Great interest in Ethereum – is it over and out for Bitcoin?
Bitcoin has been and is the world’s largest cryptocurrency, but lately there has been a hint of increased interest in the next on the list – Ethereum – and it has made people ask themselves the following questions: Is it over and out for Bitcoin?
What is Bitcoin?
But what exactly is Bitcoin? Bitcoin is a cryptocurrency that was launched in 2009, but it would take quite a few years before it really took off. This did not happen until 2017. Then it exploded, and Bitcoin was a word that was possible to find on everyone’s lips.
Ever since its inception in 2009, Bitcoin has been considered the world’s largest cryptocurrency. Not only in terms of how many people use this cryptocurrency, but also in connection with the market value of the cryptocurrency.
What is Ethereum?
But even though Bitcoin is considered the world’s largest cryptocurrency, it has not stopped nodes from trying to take up the fight. In fact, a number of attempts have been made on this, and one of them is the cryptocurrency Ethereum.
But Ethereum is more than just a cryptocurrency. In fact, Ethereum is not the name of the cryptocurrency itself. The name of the cryptocurrency is Ether, while Ethereum is the name of the platform which is one of the places where one can use this cryptocurrency. With that said, Ether can also be used elsewhere.
Ether belongs to the category that has been named «altcoin». It is a term that refers to a group of cryptocurrencies that have been developed specifically to be an alternative to the market giant Bitcoin. “Altcoin” is an abbreviation for alternative coin.
But Ethereum / Ether stands out in other ways as well. One of them is that Ethereum was the first to implement smart contracts in its platform. This led to Ethereum being more or less unique at the time of launch. Today, Ethereum / Ether is considered to be the world’s second largest cryptocurrency, also in terms of market value.[main]
Bitcoin vs. Ethereum
But what really separates Bitcoin and Ether? Both Bitcoin and Ether are cryptocurrencies, and they follow each other in terms of market value. It goes without saying, as Bitcoin is the largest and Ether the second largest.
Both of these cryptocurrencies are built on the basis of blockchain technology and open source, so there are a couple of other aspects that these cryptocurrencies have in common. But that is also where the similarities end.
Bitcoin is a pure cryptocurrency, while Ether is connected to Ethereum, which is a multi-purpose platform. In addition, Ethereum and Ether have implemented smart contracts in their code, which makes this cryptocurrency a little smoother than its competitor.
But having said that, it is not to be underestimated that Bitcoin is the larger of the two. The market value of Bitcoin and Ethereum is $ 699 million and $ 289 million, respectively. That is many billions in Norwegian kroner!
Therefore, interest in Ethereum is increasing
But what is really the reason why the interest in Ethereum has increased so much lately? This is a development we have been following closely over the past year. The extent to which this is a random development is a bit uncertain, but we do not think it is completely random.
After all, Ethereum is the world’s second largest cryptocurrency, so growing interest in it should come as no surprise to anyone.
In addition to the obvious market position Ethereum has, we should not forget that they were actually the first to use smart contracts in their code. What exactly is a smart contract? A smart contract is a contract that is executed automatically when all the conditions for the contract are met.
It’s no secret that smart contracts can be the solution to many problems in the future, and we definitely believe that this also affects users’ interest in Ethereum if they see that smart contracts can be useful for something they do.[main]
Is it over and out for Bitcoin?
But is it so that because interest in Ethereum is growing, it’s over and out for Bitcoin? As we see it, the answer is definitely no.
Bitcoin is the world’s largest cryptocurrency, and we believe that it will take a lot to tip this cryptocurrency off the throne. We will even go so far as to say that we do not know if it is possible. Despite increased interest in Ethereum, they have a long way to go. This can be seen, for example, in the market value of the two cryptocurrencies.
So no, Bitcoin is probably alive and well for many more years!
This is what the director of VISA says about the future of cryptocurrency in general: