What Is Ethereum
In todays special post we are now comparing Bitcoins biggest competitor Ethereum. If you haven't heard of it then let me introduce you too it. Ethereum is one of the revolutionary utility coins to come out after bitcoin. Ethereum is very special because it has a lot of utility that allows for one of the biggest wealth redistribution events to ever happen in history. This is why Ethereum is really important coin in cryptocurrencies. Lets now dig deeper into what really makes Ethereum.
Why Was Ethereum Made
When we look at bitcoin we see it really doesn't have anything enticing to do anything with the coin besides that it couldn't be traced. Ethereum was created with giving cryptos a platform to work off of. This allowed for creation of apps and other cryptocurrencies on the blockchain. This gave cryptos more utility besides not being traceable and allowed for more legitimate coins and business to be created. Unlike like bitcoin where illicit trading websites had made it really popular.
How Does Ethereum Work
how Ethereum works is Miners secure the network using there mining rigs or pcs. They do this by completing math equations that lead to a block being unlocked when that happens the wealth is either distributed to pools or if you are solo mining then it all goes to you. They do plan on moving to proof of stake(A new way of acquiring coins it requires no mining only that you lock your coins up kind of like a saving account you can't withdraw from until your old enough You build interest the more coins you lock up and lock up longer) with Ethereum 2.0 in the future as well since proof of work(mining cryptos with CPU and GPU) isn't that effective for the network.
How is Ethereum Doing Right Now
As of the time of writing this post (6/10/21) I believe and this isn't financial advice that the dip will continue and we could possibly see it go well below $2,000. When that happens I believe that's going to be the best time to buy into the dip I've personally already sold %90 of my crypto for the dip. The price right now is $2,456.24 it's seen a %12.18 dip in the last 7 days with a 4.25 percent dip in the last 24 hours. Like I said I personally believe it will continue due to recent events and just plain technical analysis.
What Is the Future of Ethereum
Despite what is happening right now I believe Ethereum will bounce back from this crash and here's why. If you look at the project as a whole it is already well developed. The dev team is dedicated to the project and making it work in the long-term. It is also the biggest coin in terms of market cap to have the most utility and use for the future. It also has a eco system with already developing and already developed projects from other cryptos ensuring it has a long-term investment from other cryptos. This is why I believe theorems will soon come to dominate the market and maybe even replace bitcoin. Stay up to date with the blog to learn more about crypto and passive income. Leave me feedback to let me know how I did your likes and comments as always are deeply appreciated.