For the mainstream, Bitcoin is synonymous with cryptocurrency. Since the major reporting on the blockchain phenomenon earlier in the year, more heads have turned towards the alternative credit. But, with a greater uptake and adoption across the board, the competition that Bitcoin has fought off since its inception is heating up. According to the latest Weiss Rating – a leading independent provider of market research and stock analysis including cryptocurrency trends – Bitcoin will lose half of its market share to Ethereum in the coming five years. But how much water does this theory hold? If it’s true, how can investors make the switch from Bitcoin to Ethereum and how exactly do you buy Ethereum?
Will Ethereum Overtake Bitcoin in Cryptocurrency?
When it comes to learning how to buy Ethereum, don’t worry: The process is as simple as Bitcoin. So for lighter investors, making the switch doesn’t seem as daunting as with commodities or other stocks. Indeed, when a thinktank such as Weiss makes such a bold claim, the statement itself often helps to create a self-fulfilling prophecy. Should investors learn that Ethereum will be the next market leading blockchain cryptocurrency according to experts, then they may take to it in droves, thus proving the Weiss statement to hold water. It’s incredibly easy to buy Ethereum and the transaction is processed much the same as with Bitcoin. Both offer viable options for the beginner crypto trader. Should Ethereum overtake Bitcoin in popularity, it should be fairly easy for people to switch currencies without changing much about how they buy, sell, and trade crypto.
What is So Good About Ethereum?
Ethereum is praised for the integrity of its blockchain technology, especially compared to Bitcoin, which Weiss call a “one-trick pony.” They commended the superior technology and pointed out how it opened itself to almost limitless blockchain potential. The major difference between Bitcoin (BTC) and Ethereum (ETH) is that Bitcoin was developed as a blockchain cryptocurrency, while Ethereum bases itself on deeper blockchain technology and capabilities. It takes 10 minutes to mine a Bitcoin block, while Ethereum takes just 12 seconds. Plus, 65% of Bitcoin has already been mined, whereas less than half of Ethereum has been mined, which offers more scope for development and investment. However, Ethereum’s complexity in its blockchain also opens it to far greater potential for cyber attacks than Bitcoin, which benefits here from its lack of intricacy. Both cryptocurrencies offer enough difference to provide those interested two distinct offerings. As they vie for market share in the next five years, no doubt other altcoins, such as Ripple (XRP) could also rise to prominence.
Whether you’re a believer in market predictions so far in advance for such a volatile industry as cryptocurrency or not, the claims Weiss has made do have some credence for the development of crypto in general. Healthy competition between rivals can create a stronger market and can help draw in more customers. The options of more than one viable cryptocurrency – and indeed, there are many more – could attract those who don’t want to get involved with the Bitcoin hype. Overall, whether Ethereum takes over Bitcoin’s market share or not, the market share of the cryptocurrency will most likely continue to rise.