It is no secret that cryptocurrencies have had it rough in the recent months, and ever since the beginning of the year, their prices continue to drop, with small bits of occasional recovery periods. Because of this, many believe that the time of cryptos is coming to an end, and fast. While this may be true for some of them, not all of the cryptos will disappear, and Ethereum is definitely among those that will remain. Let’s see why.
Ethereum is not going anywhere
A lot of experts on cryptocurrencies and financial businesses are convinced that the crypto-craze (now lasting for almost a decade) is about to disappear forever. Crypto enthusiasts believe that this will not happen, but in truth, a lot of digital coins will eventually lose the strength to keep on fighting for survival.
Among the cryptos that will go away, however, there are some that are still strong enough to be able to survive the crash. They will not only survive because of their strength and stability, but also because they are needed, now that they were discovered and properly developed.
Ethereum is among the strongest ones today, and if any crypto manages to outlast the others, it will be ETH. It appeared as the first crypto to come after Bitcoin established its decade-long dominance, and it has become the representative of the second generation of digital currencies. Since then, it had a pretty good run, and it still holds the second place in the crypto world.
Thanks to that fact, it had a lot of competition over the years, and even now, new coins that wish to take its place appear almost every day. Still, Ethereum manages to hold its own and will probably even outlast them all, and maybe even Bitcoin itself. Its potential to do so comes from 5 reasons.
1. Ethereum’s technology surpasses even Bitcoins
Truthfully, this is something that a lot of cryptocurrencies, including Ethereum, have in common. As the first crypto ever, Bitcoin’s concept is amazing, but a lot of cryptos that appeared after its release have a much better technology. Bitcoin was the first one, and it made some mistakes that other cryptos were able to see and improve upon.
This, as mentioned, includes Ethereum, which was launched with the intention to provide a real digital currency, that would be better than Bitcoin. Ethereum’s goal was never to surpass BTC, but to fix its issues and provide a better service.
It uses the so-called Turing-complete code, which allows it to run pretty much any kind of contract or program. It is also capable of solving relatively complex equations, which give this crypto a real potential to solve some of the more complex issues of the real world.
Additionally, it is receiving constant upgrades that are making it better with each version. As long as this continues, and Ethereum remains ‘alive’ when it comes to these upgrades, there is basically no limit to how far it can go.
2. Ethereum’s speed also surpasses that of Bitcoin
As mentioned, Ethereum has a better technology, which directly leads to a more advanced and superior blockchain. Because of this, Ethereum is capable of reaching much faster speed than what Bitcoin could ever hope to achieve.
Its transactions are faster, as well as the recording speed, which usually comes down to mere seconds, instead of entire minutes that Bitcoin is known to take. This doesn’t mean that Bitcoin is no good, of course, since it is much better than traditional ways of sending payments. But, the important thing to remember is that, if Bitcoin is so much better than traditional methods, and Ethereum is better than Bitcoin, then ETH is extremely superior when compared to traditional methods. This is one of the biggest reasons why it is needed, and why it will definitely survive the crypto-elimination.
3. It has much, much more applications than BTC and most other coins
We have already covered Ethereum’s speed and technology, which is flexible and innovative when compared to that of Bitcoin. These improvements also make Ethereum the go-to cryptos for many companies and various organizations that seek efficiency and quality.
Thanks to its capabilities when it comes to smart contracts, Ethereum is a much faster, but at the same time, much cheaper alternative to BTC.
As you may already know, smart contracts are self-executing agreements that do not require supervision of any governing body. This is what makes them decentralized, and instead of including the third party, they are automatically recorded on the blockchain owned and operated by Ethereum. Without the need for a third party, ETH users can effectively cut the cost of making a contract.
Because of this Ethereum has become one of the most-commonly used blockchains for creating and improving on all kinds of different projects, and even for developing new cryptos. It can be used for efficient trading, creation, and execution of the smart contract, and even for the development of decentralized apps (dApps). With so many possibilities, Ethereum will never reach the stage where it will become obsolete.
4. Ethereum is backed by a lot of major firms
When it comes to crypto’s backup, Ethereum is one of the most dominant cryptos in the world. It is supported by the largest open-source blockchain alliance around the globe, Enterprise Ethereum Alliance (EEA). The Alliance features a lot of Fortune 500 firms, but also technology vendors, academics, various startups, and more.
The goal is to create an Enterprise grade software through the use of Ethereum’s blockchain, which would make it even better, and capable of resolving even the most complex applications and problems.
Currently, the Alliance has over 180 members, and they still continue to grow. Some of the biggest representatives of the Alliance include firms like Mastercard, ING, JP Morgan, and even Microsoft itself.
Additionally, Ethereum is also being adopted by various financial institutions that are looking to improve their business practices.
5. Loyal and focused community
Ethereum’s support doesn’t only come from companies, however, and the main reason why it came to be, and why it lived for long enough to arrive where it is today revolves around its community.
We have already mentioned that it was not created with the goal to replace Bitcoin, which is not something that many coins can say. Instead, Ethereum’s idea was to help the technological improvement and development, and to help change lives of regular people for the better.
Ethereum doesn’t want to dominate as a crypto that will be the first and only choice when it comes to sending and receiving payments. Instead, it wants to improve the method itself, and to help it grow and develop further. Whenever there is a problem, Ethereum’s leaders try to find a way to fix it, bypass it, or make something new from the experience that the problem has brought.
This is what has inspired Ethereum’s community to remain true to its goals, an to continue to support it throughout the years. With a goal like that, Ethereum is more than just needed – its existence might be crucial for the further development of modern technology. Because of this, and all the reasons mentioned earlier, Ethereum will not die, and will remain as one of the few cryptos that are expected to withstand the bearish market which will probably mean the end for over 95% of digital coins.