Home > Work > Ethereum: Beginner's Academy: The Ultimate Beginner's Guide to Investing in Ethereum (cryptocurrency Book 1)
1 " Once this number is reached, Bitcoins will come into circulation. There will be no government or authority that can step in and call for new Bitcoins to be printed. Those "
― , Ethereum: Beginner's Academy: The Ultimate Beginner's Guide to Investing in Ethereum (cryptocurrency Book 1)
2 " Ethereum and banks Now you may wonder as to what impact Ethereum has on banks and vice versa, well, Ethereum is said to be a great influence on banks. As you know, banks put in a lot of effort towards safeguarding their customers; money and interest. This can lead to high cost of maintenance. By switching to Ethereum, banks have the chance to save on some of these costs and also provide high-level safety through the use of Blockchains. Many banks including HSBC, Barclays and other such have joined hands with R3, a company that is testing out Blockchains for banks. Once they manage to set up the systems, banks will find it easier to provide customers with the choice to deal in ETH. Version "
3 " I am sure that by now you have understood the basics of cryptocurrencies and how the Ethereum system works. In this chapter, we will look at the fundamental differences between Ethereum and Bitcoin and why the former is said to be better than the latter. Block time One of the main differences between the two cryptocurrencies is the block time. The block time refers to the time taken by the network for confirmation. It is important for a network to have shorter block times to mine more coins. This is a disadvantage with Bitcoins as the average time taken is 10 minutes. On the other hand, Ethereum block time is set at 14 to 15 seconds. This makes it extremely fast and great for miners. It also makes the network more efficient. According to some reports, an altcoin named as the ripple is said to be even faster coming in at 3.5 seconds. However, it is not as secure as Ethereum and less reliable as well. Several Bitcoin users have wanted this change in the system to keep up with Ethereum. However, it does not look likely that the company will introduce this change anytime soon. In fact, several other altcoins such as LiteCoin and monero are creating waves in the field of block times and making it difficult for Bitcoin users to keep up with the pace. Model The economic model of Ethereum is much different from that of Bitcoin. We already read that there can be only 21 million Bitcoins that can be mined. This means that it will be easier to keep track of the currency. On the other hand, an infinite number of Ether can be mined thereby making it difficult to keep track of it. This, however, is said not to impact the value of Ether, as the number of coins in circulation will not affect its value. It is not known as to how long it will take to mine 21 million Bitcoins. Some believe that it will take another 15 years while some think it will take 100+ years. There is news that finite ethers will be mined by the end of 2017 thereby making it a bit more stable. Costing "
4 " Don’t think that Ether is only used within the Ethereum network. It is now actively traded in many places. It will be a matter of time before it gains more popularity and gets recognized as a bona fide currency. In fact, several banks already use it to conduct b2b transactions thereby making it an important asset to adopt. The use of smart contracts makes it extremely reliable and a hit with many businesses. Although businesses are not using it in their mainstream operations, Ethereum is slowly climbing the ranks. The value of Ethereum is on a steady rise, and mainstream recognition can help it rise further. With many developers coming up with Dapps to support Ethereum, it is only a matter of time before it reaches its full potential. It will also be easier for you and me to use it and not have to rely on traditional currency. It is not just individual developers who are working on developing the apps but also organizations and governments. "