network, with its cryptographic currency, which facilitates unidentified payments to be sent across the world without the requirement for a bank.
Decentralized ledger stores the transactions, the blockchain, and are visible for everyone on the network to see.
You may know many people who became wealthy by mining Bitcoins when its value was low. You might also be one of them. While Bitcoin is still doing good, people are searching for alternative cryptocurrency of it which is even more profitable, whose price is low right now and going to rise soon. Ethereum may be the most probable option.
Why Etherium now?
This cryptocurrency is going up so fast that it already has drawn the interest of large enterprises. With more than 4000% revaluation so far in 2017, mining Ethereum can now make you rich. McAfee, the great antivirus venture, has already asserted that its company has procured potent equipment to mine the Ethereum. As it seems (not to me, but old players of Bitcoin ;)) the rise of the price of Bitcoin is slowing down, Etherium is the new cryptocurrency object of lust. The bubble is about to explode, and the more established investors are going to leap at another option more profitable than the Bitcoin.
Although both are same, there are also minor differences between Ethereum & Bitcoin. Both can be mined by computers that interpret complex algorithms, and none of them are tied to any federal reserve/central bank. They are only bound by law and demand and use Blockchain to add protection and secrecy to transactions. Obviously, as the price of the cryptocurrency goes up, concerns and questions arise.
For example, it is a fact that Money launderers use Bitcoin for their illegal activities. It was recently favorite currency of ransomware attackers.
How does Ethereum different from Bitcoin????
As the second most used cryptocurrency after Bitcoin, Ethereum has undoubtedly drawn parallels to it. Many experts claim its advantages over Bitcoin, which maybe, who knows, in future, comes true.
It permits for “blocks,” the recordings of cryptocurrency activities that can be produced much faster than Bitcoin.
While online user and even some physical stores embrace with open arms, Ethereum’s users consider its effectiveness makes it desirable for transactions, rather than storing value.
Ethereum technology permits for computer apps, not just the virtual currency, to work on the network. Bitcoin’s charm lies in money that does not belong to any one party and does not have to run through a nuclear server.
It concedes not just money, but many other things to run on the network. If you have cloud storage service like Dropbox and file in it, you are expecting Dropbox to take care of it. But on a decentralized storage. You are placing your faith in others who are using it and have an advantage in managing it.
The profit of mining Ethereum can be seen influenced by some people who pass this virtual currency. In a few days, it has been reduced considerably, although when demand grows its price will pick up again. This is how currencies that advance to change the monetary system work.
Should I invest in Ethereum?
The price of Etherium has come down lately and could proceed to climb up in the coming times. Cryptocurrencies are notably unstable, and users should know that the growing bubble could burst within a blink of the eye. But it’s also true that many have become millionaires overnight because of Ethereum.