Bitcoin vs. Ethereum: The Greatest Crypto War of 2019

 

Ethereum vs Bitcoin: Key Contrasts Between Major Cryptocurrency Rivals

Bitcoin and Ethereum, the foremost cryptocurrencies today, share a common origin story. Bitcoin emerged in 2009 under the pseudonymous Satoshi Nakamoto, while Ethereum was proposed by Vitalik Buterin in late 2013. Despite their apparent similarities, these cryptocurrencies diverge in their underlying concepts and objectives. Bitcoin has been the undisputed leader in the cryptocurrency realm since its 2009 debut. While countless imitators have risen and fallen, Bitcoin has maintained its dominance. However, over the past four years, Ethereum has emerged as a formidable competitor to Bitcoin’s supremacy. The fundamental distinction between Ethereum and Bitcoin stems from their conceptual foundations. Bitcoin’s primary goal is to establish a secure, censorship-resistant value system independent of traditional finance. In contrast, Ethereum is conceived as a “decentralized world computer” with Turing-complete functionality, enabling users to create and execute applications through the Ethereum Virtual Machine (EVM). Conceptually, Bitcoin represents digital money, while Ethereum embodies the concept of smart contracts. Bitcoin aims to serve as a store of value, often dubbed “digital gold,” with the potential to replace traditional fiat currencies in the future. Ethereum, on the other hand, aspires to be a vast platform facilitating smart contracts and decentralized applications (dApps). In terms of purpose, Bitcoin’s objective is to enable peer-to-peer money transfers without the involvement of third parties, bypassing banks and payment processors. Bitcoin empowers users with full control over their funds, offering a consistent fee structure regardless of the transaction’s destination. In contrast, Ethereum introduces its cryptocurrency, Ether, not as a payment alternative but as a means to facilitate and monetize the operation of the Ethereum platform. Ether’s primary function is to support developers in building and running dApps. Regarding supply, Bitcoin is capped at 21,000,000 coins, fostering supply and demand dynamics conducive to a store of value. In contrast, Ethereum imposes no such limit, resulting in continuous Ether production.

Ethereum vs. Bitcoin Charts Today

Bitcoin has staged an impressive resurgence in 2019, experiencing a price surge that appears relentless. In May, Bitcoin’s value surged by nearly 60%, marking its most significant monthly gain since December 2017. On May 27, the cryptocurrency briefly reached $9,090 but experienced an 11% decline within minutes. On June 16, Bitcoin once again crossed the $9,000 threshold, reaching a peak of $9,311. At the time of writing, Bitcoin traded in the $9,100 to $9,300 range, reflecting a 140% increase since the year’s beginning. Bitcoin boasts a market capitalization of approximately $163 billion, a 24-hour trading volume exceeding $21 billion, and a circulating supply of 17,763,562 BTC. Ethereum has also exhibited rapid and robust performance over the past six months, reaching $279 on June 16. Presently, Ethereum’s price remains in positive territory, trading above the $270 resistance level against the US dollar. Price Forecasts for BTC and ETH: Predicting the Future Recent price fluctuations in Ethereum and Bitcoin have spurred considerable interest in price forecasting. Many anticipate that 2020 will be a remarkable year for Ethereum and other cryptocurrencies. Wences Casares, CEO of Xapo and a Bitcoin advocate, predicts that BTC’s value could increase by at least 250 times in the foreseeable future. Tim Draper, another prominent Bitcoin enthusiast and crypto billionaire, envisions Bitcoin as a ubiquitous currency, rendering fiat currencies obsolete. Draper forecasts a Bitcoin price of $250,000 within four years. Elon Musk, the founder of SpaceX and Tesla, has publicly praised Bitcoin as “brilliant” and superior to traditional paper money in terms of transferring value. Fran Strajnar, CEO of Techemy Ltd, holds high hopes for BTC, speculating it may reach $200,000 by January 2020. Zhao Dong, one of China’s prominent OTC traders and a Bitcoin billionaire, forecasts Bitcoin’s potential ascent to $50,000 by 2021, underscoring the current opportune moment for investment. Bitcoin adoption is accelerating, with NASDAQ planning to launch Bitcoin futures in the first half of 2019. Bakkt, a cryptocurrency payment system and digital asset trading platform, is set to debut later this year. Asset management giant Fidelity is also poised to enter Bitcoin trading in 2019. Bitfury Group, in collaboration with a South Korean R&D firm, is establishing a network of Bitcoin mining centers in Paraguay. Ethereum, on the other hand, is witnessing substantial adoption, with over 110,000 daily active users engaging in 1.79 million daily transactions through its dApps. Joseph Raczynski, founder of Joe Technologist.com and a blockchain enthusiast, predicts Ethereum’s value could reach $1,000 by year-end 2019. Ian McLeod, a technology expert at Thomas Crown Art, envisions Ethereum’s price climbing to $500 in 2019, anticipating a global breakthrough. According to TradingBeasts.com, Ether’s price may reach as high as $908 by year-end, with an average price around $650. Brian Schuster, founder of Ark Capital LLC, offers an exceptionally bullish outlook, suggesting ETH could reach $100,000 within five years, potentially supplanting gold with cryptocurrency. Ethereum co-founder Steven Nerayoff anticipates a tripling of Ethereum’s price, estimating a value of $3,000 by the end of 2019. Ultimately, predicting the future remains uncertain, but both Ethereum and Bitcoin advocates foresee boundless potential. Presently, the markets appear on a sustained upward trajectory that is likely to continue in the foreseeable future.

Ethereum vs Bitcoin: Which to Choose?

Selecting between Ethereum and Bitcoin for investment can be a challenging decision, given their respective advantages and the substantial growth they’ve exhibited in recent years. Like any investment, it is advisable to amass a wealth of knowledge before committing your hard-earned capital. Nonetheless, one thing is evident: both BTC and ETH possess robust foundations, large and devoted followings, and reputations as two of the most advanced blockchain networks available today.

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