Due to the intervention of Governments and banks in regulating the fiat currencies, people are more inclined towards cryptocurrencies off-late. Cryptocurrencies are nothing but digital currencies which uses strong encryption nodes and serves as a medium of exchange for transactions. The growing demand for cryptocurrencies has led way for new cryptocurrencies into the market often. Bitcoin and Ethereum are the strong contenders battling for the top position in the crypto world. Different cryptocurrency exchanges can be used for BTC to ETH conversion.
Let us find out whether Bitcoin will lose its 50% market to Ethereum in 2019:
Though Bitcoin has retained its number one position in the crypto rankings from a long time, people are raising questions regarding the influence of authority of few organisations in the performance of Bitcoin. Ethereum, on the other hand, is improvising its technology and community by expanding its network. Bitcoin can only be used as a digital currency for financial trading by using a blockchain technology. Whereas Ethereum serves the purpose of a digital currency and also helps individuals and organizations to build their own smart contracts in the Ethereum network. Decentralised Applications can be built conveniently in the Ethereum network by using Ether tokens. All the ERC-20 compatible tokens can be stored in Ethereum wallets.
From the past one year, the price of Ether tokens has risen by a massive 10,200%. BY using ERC-20 network hundreds of new cryptocurrencies are built. ConsenSys is a software company based on a blockchain network formed for developing infrastructure, applications and practices for building a completely decentralised world. Joseph Lubin the co-founder of the start-up ConsenSys mentioned that Ethereum network will play a huge role in developing this world as a completely decentralised arena.
The founder of Ethereum network Vitalik Buterin has a wide range of plans for technical developments in Ethereum. Plans like Ethereum Futures Contract for faster processing of transactions may be a good bet for the rise in the price of ETH tokens in 2019. Such rapid developments in the Ethereum network gives it an edge over Bitcoin.
The founder of the popular antivirus software McAfee has predicted that by 2020 the BTC price will reach USD 1 million. Such positive price predictions for Bitcoin is not new because Bitcoin has fared well in the past couple of years. Increasing voices in support of Bitcoin has not affected the developments in the Ethereum network.
Enterprise Ethereum Alliance (EEA) formed with fortune 500 companies is a big boost for the rise in the price of ETH. Its privileged members include Accenture, Microsoft, JP Morgan, Cisco, Delloite, HCL, Infosys and Intel among others. Using Ethereum for solving industrial problems is the key behind this massive alignment of companies.
It is difficult to predict whether Ethereum will overtake Bitcoin in 2019 or not. But with the drastic developments in the Ethereum network and the flaws of Bitcoin like huge transaction fees and slow processing of transactions may be favourable to ETH. Let us wait and watch the happenings in the Ethereum network and Bitcoin network in 2019. The ETH to BTC exchange rates may rise if the plans of the Ethereum network is well accomplished.