Why Ethereum Exceeds Bitcoin Adoption
Bitcoin is known as the golden standard of crypto, so why is it not number 1 in the polls? Bitcoin introduced us with an alternative method of payment and transaction. It’s trustless, secure and anonymous. So why doesn’t everyone use it? Well. It’s limited. Bitcoin is not ideal for micro-payments or frequent transactions. It’s best used for transferring large funds between borders. This way you don’t have to wait 3–4 business days along with paying 3–5% of your value. Although it provides great value, the use cases are limited.
Ethereum was the first to create ‘smart contracts’, programmable algorithms that go beyond payment. Ethereum has opened the door to industries like finance, supply chain, healthcare and gaming. There are more than 3,500 decentralized applications (dApps) that are built around the blockchain that provide alternative solutions.
Decentralized finance(DeFi) has blown up in the last few years ever since the start of the initial coin offering (ICO) boom. Today, we have credit, insurance and real estate markets that live in the Ethereum ecosystem.
When we compare the number of addresses in the first five years of their creation we can see that Ethereum beings to verge off during the ICO boom.
Although, we must consider the fact that Bitcoin crawled so other cryptos can run. One thing is certain, that if bitcoin wants to have the same activity as Ethereum it’s going to have to solve it’s scalability and usability issues.
