Borrowing from Old French, ether, from Latin aethēr (“the upper pure, bright air”), from Ancient Greek αἰθήρ (aithḗr, “upper air”), from αἴθω (aíthō, “I burn, shine”).
The scaling dispute within the Bitcoin community isn’t over and it’s caused a lot of concern over the future of Bitcoin, prompting many to transfer to Ethereum. Suddenly, many are waking up to the possibility that Ethereum could eventually overtake Bitcoin. Although that’s unlikely for now, let’s talk about the prospects of Ethereum.
- Ethereum could receive support from activists, libertarians, the “alternative right”, and many groups who advocate for transparency and lack of censorship. For example, a popular right-leaning news outlet, Breitbart, published an article on Ethereum Project’s aim of a censorship-resistant computer. The various decentralization aims of the Ethereum Project will attract support from a large variety of groups and entities with the same aims.
- Ethereum was already considered undervalued, to begin with, and its price can be expected to rise as it’s potential is continually realized.
- If Ethereum gains enough momentum, a lot of investors will flip from Bitcoin to Ethereum causing a dramatic shift. This phenomenon is referred to as “the flippening” and while it has not truly begun, Ethereum is already holding a steady price of $45-50.
- The Enterprise Ethereum Alliance essentially guarantees a bright future for Ethereum, with Microsoft, Intel, JP Morgan Chase, and many other big companies involved.
- In a DigixGlobal live stream, the speaker states in regard to Enterprise Ethereum, that “you will be blown away when you see the next group of members onboarding, it’s kinda the who’s who of planet Earth”.
- It’s flexible, professional, and has a face to its leadership, a lot of development, and an untarnished name.
- Ethereum is already getting mainstream media attention calling it the “new Bitcoin”. Ethereum is not a “new Bitcoin”, it’s not even the same thing, really. However, good press isn’t a bad thing.
- Dark Market implementation is likely if not inevitable although it’s probably better suited with something like Monero. This will not tarnish Ethereum as Bitcoin has absorbed that stigma and that negative association will not as easily transfer onto Ethereum as it was with Bitcoin. Although this isn’t a problem for the intelligent investor, the average individual is easily influenced by mainstream media narratives about ‘criminal activity’ and negative stigmas of that nature. Overall, this hasn’t stopped Bitcoin and it especially, will have no lasting influence over Ethereum but for the time being, it’s a factor for subpar investors and everyday individuals.
- There is an apparent inverse relationship between Bitcoin and Ethereum that helps Ethereum’s growth in the long-run. This will probably not last but for as long as it does, it creates an associative sense of growth until people become more informed about major differences between Bitcoin and Ethereum.
- Bitcoin is no longer seen as infallible. A paradigm shift has opened people’s eyes to the possibility of Bitcoin failing as the dominant cryptocurrency, which opens the door for Ethereum and other alternatives. Bitcoin will remain on top for a while unless something dramatic happens but the potential for alt-coins is there, especially more legitimate ones like Ethereum.
- Storj is only one of many that will switch to the Ethereum blockchain if things become increasingly slow and complicated with Bitcoin.
Ethereum is incredibly different from Bitcoin, it offers completely different utilities. It could end up being the silver to the gold that is Bitcoin and perhaps the scaling problems will eventually be a mere blip on the radar. Regardless, Ethereum has a lot to offer, far more than what I’ve listed and in the long-run, will outperform most cryptocurrencies if not Bitcoin, too. It’s a great investment and its burning bright with potential.
Critical Note: It’s really important to understand that Bitcoin, if it works out, will be valued in terms of its perception and utility as a ‘digital gold’, whereas Ethereum will have a valuation like that of a tech company. It’s a platform, and does not have a directive to be a currency, and people are unfortunately blissfully ignorant of this and somehow expect it to be priced in the future like Bitcoin. That will not happen any time soon. It’s possible in the future, especially if Bitcoin struggle but it will be a year or more before that could manifest.
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