Price Wars Part 1: Why Bitcoin is the King and Ethereum the Queen
Nov 01, 2017 Posted / 12624 Views
January, 3rd, 2009 the world woke up to a new Beginning something new has been added to the internet something that was only dreamt of by programmers, hackers, traders and normal internet enthusiasts. Its name become to be known as Bitcoin. Bitcoin was developed by satoshi Nakamoto and delivered to the world in a packet called Blockchain. These two technologies set off to become the biggest inventions made by human being since the invention of the internet. Bitcoin is a fish species that swims in a sea call the Bitcoin Blockchain. A few months after the world started learning more about Bitcoin. Going for as low as $1 for a Bitcoin it seems rather like one of the many internet scams flooding the internet by February. 2011. But Bitcoin was Bigger than just a scam it was a king, a king of all currencies. Bitcoin accumulated value steady to a mind blowing $6300 to date. During the initiation of the glorification of Bitcoin the god, Satoshi Nakamoto faded away into the thin and became a conspiracy in the face of law enforcement. But never the less Bitcoin was coded to be a ghost which can appear and disappear without leaving a footprint to trace.
Bitcoin became darling in the eyes of the world, turn many impossibilities into possibilities created hundreds of other real world industries that employs millions of people to date. Bitcoin is open source meaning anybody with the right skills could view the code to develop his own system that could utilise it.
The god, satoshi Nakamoto programed Bitcoin to be created through mining, for God said to man you will never unless you sweat. Bitcoin mining become a multimillion dollar industry with many companies manufacturing the mining tools while many other buy the mining tools to start mining Bitcoin. Satoshi coded an algorithm onto the Bitcoin core that would make mining harder as time goes on until it phases out. A Lot of Bitcoin were mined and sold all over the world. Bitcoin became the new currency of the world. Bitcoin was adopted by major trading corporations and small businesses alike. The demand for Bitcoin started to increasing causing a looming scarcity of the currency. Bitcoin price went up and continues to do so to date making it gain unprecedented values.
Born of a computer programming father and Business Analyst mother Buterin first got interested into cryptocurrency as a writer for a Bitcoin website. Buterin, a contributing writer to the website was earning around 5BTC per article around $3.5 by that time. Soon the website collapse and Buterin took a new role as a co founder of Bitcoin Magazine. Buterin continued writing for Bitcoin magazine even after it was bought off by BTC media until 2014.
Around Late 2013 Buterin aged 20 by then developed the white paper to would bring ethereum into Existence. As a writer of Bitcoin Buterin had explored Bitcoin inside out and found what he referred to as a missing feature. Buterin wanted bitcoin to be incorporated with a scripting language to aid application development. He then later developed Ethereum a platform which could fix all he thought Bitcoin was missing. Ethereum became to be known as the decentralised mining Network and software development platform that facilitates the creation of new cryptocurrencies and programs that share a single blockchain. Ethereum is the platform for smart contracts
Meanwhile Bitcoin has a more market value than ethereum, Ethereum too has a lot of importance to cryptocurrency with hundreds of other cryptocurrencies running on its core. Vitalik Buterin Successfully got a fair fight with Satoshi Nakamoto..
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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