Owing to the volatility of Bitcoin, the crypto community is inclining towards the next best token down the line, Ethereum.
According to the developers, the pre-eminent cause behind this shift is the superiority of the token in terms of its support of smart contracts. Smart contracts, as described by the Swiss-based foundation of the digital token, are applications which run in complete accuracy with the programmed version, offering no possibility of downtime, censorship, fraud or third-party interference at the same time.
The add-ons to the existing monetary value of the digital coin furnish the consumers, extra utility, giving it an edge over others including the king – Bitcoin. According to a survey, Ethereum attracted around 75% positive opinions whereas, Bitcoin could hardly pull a 50%.
Bill Harris, the former CEO at PayPal, mentioned in his talk with CNBC, that he is certain about the future declines in prices of Bitcoin. On Tuesday, August 14, he said,
“The cult of bitcoin [makes] many claims — that it’s instant, free, scalable, efficient, secure, globally accepted and useful — it is none of those things. There’s just no value there.”
He continues further to express what bothers him the most, about Bitcoin, and mentions its slow transaction time, scaling challenges and volatility in the regard. He says that the above-mentioned flaws, “make it useless as a payment mechanism and ridiculous as a store of value.”
As far as the facts are concerned, they completely favour his statements. Bitcoin surged to $20,000 towards the end of 2017, which catered to a 1300% increment in the token’s value and then suddenly lost almost half of its worth in the first quarter of the year 2018. Yesterday, according to the figures provided, the coin’s value dipped below $6000 for the first time, since the month of June.
Nevertheless, the constant supporters of the king, witness this as an opportunity to build up their Bitcoin inventory, before the prices are at a hike once again.