Ethereum price

     
Disclaimer: I am not a financial advisor & I’m not telling you where khổng lồ put your money. Either or both BTC và ETH values could drop lớn zero.

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This is a bait và switch title, but only because a lot of people are asking a question that doesn’t make sense.

The question, “which will win, Bitcoin or Ethereum?” implies some misconceptions which do not reflect reality.

Misconception: Bitcoin and Ethereum are Currencies, & should be judged by how good they are at being money. Reality: Bitcoin and Ethereum are cryptonetworks, và should be judged by the value each network is capable of producing. (BTC và ETH are currencies which are used khổng lồ reward participation in the respective sầu networks).Misconception: BTC vs ETH is a zero-sum game. Reality: BTC & ETH could complement each other, and asphối diversification reduces risk.Misconception: Bitcoin và Ethereum are currencies, and should be judged against each other by how good they are at being money.

The reality is that Bitcoin & Ethereum are both decentralized computation networks. They have sầu each made engineering trade-offs that make them good for some use-cases & bad for others.

The Bitcoin Network Isn’t Money — It’s Security

Bitcoin is the most secure decentralized, immutable ledger in the history of computing. It features Turing-incomplete smart contracts that limit the features that bad actors could potentially exploit to lớn steal assets on the network, & its security is backed by mind-boggling amounts of hash-power which has increased exponentially over the past decade.


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Bitcoin Network Hash Rate, log — each increasing number on the left side is 10x larger than the previous. (source: Coinmetrics.io)

It would be incredibly expensive lớn try to double-spend assets on the Bitcoin network — expensive sầu enough that it’s probably physically impossible lớn purchase enough computing resources và electriđô thị to successfully 51% attachồng the Bitcoin network without making a multi-year commitment & investing over $100 billion in the process.

If you’re going to lớn go lớn all that trouble, you’re a lot better off financially if you just mine bitcoin & take the legitimate profits from that.

In order lớn double spend money on the Bitcoin network, you need a few things:

1 — Access to lớn a Bitcoin wallet with enough Bitcoin in it to lớn make a double-spkết thúc attachồng worthwhile. As you’ll soon see, you’d need to buy a LOT of Bitcoin (> $100 billion dollar’s worth) khổng lồ make such at attachồng viable, and doing so quickly would drive sầu up the price of Bitcoin further. The more you buy, the harder it is lớn buy more, because you have sầu lớn find more sellers willing lớn sell to lớn you at the offer price. In the process of buying enough Bitcoin to lớn make a double-spend attaông chồng viable, you’ll likely drive sầu up the price of Bitcoin by 10x or so, pushing your goal further & further out of reach.

2 — You’d need khổng lồ find enough things to lớn buy with that Bitcoin that you end up with something of value after the fact. If successful, the attaông xã would prove that the Bitcoin network is not as secure as everybody thinks, so the value of your ill-got gains would quickly plummet. You’d need khổng lồ buy và take delivery of enough other assets to lớn make the attachồng worthwhile. As of this writing, it’s somewhat difficult to lớn find people willing lớn sell you a pizza for Bitcoin, let alone $100 billion+ worth of assets.

3 — You’d need khổng lồ purchase or take control of enough Bitcoin mining equipment to lớn outpace 1/2 of the existing network. In the last 24 hours, the Bitcoin network performed & estimated 110 million terahashes per second. A terahash is 1,000,000,000,000–1 trillion hashes. 110 of those is such a huge number that it’s best expressed in scientific notation: 1.1x10¹⁴.

The faskiểm tra miner on the market (not shipping yet, as of this writing, shipping date TBD) is currently the Bitmain Antminer S19 Pro (110TH/Sec). You’d need to buy 55 million of them at a cost of about $150 billion lớn 51% attachồng the Bitcoin network, but it’s unlikely that the manufacturer can produce anywhere near that quantity fast enough for you lớn mount a 51% attaông chồng with them. In fact, as I write this, they’re already sold out.

Even if you could find enough hardware khổng lồ mount an attachồng, the typical total daily volume for Bitcoin transactions is less than 1/5th the amount you’d need to double spend lớn pay baông xã your investment in the attachồng. Finding enough double-spover victims to make the attaông xã worth your while is going khổng lồ be a major struggle.

Your only real option is lớn attachồng the mining pools. There are currently 3 large Bitcoin mining pools that collectively control more than 51% of Bitcoin’s hash power. If you managed to lớn gain control of all 3, you might be able khổng lồ double spover, but mining pools aren’t just magic hash power controllers — they’re made up of hundreds of thousands of individual miners who could each individually detect a double-spend & quickly switch their hash power to lớn an alternative pool.

In fact, that process can be automated, so that as soon as an attachồng is detected, the pool participants can quickly decentralize, meaning you would need lớn concentrate your double-spends on a small enough number of transactions khổng lồ slip them through before the mining pool participants can react.

If you can manage to get past all those obstacles và get away with your double spover attacks, everyone will know, and everyone will know the wallets you used to lớn do it. Those wallets can và will be quickly blacklisted on every major exchange.

Breaking into lớn a gold vault is only half the battle. You also need to lớn be able to get away with the gold. Recently, a DeFi hacker on Ethereum returned the stolen funds khổng lồ avoid punishment because his identity was detected. You’ll run into lớn the same problem if you try khổng lồ mount a double spkết thúc attaông xã on a network as big as Bitcoin.

I know there have sầu been successful double spkết thúc attacks on smaller networks. But the difference between double spending on a small network vs double spending on Bitcoin is like the difference between drinking a glass of water and drinking an ocean.

All of this security exists to lớn protect money, but it’s hyper-overkill khổng lồ protect your latte purchase. The Bitcoin network is particularly good at protecting transactions with values in the range of $10k+. In other words, it’s great for settling large batches of smaller value transactions.

Using the Bitcoin network, a writer can prove with the laws of math that they had a document at a given point in time, supplying evidence that could tư vấn a clayên ổn of ownership. That proof is a valid attestation of fact in every jurisdiction, và international courts are likely to lớn recognize that.

You could bởi vì the same to record receipts for the purchase of valuable items, such as real-estate, cars, boats, or stocks.

The Ethereum Network Isn’t Money — It’s Programmable Value

Ethereum is great at creating tokens which can represent fractional ownership shares, vested interests, controlling votes, access & permissions, the ability lớn mô tả control over assets with people you may not trust, etc.

Ethereum has so far spawned multiple killer apps:

Fundraising (see the 2017 ICO boom).Decentralized Finance (DeFi).

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Non-Fungible Tokens (NFTs) including digital collectibles of many different varieties.

Potentially, Ethereum could replace the stochồng system, reinvent insurance, và break your dependence on banks for things like checking accounts, savings accounts, & loans. Because Bitcoin chose security over flexibility, Bitcoin can’t vày those things without building separate, more flexible networks alongside the main Bitcoin network (e.g., Blockstaông chồng and friends).

But Ethereum’s security is far more questionable than Bitcoin’s. With all of that additional flexibility, there is also a far larger attachồng surface for hackers lớn exploit. But what if you could conduct your transactions on Ethereum, and then immutably record their state on the Bitcoin network periodically, for additional protection?

A large number of Bitcoin network transactions don’t actually send Bitcoin. Instead, they secure data with hashes (data anchors) using protocols like Proof of Proof and Proof of Existence. Bitcoin is currently the most secure decentralized ledger in the world, & the best way I’m aware of to secure such valuable data.

In other words, Ethereum apps could really use the Bitcoin network’s help.

The Right Question

The right question is not which currency will win. That’s irrelevant. The value of each currency comes from the value of each network, so if you really want to lớn compare the assets, you have lớn compare the networks.

Bitcoin is a bit like a bank vault. You can store & transfer ownership of anything in the vault (including information), but you can’t really vị much else with it.

Ethereum is more like a data center that you can pachồng any kind of computer into to perform any kind of calculation, with some limits. Each computer has lớn follow some specific rules. You can paông chồng it with many different kinds of computers calculating different things. But the cost of running those computers in that data center is quite high. For most computing needs, you’ll be better off renting computers from centralized providers like Amazon or Microsoft. Ethereum is best when lots of people who don’t trust each other need consensus on the state of computations, e.g. financial transactions.

I’ve sầu seen tweets suggesting that one day the Ethereum network could replace the Bitcoin network, và BTC could continue lớn exist, complete with all its great financial policies, on top of the Ethereum network.

That is theoretically true, but since hackers can explore that data center và there are lots of interesting ways khổng lồ make those computers attaông chồng each other, that doesn’t strike me as a good idea. It seems lớn me that the Bitcoin network’s enhanced security will always be capable of making security guarantees that Ethereum may never be able to match.

Likewise, Ethereum is capable of doing things that the Bitcoin network simply can’t bởi vì — by thiết kế.

Bitcoin trades flexibility for security, while Ethereum trades security for flexibility.

Both are valuable & worth paying for, and both tradeoffs are worth making based on the respective rewards.

Both are great, complementary networks. You can use Bitcoin to secure assets that are tokenized and traded on Ethereum. And BTC can be more useful khổng lồ holders if you can take loans against it using Ethereum’s DeFi protocols.

As for the assets themselves, BTC vs ETH: Money has different properties worth considering:

bacninhtrade.com.vn of exchangeStore of valueUnit of account

bacninhtrade.com.vn of exchange. Both are good bacninhtrade.com.vns of exchange, but BTC has far more opportunities for exchange right now (a lot more people paying and accepting in BTC than ETH).

Store of value. Both could be great long-term stores of value. Which is better remains khổng lồ be seen. Time will decide.

Unit of tài khoản. Both are currently too volatile khổng lồ be a good unit of account (hence stablecoins).

BTC is capped at 21 million. Eventually (note to ETH maximalists, this sự kiện is more than 100 years from now), there will be no more Bitcoin to lớn mine — unless a majority of the Bitcoin network agrees khổng lồ a change in the policy. If or when the BTC cap is reached, the Bitcoin network will transition lớn transaction fee incentives (which it has always had). Fees for transactions will go up over time, along with the relative sầu security of the network. As fees rise, lower value transactions will move sầu khổng lồ other networks, while higher-value transactions will likely stay on the Bitcoin network for enhanced security.

As a security & settlement layer of the internet of value, that is not a problem, because transactions are generally quite valuable. The average value of a BTC transaction today is about $5,700. People transacting thousands in value don’t mind paying a small fee. There is a thriving fee market for Bitcoin today. I see no reason for that it would bởi anything but grow in the future.

For those who don’t need that much security, there are already low-fee & no-fee alternatives for your morning latte purchase, including side-chains & the lightning network. You could even spkết thúc BTC via Ethereum side-chains for near zero fees, if you could find somebody who’d take the payment.

Satoshi talked about state channels for low-fee transactions all the way baông xã in 2011. This has always been part of the plan for Bitcoin, and it’s worked great for 10 years. There’s no reason to think anything different today.

Bitcoin vs Ethereum?

The question hardly makes sense.

Imagine both Bitcoin and Ethereum operating as complementary protocols underlying a multi-trillion dollar internet of value.

Both can win.

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Eric Elliott is the author of the books, “Composing Software” and “Programming JavaScript Applications”. As co-founder of EricElliottJS.comDevAnywhere.io, he teaches developers essential software development skills. He builds & advises development teams for crypto lớn projects, & has contributed khổng lồ software experiences for Adobe Systems, Zumtía Fitness, The Wall Street Journal, ESPN, Đài truyền hình BBC, và top recording artists including Usher, Frank Ocean, Metallica, & many more.


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