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Ethereum is one of the leading cryptocurrencies in the digital world. In fact, it’s the second most popular cryptocurrency after Bitcoin. The technology used to develop Ethereum algorithms is same as Bitcoin, and this is the main reason why these two function in a pretty much similar way.

Now, the question that comes to the mind is: if both Bitcoin and Ethereum are similar in nature, what makes the purchase of Ethereum more sensible over the purchase of Bitcoin and other cryptocurrencies?

In this article, we have discussed 1o reasons why buying Ethereum over makes more sense. Let’s give them a read!

Reasons to Invest/Purchase Ethereum Over Bitcoin In 2017:

  1. Quick Transactions:

The Bitcoin network has recently gained the reputation of being slow. According to the news coming out of Bitcoin community, this is due to the increased volume of transactions on the network. The slow confirmation time has left the Bitcoiners extremely annoyed and agitated. On the other hand, Ethereum offers transactions that are much faster. For an insight, the average Ethereum transaction time is 12 seconds in comparison to 10 minutes of a Bitcoin transaction.

  1. Smart Contracts:

‘Smart Contracts’ is a unique feature of buy Ethereum. It is basically an exchange mechanism which holds the precise records and assists two untrusted parties to make a direct exchange. These Smart Contracts reside in Blockchain and are autonomous to third party influence.

  1. Ethereum Is Open Source:

Ethereum algorithms are open source, which means any programmer/developer can access the code without having to go through permissions regarding the improvement of the code. The biggest advantage of Ethereum’s being an open source is that it allows the collaboration of projects between different sectors of industry that are based on Ethereum. As a result, the projects become seamless and more Integrative with each other.

  1. No Third Party Involvement:

Using Ethereum allows you to avoid dealing with third parties such as banks, lawyers, etc. The transactions do not depend on any intermediaries. The only thing they are dependent on is the Ethereum network.

  1. Compared to Traditional Banking, The Security Is Much Higher:

Our traditional banking system creates transactions on a monthly basis. The code of these transactions is stored in a bank’s computer and there are validations and approvals by the central authority. On the other hand, the code for Ethereum transactions is stored on participating computers. These computers forward this code to the network’s nodes – making the transaction environment secure.

  1. Ethereum Virtual Machine:

If you remember, we discussed ‘Smart Contracts’ in the earlier part of the article. The Smart Contracts needs a specialized environment to function: Ethereum Virtual Machine is that environment! The EVM gives all the projects running on Ethereum network a common base and provides them with a standard set of instructions. Some of the major programming implementations of EVM are Ruby, Java, C++, Python, and Haskell.

  1. No Transaction Fees!

Due to the availability of EVM for Ether transactions, all the account objects reside in a common execution environment. The communication between these accounts takes place via transactions. The code gathered from these accounts helps confirm/ignore a transaction. If the code is correct, the transaction will be confirmed. Else, it will be ignored. Since all of this is the responsibility of network, no transaction fees are needed.

  1. Ethereum Is Highly Stable:

One of the biggest advantages of Ethereum is that it is highly stable, has organic growth, and does not have massive spikes in price fluctuations. Besides, Ether provides the common folk with a low-cost alternative to other cryptos. Moreover, despite having encountered a number of cyber-attacks, the Ethereum blockchain still remains in huge demand to the customers. All thanks to the high stability!

  1. The Transactions Are Immune to Frauds:

Ethereum transactions are fraud less. The decentralized nature of Ethereum allows no tempering or data loss while using the network. Moreover, the network does not allow anyone – even a programmer or data miner – to destroy the record of a transaction that has already happened.

  1. Transactions are Permissionless:

Ethereum transactions are permissionless as there is no central node in the network. Everyone can make a transaction on the network. All they have to do is install the software and they are good to go.

Wrap Up:

These are the top 10 advantages of Ethereum. In conclusion, the currency offers some unique advantages and, is perfectly safe to use, or to make an investment. If you are looking to start a crypto venture, Ethereum is the best option to take off. Good luck!

Tags: why buy ethereum, bitcoin vs other cryptocurrencies

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Future of finance

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Future of finance

On 14 august 2016, Swiss non-profit World Economic Forum conducts a study about bitcoin, the worldwide reputed currency. Of course, they accept bitcoins worth and assure that bitcoin is going to reshape the financial service including infrastructure.

Changing of infrastructure

With the supply of 21 million, bitcoin continually change the payment/ transaction system all over the world. Whereas, it already crosses the price of Gold and competes for Ethereum on daily biases.

Just imagine for a while that a country takes a risk of its financial sector by applying a new digital technology, it’s weird. In other words, it’s totally insane. In the same way, if people of any country get authority to change the weather, they can. That is why bitcoin asserts itself and largest countries of the world do investments through bitcoin. Countries including Sweden, Denmark, the United States of America, South Korea The Netherlands, Estonia, UK, Canada, Australia and much more do the heavy transaction through bitcoin.

It is basically a cryptocurrency and a payment system is using by the peoples of the world. Bitcoin was trending in 2013 between $10 to

$15 and then it exceeds to $1163 within the same year. Which means it grows day by day. A good software takes 10 years to get used to it. Whereas bitcoin was properly launched in 2009. Which means, this is the early age of the bitcoin.

Worldwide central banks are looking toward the bitcoin process of transactions between the countries. The study shows that up to 2040, currency may change its structure. And bitcoin is at the top of the list. Which allows doing transactions faster and more secure with low cost.

Financial sector

Bitcoin technology is going to directly affect the financial sector. No doubt, when you are adopting a new technology. You become, use of that technology. In the same way, bitcoin deals with the people in the transaction with low cost. They get more relax as compare to other cryptocurrencies. More than 80% banks are going to launch the new system regarding bitcoin.

If you know how to generate money, then you can easily maintain a good bitcoin account. It is an open transaction system, everybody can see the payment process.

As Bill Gates states about the future of finance,

in the future, financial services ltd will eventually “be digital, universal and almost free.” Bill Gates will push the Microsoft to use bitcoin in payment form or weave cryptocurrency in company’s nascent payments.

This thing is crystal clear that if people of any country get authorized, they can easily change the situation. They will use new technology, even use digital technology on their own behalf.

Tags: future finance company

Future of bitcoin finance

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Bitcoin Price Crash: OKEx Repudiates Market’s Manipulation

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OKEx is known as a cryptocurrency exchange giant. This crypto-exchange is pushing back against accusations that the exchange is responsible for the manipulation of the market which triggered the price of Bitcoin to drop below $5,000 on its futures exchange last week.

Bitcoin price cash

Market Manipulation

A statement was released on Wednesday, in which the Hong Kong-based exchange repudiated allegations about its involvement in the futures market’s manipulation to settle the positions of optimistic traders.

Last week, OKEx got criticized following the Bitcoin price crash as the value of its Bitcoin futures dropped to $4,755, in a fevered sell-off, even with the average price of Bitcoin globally, which flitted around $7,000 during the same time.

The Statement

The statement says:

“OKEx provides a platform to allow customers to trade in our order books, but we are not directly involved in the trades. Moreover, all the transaction details are public. We, as a trading platform, do not make a profit from the price volatility but generate income from trading fees. We have not reasoned to, and have never and will not, manipulate the prices of any of our market.”

Merchants whose positions got settled during the sell-off time were incensed, and one of them was so distressed that he went to the headquarters of the company and even threatened that he would take his own life.

Eventually, during the 90-minute incident, the exchange inverted trades that occurred, mentioning this unconventional movement as a planned attempt to deploy the market, and since then, it has added the price limit rules to help in preventing the manipulation in the future market.

 

Moreover, OKEx warned that it will take legal action against those, who falsely accuse them for the manipulation of the market and disseminate false charts to that effect.

What does the company have to say about it?

The company says:

“We reserve the right to take necessary legal action against any parties who libel our company and reputation by any means.”

However, the event following negative press coverage doesn’t seem to have a constant influence on the popularity of the trading platform of the company, as  OKEx is still on the fourth most popular spot cryptocurrency exchange in the ranking, with almost $750 million, 24-hour trading volume.

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What Is the Difference Between Bitcoin and Litecoin?

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Bitcoin was launched in 2009 by a programmer called Satoshi Nakamoto. Bitcoin is world’s first cryptocurrency.  The code of Bitcoin is open source, which means it can be modified by anyone and freely used for other projects.

Since the launch of Bitcoin, numerous cryptocurrencies have been released with slight modifications in Bitcoin’s code, however, none has been able to dethrone Bitcoin from the top spot. One that comes the closest is Litecoin.

Litecoin was launched in 2011 with the objective of being the “silver” to Bitcoin’s ‘gold’. At the time of writing, Litecoin has the most noteworthy market value amongst other cryptocurrencies, only lagging behind the Bitcoin.

In this article, we put light on the essential differences between Bitcoin and Litecoin.

Major Differences Between Bitcoin and Litecoin:

  • The coin limit of bitcoin is 21 million while the Litecoin’s limit is 84 million.
  • The block reward of Bitcoin is halved every 210,000 blocks. On the other hand, Litecoin reward is halved every 840,000 blocks.
  • Initial reward: 50 BTC in Bitcoin, 50 LTC in Litecoin.
  • Mean block time: 10 minutes in Bitcoin, 2.5 minutes in Litecoin.
  • Difficulty target: 2016 blocks in Bitcoin, 2016 blocks in Litecoin.
  • Algorithm used: SHA-256 in Bitcoin, “Scrypt” in Litecoin.
  • Block explorer: “blockchain.info” for Bitcoin while “block-explorer.com” for Litecoin.
  • Creator: Satoshi Nakatomo (Bitcoin), and Charles Lee of Litecoin.
  • Bitcoin was created on January, 3rd, 2009 while the creation date of Litecoin is October 7th, 2011.
  • Market cap: $10,467,596,650.78 (Bitcoin) and $540,274,528.26 for Litecoin.

Mining Differences Between The Two Currencies:

Just like Bitcoin, Litecoin is also a cryptocurrency generated through a process called mining. However, mining for both the currencies is done in a different way. The major mining differences between Bitcoin and Litecoin are as follows:

  • A Litecoin block takes 2.5 minutes to generate while the same block in Bitcoin takes up to 10 minutes.
  • The algorithm used in Bitcoin is SHA-256, which helps accelerate calculations in parallel processing. Due to this characteristic, the race in ASIC technology has become extremely intense, which also results in the increased bitcoin difficulty levels. On the other hand, Litecoin uses the “Scrypt” algorithm. The calculations in this algorithm are much more serialized as compared to the calculations in SHA-256.
  • At the time of writing, the total hashing rate of Litecoin is just 95,642Terra Hashes per second, while the Bitcoin hashing is around 20,000 Mega Hashes per second.

Differences in Transaction:

The major difference between Bitcoin and Litecoin is the transaction time.

  • Bitcoin transaction confirmations are relatively slow, while Litecoin has the ability to handle a higher volume of transactions, thanks to its higher volume of blocks.
  • A downside of having a higher volume of blocks is that it increases the size of Litecoin’s Blockchain, which results in more orphaned blocks.
  • Faster Litecoin transactions mean reduced risk of double spending.
  • For two Litecoin confirmations, you will only need to sit tight for 5 minutes, while in Bitcoin, you are supposed to wait for 20 minutes for a similar number of confirmations.

A large number of people involved in Bitcoin often tout transaction and confirmation speed as moot points as the confirmations given by most merchants are zero for most purchases.

One thing to remember here is that all transactions are instant, it is just the network that takes the time to confirm it as it propagates.

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How To Make A BitCoin Payment Using An Online Wallet Service

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What Is Tom Lee’s Latest Bitcoin Prediction?

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The so called bitcoin bull Tom Lee sees cryptocurrency market to experience a massive outflow before the cryptocurrency taxes closing. Tom Lee is considered to be an authority on the bitcoin as he is the Managing Partner and the Head of Research at Fundstrat Global Advisors. His views are considered to be quiet solid and authentic about the crypto business.

crypto news

Alongwith the above predictions Tom Lee has also very optimistic views about the crypto currencies specially the bitcoin. According to him the current positive amendments and announcements about the cryptocurrency are the main factors that can undoubtedly act as a catalysts for the growth of bitcoin in the year 2018. He further predicted that at least 3 major publicly-traded corporations would short sure issue their own native digital tokens. And this prediction has been took serious in terms of valid crypto news as three major companies have already announced their efforts within crypto-currencies.

 

There are also clear indications that all the major financial corporations might start moving towards crypto-currencies before Wall Street makes its mind to do so. The Rakuten Coin is a well elaborated example of this progress, it was launched by the Japanese e-commerce company Rakuten. All these are the positive developments in terms of crypto market which are somehow related to the previous predictions made of Tom Lee.

Facts which do not Match Tom Lee’s Prediction

Though some of Lee’s predictions were a real good shot in the past but some of his famous flops in this regard should also be considered. For example the large sell-off in Bitcoin and other cryptocurrencies predicted by him at the start of this year was a total flop. The starting price of Bitcoin this year was above $17,500 which witnessed a rapid downfall to about $6,115 by February 6th. Though prices did recover with a steady pace but it was a shock for most of the investors which ultimately broke their heart.

 

Lee’s next price prediction for Bitcoin stands at $20,000 by June this year. He also gave a target of  $25,000 for the end of 2018. Other famous prediction by Tom Lee included that the famous social media network Facebook and ecommerce platform Amazon will announce its own crypto strategy this year.

Other Examples Cited By Lee

Some other significant examples cited by Lee are as follows:

 

Line, the famous Japanese messaging announced that it is going to launch “Line Financial”. It will be a division allowing users to exchange digital currencies.

Expected use of the blockchain technology by Starbucks. Moreover Mark Zuckerberg also announce in an online post this January that his company would look into cryptocurrencies this year

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