Ethereum and Bitcoin - Their Performance In the Month of September
Oct 21, 2017 Posted / 9540 Views
From next-street golf friends to online texting buddies, we are building a society, where there are no borders, and things are done virtually. Add to that list is cryptocurrency, it is a decentralised currency, which is not monitored by any financial institution or the state (or central government). In the last couple of years with the dawn of the first cryptocurrency in the year 2009, the idea of virtual currency is gaining grounds and understanding and its value in the eye of public and businessmen. in the earlier days, it somewhat seemed unfamiliar and scary, a mindset similarly greeted credit cards and money exchange platforms such the PayPal. But, now we all know how these have become a significant part of our daily life, specifically the plastic currency.
Nowadays, there are two popular cryptocurrencies dominating the electronic currency market, one is the Ethereum, while the second one is Bitcoin. Both these have done great to win the trust and admiration of people in every nook and corner of this world. These digital currencies are based on the technology of Blockchain, that’s why they are safe and transparent. The blockchain is an international ledger, like the transaction database of any bank, keep a record of every Bitcoin or Ether send and received over the cryptocurrency system. The data of Blockchain once added cannot be edited or manipulated by any sort of hacking. Therefore, backing many cryptocurrencies to stay a cut-above the banks worldwide, because of its flawless safety and security.
The biggest benefit of using electronic currency over hard currency is there is no government interference, so they can't be taken it away, like it happened a year back in world’s biggest democracy, India. Moreover, there are no limitations on the how much can be exchanged using cryptocurrency. The transactions fees, in comparison to credit cards and other popular payment platforms, is quite low, thus, opening the doors of possibility in the business arena. The likelihood of implicating a fraud via cryptocurrency is near to impossible since it is digital and its nucleus is Blockchain. So, the electronic currency cannot be counterfeited or reversed like chargeback for credit cards.
There is a low possibility of personal information of the payer getting stolen. As here, unlike your credit card, where you need to provide the complete information to the merchant, even for small transactions, cryptocurrency transactions ask for the things which are needed and no personal information.
Since both Bitcoin and Ethereum are not bordered by any restrictions, interest rates, or any country limitations, thus, cryptocurrency can be used anywhere to everywhere, without any hassles. This indeed will save a lot of money as well as your precious time. Cryptocurrency operates at the global level, and therefore, transactions are quite easy.
Bitcoin, launched in 2009, is a type of digital currency which is autonomous from the traditional banking system. One of the most popular cryptocurrencies among the global online traders, Bitcoin relies on the miners solving complicated mathematical problems and receive Bitcoins in reward, and list every transaction on the Blockchain ledger.
The exchange rate of Bitcoin is not that volatile, and there is no proportionality with the value of your local currency (central bank). In a nutshell, there is no authority governing the supply of Bitcoin cryptocurrency. However, the value of a Bitcoin is solely determined by the level of confidence shown by people and businessmen.
The month of September was highly challenging for the whole market, however, the Bitcoin graph show positive trend, therefore withstood the litmus test with forbearance. Even, in the absence of any positive financial news, there was a steady rise reversal from key point levels. Everything has gone smoothly, with Japan’s Financial Services Agency FSA lend a touch of positivity to the market by the mulling over the possibility of surveying ICOs in the Japanese territory. This agency played a central role in drafting the regulations for cryptocurrencies to operate in the Japanese region.
Ethereum is not just a cryptocurrency like the Bitcoin, also a decentralised platform for running cryptocurrency applications. Ethereum comes with a revolutionary attribute, known as the smart contracts. Here, the sender and buyer can get into a contract where the transaction does not proceed, till the time all the terms and conditions boxes of the contract are not ticked. So, a ground-breaking, concept for service-based companies. While the heart of this platform is also Blockchain, it is decentralised and has all the perks that come with any other cryptocurrency.
During this period, Ethereum continued to remain volatile, but never got off the range. Initially, there was a slight dip in price, then, increased promisingly. Ethereum, fell a bit against Bitcoin, the reason being it found tough to withstand the global economic turmoil. At its core, Ethereum is seeing an upward trend and will continue to rise with every passing day.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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