Ethereum is experiencing the same highs and lows as Bitcoin did before its huge explosion into the public eye, and many market analysts are expecting Ethereum to have its own spotlight soon. The cryptocurrency has expanded its marketability by becoming business-friendly through enabling features that allow for the execution of real estate contracts, collection of insurance compensation, and instant online transactability. Ethereum works differently than competing cryptocurrencies such as Bitcoin, by building beyond their limitations and utilizing smart contracts and applications to maintain a sustainable alternative digital currency.
Many news outlets have given a lot of publicity and coverage to the emerging titan Ethereum, stating that the cryptocurrency has multiple applications for online retail purchasing, gambling, wire transferring, and bulk trading. To further expand on this point, Bloomberg added Ethereum to its terminal service thus presenting the cryptocurrency to numerous financial institutions and investors world-wide. It is safe to speculate that Bloomberg would not include Ethereum unless they expected the valuation to reach as high as Bitcoin. Foreign-exchange traders were the target of this cryptocurrency addition, as the belief of newer more versatile instruments are needed. This could be the result of critics arguing Bitcoin’s nearing pop as rumors have emerged of the cryptocurrency splitting in two and inevitable mining cap.
While some see Ethereum as the new solution, others are as quick to criticize it as they were for Bitcoin. Common critiques range from the minute long blocktime to processing delays due to the sheer number of transactions. Others worry that governments will step in and try to regulate the market, which became justified after news broke of South Korea’s Ministry of Finance and financial regulators proposing a bill to ban cryptocurrencies in their nation. While South Korea is a huge market for Ethereum, making up more than 10% of their trade, Cryptocurrencies across the board took a hit in their price with the release of the news in early January of 2018. However, many feel as though this news is not the beginning to an end but rather a natural reaction to the increasing surge of available cryptocurrencies. Seasoned market analysts reassured investors that the proposed bill may take months, even years to see fruition.
Experienced users of Ethereum see it rising to the top due to its transparency, security, and unlimited number of uses. Many say cryptocurrencies will soon surpass traditional currency due to users seeking convenience, comfort, and variety. Online gamblers were the first to notice the potential of Ethereum through using the cryptocurrency to play on Ethereum gambling sites. Ethereum allows players to verify the historical data of an online casino’s games, particularly slots, to determine fairness; this helps honest casinos build trust with online players. Ethereum also utilizes an if/then code to automate payouts from online gaming platforms. These features substantially increase the demand for pure Ethereum online casinos, Ethereum poker sites, and online sportsbooks accepting Ethereum.
Ethereum’s applications supersede simple online transactions as many technological developers are utilizing Ethereum’s smart contracts and other features to build decentralized markets, exchanges, and order books. For a cryptocurrency that initially launched in 2015, Ethereum has come a long way from its humble beginnings as a bright future lies ahead.