For those who don’t know, Ethereum is a type of cryptocurrency that can be used to perform transactions across the internet. There are many ways in which you can use Ethereum, but one industry in particular that has been welcoming to cryptocurrencies, including Ethereum and Bitcoin, is the gambling industry. We have seen a number of bookmakers and casinos open up to specifically offer cryptocurrency betting (read how to bet with crypto), while others that were already open will happily offer their customers the chance to use either traditional currencies or cryptocurrencies when they bet.
This is a trend that is likely to rise even further over the coming years, with more and more people turning to cryptocurrency as something they can use online, and it is for certain that the gambling industry will remain as competitive as ever. This will more than likely mean a rise in the number of bookmakers that offer cryptocurrency betting and ethereum gambling (read best crypto sports betting sites 2020), either new companies setting up to accept bets or established names turning to this form of betting alongside what they normally offer.
If you have been thinking about making the move and getting involved in cryptocurrency to place your bets then you have probably been looking at Bitcoin betting. However, Ethereum betting offers a valid alternative to this and gives you the chance to jump on something that is at a much earlier stage, and something that could really surge in popularity over the coming years.
What is the Difference Between Bitcoin and Ethereum?
Not many people know this, but actually, Ethereum is an upgrade on Bitcoin, a better version of cryptocurrency and for that reason there is hope that it will eventually overtake Bitcoin and become the number one cryptocurrency that people use. This is, of course, a long way off, but should that happen sometime then it is those that get involved in the early stages that will reap the rewards of this by getting in at the lower prices that are available now.
The thing that makes Ethereum different from Bitcoin and other cryptocurrencies is the technology behind it all. Bitcoin is simply a currency while Ethereum is a ledger technology, and this is being used by companies to build new programs.
The blockchain technology (read best blockchain sports betting sites 2020) behind both programs works in a similar way, although the Ethereum technology is far stronger and robust. If you compare the two and have no knowledge of their value or popularity then you would come to the conclusion that Ethereum is the upgraded version of Bitcoin, such is the quality of the product on offer.
Ethereum also has the kind of early backing that Bitcoin struggled to pick up, and this is of course in thanks to what Bitcoin has done for cryptocurrency as a whole (read why using cryptocurrencies is a good idea for online betting). The Enterprise Ethereum Alliance is a group consisting of 500 different companies, all of which have agreed on a pledge to support the improvements and research into the blockchain technology that is behind Ethereum.
There are still steps to be taken that will push Ethereum even further forward in the future, but many people are excited about this and so they should be if the hard work behind the scenes pays off then it is only a matter of time before it overtakes Bitcoin.
Pros and Cons of Ethereum
Ethereum is well planned and stable
Unlike many other cryptocurrencies that have burst onto the market only to fade away and dissolve shortly after, Ethereum has been very well planned from the start. A white paper was released in 2013, with the launch following in 2015, giving time for Ethereum to build a base trust with people.
Ethereum is an open system
Anyone can get involved, this is a completely open book system, which not only makes people want to learn and get involved but also offers transparency to those questioning things. Closed systems do not appeal to newcomers anywhere near as much, giving Ethereum the advantage over them.
Many companies support Ethereum
The support behind Ethereum is very large, with both medium and large-sized companies putting their name to Ethereum as something that will thrive in the future. Hundreds of thousands of people are currently working on Ethereum to try and make this a success, with that support it has every chance of being one.
Strong Early Investment
When Ethereum hit the market, many people were quick to invest and those people are really reaping the rewards of that right now. They cashed out as the price rose, with Ether increasing in value by 9000% since launching. It is expected that Ether prices will continuously grow over time.
If there is one big problem with Ethereum right now it is the scalability of it. As technology currently stands, it is possible to process 15-20 transactions per second, which is tiny compared to Visa, which can process 45,000 transactions per second. It is vital the Ethereum can cope with the large number of transactions that businesses and individuals require, and this is something that must be fixed before it can truly reach the next level.
Ethereum Price Prediction 2020.
Whether Ethereum will rise or fall in price in 2020 is all down to one key upgrade they are trying to implement. This is the launch of Ethereum 2.0 as it is currently known, which is due for late 2019 and will be a new beacon chain for transactions to take place. So should I buy Ethereum?
This will be the start of tackling the scalability problem above, and key to the success of Ethereum in the future. If this technology works and things look good our ethereum prediction of ethereum price will see huge rise in the price, as people trust that this can be a truly global product that people all over the world can use.
However, if the technology fails and the amount of transactions per second doesn’t increase then we could be left with a waiting period until Ether price prediction can take off in the way that many people believe it will. In the short term, ETH price prediction is going to depend greatly on this new technology.
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