Cryptocurrency: Ethereum vs Bitcoin
It seems as of lately that the buzz in the air is all about cryptocurrency. Did you recently hear about bitcoin mining? Bitcoins and Bitcoin Minning is so popular nowadays that you probably did. Bitcoin is an entirely new currency, a new payment system and it is a digital asset that has surged to limits never seen before.
• The wallet, which connects you to the network, is needed to make cryptocurrency transfers. Cryptocurrencies aren’t stored in your wallet. They are stored in the system, and your Bitcoin wallet gives you access to them.
• Wallets communicate directly with each other to send and receive payments within the network. In this process, the system collectively verifies payments and records them in a public ledger which is huge in size. That public ledger is called the block chain.
The transactions in the Blockchain are recorded and confirmed anonymously. It is a record of events that is shared amongst many parties. Once information is entered, it cannot be altered.
The block chains integrity is secured by a cryptographic process called proof of work, which we mentioned earlier. It is a very hard mathematical puzzle that is solved by powerful computers in the network to make a block valid.
Miners collect transactions and put them into a single block. A block contains four pieces of information:
• Reference to the previous block
• Summary of included transaction
• Time stamp
• and Proof of Work that went into creating the secure block.
There are no bad cheques in the system. All blocks are strung together in one chain.
Enter the new cryptocurrency: Ethereum!
This new cryptocurrency was developed in 2014 and is considered by many to be the new gold standard of blockchain technology. If you are wondering what a block chain is, it consists of a decentralized platform and will eventually replace paper currency as we know it.
The predictions on Bitcoin and Ethereum differ. Ethereumwas created by Vitalik Buterin who was a researcher and of course programmer extraordinaire. It was funded by crowd sale in the summer of 2014 it then went live in the summer of 2015 and today is expected to surpass bitcoin and be the new standard. You can purchase
Ethereum by opening up a wallet, verifying your identity and then using whatever currency to buy one coin that point can later be used as either cash or by other items. The biggest news for Ethereumfans worldwide is a consortium of companies involved in the block and launch including Microsoft, J.P. Morgan and Intel and close to 80 others allowing this block chain to be more credible than ever before. The death of money as we know it is coming to an end. Let’s face it how often do we use cash for transactions instead we use debit or credit cards large denominations of bills are already going by the wayside there are no more €500 bills. Cryptocurrency and blocking technology is the way of the future. As of right now June 6 the market average for Etherium has hit a high of almost $260, this represents a 2700% increase since last year. Will this currency keep rising who knows?
The death of money as we know it is coming to an end. Let’s face it how often do we use cash for transactions instead we use debit or credit cards large denominations of bills are already going by the wayside there are no more €500 bills. Cryptocurrency and blockchain technology is the way of the future. As of right now June 6 the market average for Ethereumhas hit a high of almost $260, this represents a 2700% increase since last year. Will this currency keep rising who knows?
Just like the price, interest in Ethereum has gone up in 2017. It stands to reason that the increased interest is also leading to growing demand.
It would seem that the larger banks are leaning towards digital currency and in the coming year’s cash will become a rarity.
With an apparently endless flow of positive news, reviews and exponential growth in awareness as well as it’s usage, it’s likely that Ethereum’s recent surge will resume for the foreseeable future.