Friday 27 January 2023

Ethereum – Is a Hard Competitor and Danger for Bitcoin? – Latin America Perspective

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The 21st century brought about changes that many believed to be only possible in fiction. The constant evolution of science and technology has forever changed the face of our culture and activities.

Technology and its roots have touched virtually every subject we can think about, be it hobbies or even careers. Nowadays more people enjoy series and movies in the comfort of their home instead of going to the cinema.

Online orders for groceries and even electronics or clothing become more common day by day, thanks in no small part to the ongoing Covid-19 pandemic. eSports is a reality, and each day, new leagues and teams are created, and their popularity both as an entertainment form and actual profession keeps on growing.

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Even soap operas and TV shows are slowly being replaced by online series and content creators on platforms such as Twitch and YouTube. Economics has not been left untouched, and the birth of cryptocurrencies is one of the most controversial occurrences in digital finances in the last few decades. Ethereum and Bitcoin position themselves as leaders of the crypto food chain, and with the recent growth of Ethereum’s market value, those who want to buy & sell cryptocurrency wonder if it will surpass Bitcoin in the future. Today dear readers, let’s take a closer look at these two digital currencies, and how they could impact the market in the future.

Why Cryptocurrencies?

Before delving deeper into the crypto world, let’s begin by clarifying some things about cryptocurrencies in general. Namely, why they are so popular in today’s financial world. The main reason behind crypto’s popularity is that they are not linked to any financial institution or national government. Bitcoin is governed, traded, handled, and shared by the Bitcoin blockchain software. The same goes for Ethereum, Lithecoin, and all other cryptocurrencies. The fact that cryptocurrencies can be traded without any intervention from a third party is huge. There are no extra fees nor anything else linked to crypto trading. Also, the blockchain software used in all cryptos guarantees the authenticity and security of each crypto coin. Fraud or forging of cryptocurrencies is virtually impossible.

Bitcoin: The First Legalized Cryptocurrency

Bitcoin has been, to put it mildly, a controversial currency. Since its conception way back in 2009, Bitcoin has been volatile. It has seen spikes in both directions that baffle economists and the rules of markets as we know them. Being the main staple in the crypto chain, Bitcoin’s value has skyrocketed in the last couple of years. This rise thanks to many investors who believe that cryptos, Bitcoin in particular, will take over future economics. Bitcoin’s current value at a little over $44,000 seems to make that point stand. Also, El Salvador’s legalization of Bitcoin as an actual currency in the country puts this digital coin in the lead for establishing a long-lasting legacy in the world of economics.

Ethereum: Slow and Steady

Sitting at a comfortable second place in the table of crypto’s market value is Ethereum, a cryptocurrency with almost 7 years of history behind it. Conceived in 2013 and going live in 2015, Ethereum has been one of the most stable cryptocurrencies in the market. It has been maintaining a slow and steady trend upward throughout all of its history. While possessing less than 10% of Bitcoin’s market value, Ethereum still holds the second position in the market. Its value is at least ten times higher than Bitcoin cash. Upcoming updates and upgrades in Ethereum 2.0 want to solidify its position in the crypto world, as well as make it the prime competitor for Bitcoin’s first place.

The Future of Cryptos

Determining if Ethereum will surpass Bitcoin in the long run, or if Bitcoin will remain at the top for years to come, is a big question mark. The volatile nature of crypto trading makes predictions based on history something inaccurate to rely on when an answer is needed. If we are to believe history, then Bitcoin will stay at the top of the crypto chain for many more decades, as its losses are marginal compared to its massive growth in a relatively short amount of time. Yet if we are to follow current trends, then Ethereum is to be invested in, as its history of stability and growth is something unheard of in the cryptoworld.

Siding with either one is not something that can be defined right away, the only thing that we can be sure of right now, is that crypto investment is one of the most solid ones in today’s world. If you are looking for an investment opportunity, then look no further than cryptocurrencies.

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Carter Maddox
Carter is self-described as thirty-three-and-a-half years old and his thirty-three-and-a-half years birthday is always on March 3. Carter characteristically avoids pronouns, referring to himself in the third person (e.g. "Carter has a question" rather than, "I have a question"). One day [in 1984], Carter, raised himself up and from that day forward we could all read what Carter writes.

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