Can Ethereum beat Bitcoin? 🤔
📍If the crypto-currencies had come together and began to measure the size of their blockchains, bitcoin would undoubtedly win, as he has the longest. And if the price of the cryptocurrency depended only on the length of the blockchain, then it would not have price. However, that’s all is a bit more complicated.
🔀A huge amount of bitcoin hardforks try to compensate its shortcomings, including slow transactions and growing-every-year commissions. The problem is purely technical, and the reason is that a large number of people unexpectedly (especially in 2017) began using cryptocurrencies.
🔮Vitalik Buterin, perhaps, foresaw this to happen, because when in 2013 he conceived the Ethereum, he made it’s blockchain a bit different. When bitcoin's blockchain make a new block every ten minutes, Ethereum’s appears every 15 seconds. Bitcoin miners primarily approve transactions with an increased fee, while Ether miners decide for themselves how much gas (equivalent to satoshi) they need to conduct a transaction. More blocks compensate a smaller, relatively to bitcoin, fee. And the total amount of transactions is bigger.
🤓In addition, the system of smart contracts is built into the Ether system. A smart contract enables people to agree on joint business on their own unique conditions and smart contract itself monitors the performance and fully automates the entire process. In a sense, the smart contract performs itself. That’s why it doesn’t surprise when BTCmanager claims there are more dollars in the Ethereum blockchain than in any other.
Bitcoin, like Yuri Gagarin, was the first. But the cryptocurrency universe is only beginning to be explored, which means that sooner or later someone will necessarily take off further. Further than to the Moon.🚀
