Why is Ethereum a viable Bitcoin alternative or does it lacks popularity?

Why is Ethereum a viable Bitcoin alternative or does it lacks popularity?

Coin market cap is a well-known & trusted website of Cryptocurrency Market Capitalisation plate-form where hundreds of coin are in circulations with the two most popular are Bitcoin & Ethereum. Both are identified as the prime cryptocurrencies with market capitalization of $ 69.5 & 27.60 billion worth respectively.

When Bitcoin launched the worth of one bitcoin was equivalent to 10 cents. In July 19, 2010, it became $0,06 and in 2017 that climbed up to $5,000. It is figure out that onward 2009 to 2013 there was an increase of 176,900% reported however from 2013 to 2017 it is accounted for 4899,900%. This noteworthy jump in Bitcoin gained so much popularity that people started to invest in this digital currency. At present there are $64,804,693,508 worth Bitcoins are in circulation in cryptocurrency trading market.

Bitcoin price
Bitcoin price

Similarly Ethereum, the second best Programmable currency which stood at $ 94,522,435 circulating supply.

Ethereum after two years of its birth, the market capitalization of Ethereum reached up to $27 billions. This was an observable figure that draw attention of the analyst towards this coin.

It is also noticeable that right from the invention of Bitcoin, till to date it remains market leader. Now it has a greatest challenge in the face of Ethereum.

According to the Coin Market Cap statistics, in Jan 2017, 1 Bitcoin market value was $963.6 which reached up to $4,186 in September 09, 2017. There is a change of  435% occurred. Whiles statistics of Coin market cap showed in Jan 2017, Ethereum price was equivalent to $ 7.98, now today, September 09, 2017 it risen up to $ 292.56 i.e. 3650% increase reported.

This mark of identification as rising coin Ethereum as a viable bitcoin alternative.

Etherium and Bitcoin price
Etherium and Bitcoin price

Before the advent of Ethereum, there was no rival of Bitcoin, but as it appeared on the scale of trading exchange, it becomes the biggest competitor.

Ethereum is providing block chains to a large number of altcoins. Developers using higher order scripting language can create unique applications which is considered the most valuable for the utility of network.

Ethereum Popularity:

Bitcoin place in the world of Cryptocurrency is not less than a King. It is considered a base currency which is easily exchangeable by fiat currency. Ethereum is the biggest competitor of the Bitcoin.

Ethereum Enterprise Alliance was established by the Fortune 500 enterprises. It is one of the rising Cryptocurrency as it is also gaining popularity in the digital market.

It has challenged the monopoly of Bitcoin but still it is the silver to Bitcoin’s gold ratio. When compared to the popularity and attraction of Bitcoin the Ethereum is equivalent to $289 worth but can gain the dominance in the vast exchange of Cryptocurrency.  Ethereum has a dual nature, it is platform that gives an opportunity that create a decentralized application and creates currency for the traders.

Ethereum is gaining popularity because it has its own decentralized computing platform written in C++, Go, Rust. The blockchain designed is always recording its script or the contracts that are done by the participants. Ethereum has grabbed attention of variety of developers and institutions that play part in the transactions. The currency Ether has been a catalyst to the platform. It has changed the rewarding system to the people who are responsible to do the transaction.

When we talk about Bitcoin trading there are miners which used to earn the Ether while completing the transactions by solving the difficult mathematical problems.
Ethereum is attracting different software developers and also clutched the technology players such as Intel and Microsoft

Secure Ethereum Transactions:

There is always a doubt and a question on the legality of these Crytocurrencies due to non-recognized by any governing body there is always an opportunity to curse and abuse. The Bitcoin also faced a lot of loss and it has faced the devaluation because of the hackers. But the Ethereum transactions have very tight and strict rules and regulation over the transactions. The Blockchain Ethereum flows is much channeled and very tough to break. The hackers do not get a chance to break the blockchain due to highly diversified and decentralized transaction system.

To avoid hacking and miners to interrupt the transactions the validators have been introduced. That is much-channelized system for transaction rather than miners mines the transaction and take the share from the transactions. The rules for cybercrime have been pushed hard by the advocate of the cryptocurrency to make them tough and fool proof. The Bitcoin has gained the popularity and acceptance in Japan and Russia and soon Ethereum will also get popularity slowly and gradually

Popularity of Ethereum with Software developers:

Ethereum smart contracts can help the devices who are operating internet can interact with each other. Ethereum is considered as Internet of thing (IoT). As Tual, 2016 quotes an example that Ethereum computers can help unlock the doors of the apartments and offices that can be given on rent.

Open Source Ethereum Mining Pool
Open Source Ethereum Mining Pool

IBM has also commented on Ethereum and its diversity which the blockchain technology is a key that will make it successful by operating Internet of Thing (IoT). The blockchain is a framework in which the transaction is processed where millions of devices are attached thorough internet. Each of the computers which is connected to the internet behaves as decenteralized and autonomous thing. Hence every computer has a democratic system and autonomy in the digital world of transactions on Cryptocurrencies.

Conclusion:

In review of both Bitcoin and Ethereum there are many differences between both of them. It is not stated that both have inversely proportional relationship where one increase and the other decrease but definitely there is a competition. They both can exist in the digital market at the same time by understanding each ones market niche and to target that.

In the world of cryptocurrency, it ranked at second position after Bitcoin. The current market capitalization worth is over $27 billion dollar.

Ethereum took advantages by the weaknesses of the Bitcoin.  Ethereum takes 14 to 15 seconds to execute transactions while Bitcoin takes 10 minutes. It is much faster than Bitcoin. Open block chains are so powerful, it grabbed the attention of software developers who could create unique applications which are valuable for network. Indeed, it is a viable Bitcoin alternative.

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