9/19/2023 0 Comments Coin watch listThe utilization of Ethereum is much higher."Įthereum was built around a peer-to-peer network, much like Bitcoin. If Bitcoin is like digital gold, Ethereum (ETH) is like owning a piece of the internet.Īs billionaire investor Mark Cuban, who recently got into the space, told CNBC (opens in new tab), "The number of transactions and the diversity of transaction types along with the development efforts in Ethereum dwarf bitcoin. And while its share of the overall market has started to decline thanks to the rise of other projects, Bitcoin remains the dominant player in the space. Thanks to the rally in Bitcoin prices over the past year, it was the first digital coin to hit a $1 trillion market cap. Additionally, he thinks there's a path for the digital asset to reach a $100 trillion market cap.īitcoin already is the biggest cryptocurrency out there, at well more than double the size as the next largest coin. Michael Saylor, a Bitcoin proponent who led his company MicroStrategy ( MSTR (opens in new tab)) to be one of the first publicly traded firms to hold the cryptocurrency as an asset on its balance sheet, told CNBC (opens in new tab) in February that he believes Bitcoin will continue to grow as it "subsumes" other store-of-value assets, like gold. In a world where most things digital can be easily copied and shared, Bitcoin acts like "digital gold" for securely transferring wealth. This is why proponents of Bitcoin see it as the ultimate store of value. Prior halvings have also led to increases in Bitcoin's price (because, in theory, demand is the same, but supply has decreased). The rate at which new Bitcoin can be mined is reduced every four years by 50% in a process known as halving, which last occurred in May 2020. By design, only 21 million Bitcoin can ever be mined. The PoW system is used to securely sequence the transaction history of Bitcoin on the blockchain.īitcoin's most important feature is its hard cap. The digital asset is divisible up to 1/100,000,000th of a Bitcoin, also known as a "Satoshi," after the pseudonym of Bitcoin's reclusive founder, Satoshi Nakamoto.īitcoin is created using a proof-of-work (PoW) model, where miners solve mathematical equations and receive a digital coin as a reward. Using a digital ledger known as blockchain, Bitcoin (BTC) is stored in a decentralized network.Īs an open-source cryptocurrency, anyone can take part. The original cryptocurrency still reigns supreme.
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