Bitcoin Vs Ether- We Choose To Go With Ether
Bitcoin and Ether are two prime digital currency tokens which have seemingly different monetary policies. Lately in the wake of current scenarios, Ether is being thought to be Bitcoin’s rival in the market. Repeated warnings by Andreas Antonopoulos to stop dubbing Ethereum as Bitcoin’s rival have taken the social media by the storm.
The growing debate over Ethereum and Bitcoin has been interpreted as being made from the perspective of the methodology involved in investing and transacting with the two digital currencies.
Ethereum- a better means of exchange
Chris Burniske, an analyst and blockchain product lead at the ARK Investment Management, predicts the trends in use of Bitcoin over ETH. He quotes, “Bitcoin will be in use as a store of value whereas Ether will be used a means of exchange.” Ether is primarily used to power smart contracts which appeal to the Ethereum network.
In an extract from Forbes, he has stated the foundations on which both Bitcoin and Ethereum lay are similar. The transactions are recorded publicly thereby allowing money and assets to be exchanged quickly. This eliminates the existence of a long chain of middlemen.
As of the statistics from December 2015, Ethereum was trading at the value less the value $1. Over the months, there has been a rise in the trading value by 15 folds. ETH now trades at a net value of $15. Owing to Ethereum’s ability to establish binding financial agreements has gathered user interest pertaining to investing in digital currency.
A whooping amount of $150 million was invested into the Decentralization Autonomous Organization (DAO). The crowdfunding provides every investor with the benefit of rigth to vote on major allocations.
Consumers of Ether and Bitcoin
It is quite rare to find Ether led electronic payments. The functionality of Ethereum caters to running programs in the Ethereum network. In contrast, Bitcoin has payment acceptances in numerous parts of the world and has about 670 BTMS (teller machines).
David Duccini, Executive Director of Strength in Numbers Foundation, remarks that Ether is consumed by applications. The DAO also faces the threat of an eventual end to it.