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An Overview of Ethereum – The Week

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Since the launch of the first cryptocurrency which was Bitcoin there have been many advancements in the crypto world. Within these years many more opportunities developed and new currencies were introduced in the crypto world.

Bitcoin have been famous within all these years. People have earned a lot from it and even bitcoin apps and websites have been developed to help people in trading and investing. BitQT app website is one of the brilliant websites that have been in use by people who are trading and investing daily. They are earning a bunch of profits too.

Ethereum is also one of the cryptocurrencies just like bitcoin. It is famous among people. It is also based on the blockchain technology but with a slight difference that is the smart contract. The difference from bitcoin is that contract information can be stored on the blockchain. This is called the smart contract.

Origin of Ethereum.

Ethereum was invented as a currency in late 2013 but was properly released in 2014. It was invented by Russian Vitalik Britain. It is second largest after the bitcoin. With time it gained a lot of success and people frequently make use of it.

The best part is that it has given the power of using blockchain technology to everyone. There is no such bound and limit for it. However, Ethereum and Ether have a difference. Ether can be used to transfer money using a wallet. In short Ether is the currency of distribution on the Ethereum network.

Ethereum has benefitted many people like bitcoin but these days things are quite different especially after the COVID-19. Let’s see the bad news for Ethereum now.

Why Bitcoin Price Rising is a problem for Ethereum?

Bitcoin broke out from the $13000 resistance level but that doesn’t mean that Ethereum will have the same rather Ethereum has to wait. The volume is taken up by the bitcoin in the cryptocurrency market. So, the other cryptocurrencies have to face pressures of decline and low buying.

The Sudden Chain split.

Recently the cryptocurrency community has discussed that the Ethereum faced a sudden hard fork or chain split. A number of crypto users and members complained about the network issues as well. Etherscan and blockchair showed two different chains and data after the block.

This was a technical issue and was resolved but for a time being it caused major suffering to Ethereum.

The Launch of Ethereum 2.0

Ethereum will be launching its Ethereum 2.o later this year and very soon it will put an end to delays and will approach towards the proof-of-stake-model. Ethereum will move away from mining in the near future and this is because of this launch. Ethereum 2.0 is an upgrade on blockchain that is designed to shift the current consensus algorithm to PoS.

Therefore, things will change with time but other options would be available for the people. Obviously, Ethereum will evolve launching new projects.

What’s next?

Ethereum faced price surge recently and the analysts are optimistic about it. Many of them predict that it will outperform bitcoin this year. But some still think that it will get down this year. There are optimistic and gloomy predictions at the same time.

Like other cryptocurrency Ethereum also faces such issues but still several holders are increasing their Ethereum reserves. This is because they expect sharp rises in recent years that will benefit them.

Like other currencies no one really knows where the price will go. The direction is still unknown no matter how many predictions you make. But the level of optimism should always be there for all the investors!

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