The figures come from the average forecast from 27 out of 42 experts surveyed by Finder. The UK comparison site polled 24 fintech specialists, including Coinmama CEO Sagi Bakshi, CoinFlip Founder and Chief Advisor Daniel Polotsky, and University of East London Senior Lecturer Dr Iwa Salami. 

CoinFlip’s Daniel Polotsky gave forecasts in line with the panel average and anticipates that Ethereum will be worth $4,000 by the end of 2021 and, by 2030, will have skyrocketed to $64,000. 

“Ethereum's price largely follows Bitcoin's halving cycles, although that relationship may begin to decouple as time goes on, and as Ethereum continues to develop use cases that Bitcoin cannot achieve. Then, its price may grow at a faster rate than Bitcoin's,” Polotsky said. 

However, both Martin Fröhler, CEO of Morpher, and Pedro Febrero, RealFevr’s head of blockchain, expect Ethereum to top $10,000 by December 2021. “Ethereum has the potential to power the future global financial infrastructure”, Fröhler commented.

93% of the panellists said they believe Ethereum will one day become more frequently transacted than Bitcoin. Nearly half of the panellists (48%) predicted that this shift would occur before the end of 2022.

Businesses today must keep up with the times to entice all customers and give them little or no reason to go elsewhere. With the world getting smaller by the day due to the internet and how it is used by businesses and customers alike, companies who aren’t riding the wave could find themselves struggling to keep up with their competitors.

The best way in which you can boost your business is to be on top of the latest technology trend and use it to its maximum advantage, and embracing cryptocurrencies like Bitcoin and Ethereum would certainly do that.  However, before you decide that taking Bitcoin will make your business explode overnight, there are a few other things you need to consider first.

The rise of Bitcoin

Bitcoin is very much a hot property, as is Ethereum and, as of this moment, Dogecoin. They are in the news every day, and ‘Bitcoin prices’ is one of the most searched terms on Google. It would be easy to assume that cryptocurrencies would naturally be used to purchase goods in the same way we once used cash.

However, this is not currently the case. It is not because Bitcoin and other cryptocurrencies are not safe and secure (because everybody already knows this is not the case), but instead, it seems to be a problem of perception, which is always a critical factor in the mass adoption of anything new.

Cryptocurrency trading

While those with a decent working knowledge of Cryptocurrencies do not share this bias, there is a strong current perception (especially in the face of daily stories about the rising price of Bitcoin) that Bitcoin is something you invest in, not something you use to buy everyday items.

It could be argued that, given the current perception of Bitcoin almost as a commodity, that the person in the street is as likely to pay for a newspaper or a can of Red Bull with Bitcoin as they would using a bar of gold.

Accepting Bitcoin for everyday payments

This looks to be the main barrier in the way of accepting, for example, Bitcoin as a method of payment online. The technology should never be a problem; but instead, it is the willingness of the customer to use it.

Social media can play a significant role in this by normalizing the use of Crypto for everyday purchases. Seeing influencers using Crypto as a currency and not something that just sits in exchanges like Coinbase will increase the ability of regular users to see digital currencies the same way they see the ones they use every day.

Final thoughts

Suppose you are not sure about using cryptocurrency or feel that perhaps this is not the way forward. Just think about how customers used to pay on sites like eBay 20 years ago, which was mainly cheque or cash through the post. Paypal was not really trusted as a payment method, whereas now it is most definitely preferred and indeed requested by most if not all sellers.

Bitcoin fell on Monday morning after reaching a new record-high price over the weekend.

The world’s most highly valued cryptocurrency broke through the $60,000 barrier for the first time during weekend trading, reaching a high of $61,674 on Saturday. However, the price went into retreat at the beginning of the week, falling 4.4% to $57,847 at 9:15 AM in London.

This latest Bitcoin price shock comes amid reports that India will propose a law banning cryptocurrencies altogether, potentially blocking its use in one of the world’s largest markets.

Reuters reported on Sunday that senior officials in India’s government are looking to impose “one of the world’s strictest policies against cryptocurrencies,” which will impose fines on anyone trading or even holding digital assets. Bitcoin miners will also be penalised, sources claimed.

Under the proposed bill, cryptocurrency holders would be given six months to liquidate their digital assets, after which penalties will be levived.

Should the ban become law, India would become the first major economy to ban the use of cryptocurrency altogether.

As normally follows when Bitcoin suffers a price shock, the broader cryptocurrency market also went into retreat on Monday morning. Ethereum, the world’s second-largest cryptocurrency, was trading 5.7% lower against the dollar at a rate of $1,785.49 at the beginning of the week. The cryptocurrency market as a whole declined 4.5% over 24 hours.

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Despite this latest price plunge, the crypto market is still performing markedly better than it was six months ago. Bitcoin has rallied over 400% during this period, owing to interest from established players such as Tesla and Square. Adoption by PayPal has also helped to pull cryptocurrencies closer to the payments mainstream.

While many are excited about the industry's growth potential and understand turbulence comes with innovation, others wonder how they can still invest in digital assets with a semblance of stability.

Many herald stablecoins as a solution. Palladium-backed cryptocurrency all have bullion as a reserve asset. They will never fall below the underlying asset price but can eclipse the spot price depending on the coin's popularity and trade volume.

Understanding Crypto Backed by Precious Metals

The idea of virtual currency backed by bullion like gold and silver has been tried numerous times. Arguably the most successful before the advent of cryptocurrencies like Bitcoin was E-Gold, co-founded by Douglas Jackson. The coin proved to be very popular at its peak in the 1990s, with at least 1,000 new accounts made each day. However, authorities cracked down on the coin and mandated Jackson to adhere to a variety of financial regulation rules and standards, turning E-Gold into a shadow of its former self.

An ideal modern-day stablecoin should be able to perform main functions. It should have the capability of acting as a medium of exchange to permit holders to buy and sell goods, function as a saving asset (without loss of value), and be used as a unit of account to compare the cost of goods and services.

Stablecoins backed by precious metals stand out for a few reasons. Cryptos backed by fiat currency, like Tether's USDT, remain the most well-known class of stablecoins. But many are wary of fiat currencies' long-term stability, especially in 2020, as national governments pursue a variety of artificial stimulus to keep economies afloat during the coronavirus.

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The Advantage of Metal as a Reserve Asset

Countless civilisations have treasured precious metals like gold, silver, platinum, and palladium for their utility and beauty. Bullion is recognised and accepted across the world for buying and selling.

While many think precious metals are only valuable as a monetary tool, many have a wide range of industrial and manufacturing uses. Palladium is a vital component in catalytic converters to remove hydrocarbons, carbon monoxide, and other potentially harmful gases from vehicle exhaust emissions. The converter is one of the most expensive parts of a vehicle - often costing up to $1,000 alone.

The vast majority of silver mined in the modern world is a byproduct of manufacturing. The industrial uses of precious metals give them an additional allure of value, making them in the eyes of some a stronger stablecoin base than fiat currencies (or other crypto-collateralised) stablecoins like Basecoin.

Understanding Popular Crypto-Backed Stablecoins

Perth Mint Gold Token (PGMT) is one of the market's most popular crypto-backed stablecoins. While some projects are vague about their bullion reserves, PGMT tokens are backed by gold from the Perth Mint, managed by Australia's government.

The Mint offers the GoldPass app that issues a certification with all issued gold bullion. PGMT holders can simply use the app to confirm their digital assets are backed by a gold reserve. Government-backed gold bullion gives PGMT a large degree of legitimacy and viability in the cryptocurrency world, making the token a popular choice for investors interested in crypto-backed stablecoins.

Another well-known choice for those making their first foray into the cryptocurrency stablecoin world is PAX Gold (PAXG). PAXG coins are backed by one ounce of a London Good Delivery Bar. Like PGMT, PAXG coins are seen as highly legitimate in the precious metal backed-cryptocurrency industry due to their connection with a government entity.

The industrial uses of precious metals give them an additional allure of value, making them in the eyes of some a stronger stablecoin base than fiat currencies (or other crypto-collateralised) stablecoins like Basecoin.

PAX Gold's parent company, Paxos, is a New York State Trust Company and received approval from financial entities in New York to operate. Having to adhere to a wide range of US laws and regulations gives Paxos a degree of credibility in the crypto world - boosting the popularity of its flagship precious metal-backed stablecoin.

What to Watch Out for When Buying Precious Metal-Backed Backed Stablecoins

Investors need to be careful when choosing a precious metal-backed stablecoin to buy. They should carefully study the project's website to confirm they have audited bullion reserves conducted by a legitimate third party.

Investors should confirm the project has a seamless bullion redemption process that is fair and economically viable. Investing in the wrong project can lead to a loss of money and other headaches.

Bitcoin, Ethereum and Tether, three of the most traded cryptocurrencies in the world, have achieved a joint market capitalisation of $207 billion as of last week, according to data released by BuyShares.co.nz.

This represents a jump of 40% compared to the cryptocurrencies’ standing at the beginning of the year, and an indication that their investment appeal has grown as stock markets have faced steep fluctuations. As cryptoassets are decentralised and inflation-resistant, they can offer shelter during times of market volatility.

The market cap of the three cryptocurrencies in question stood at $148.86 billion at the start of 2020 before crashing to $106.51 billion on 15 March as world economies were struck by the COVID-19 pandemic and ensuing lockdown measures.

This slump did not last, however, as the cryptocurrencies’ collective value proceeded to increase by an astonishing 90% between March and July, reaching $202.37 billion by June.

Ethereum appears to have experienced the sharpest increase in relative value, having stood at a market capitalisation of $14.22 billion at the beginning of January and risen to $26.91 billion as of the end of last week.

In comparison, Bitcoin’s individual market cap currently stands at $170.87 billion, up from $130.54 billion at the beginning of the year (an increase of 31%), and Tether’s has risen from $4.1 billion to $9.19 billion (a 35% increase).

This depends on many factors, but you can still determine it nonetheless. Here's how you can do it.

Which cryptocurrency?

First, remind yourself which cryptocurrency you will be buying or choose one if you haven't decided yet. Here are the most popular types of cryptocurrency to choose from:

• Bitcoin: Abbreviated as BTC, Bitcoin is probably the most popular of all the cryptocurrencies. You can purchase it almost anywhere.
• Bitcoin Cash: Abbreviated as BCH, Bitcoin Cash was only launched in 2017 and has since become pretty widespread.
• Litecoin: Abbreviated as LTC, Litecoin is only two years younger than Bitcoin and is quite well-known as well.
• Ethereum: Abbreviated as ETH, Ethereum could be primarily found on the platform of the same name.

There is no right or wrong cryptocurrency to buy, so consider all your options and make a choice you will be satisfied with.

Why are you buying it?

The next thing you should do is think of why you are buying the cryptocurrency you chose. Consider what you will be doing after you purchase the cryptocurrency. Are you going to sell it? Or maybe you will be donating it or gifting it to someone?

This point is very important as it will decide your further actions. You must know what goals you are pursuing so that you can find the best means to achieve them. Besides, some cryptocurrencies might have technical restrictions that will prevent you from doing what you want to do.

Remember that the cryptocurrency market is constantly evolving and changing. For instance, there’s this new concept of stablecoin being developed that may be the next big thing in the world of cryptocurrencies.

“Stablecoin initiatives are developing at a rapid pace. Adoption of stablecoin, a form of collateralized cryptocurrency pegged to a stable fiat currency like the yen or dollar are being debated by central banks,” says Robert Anazalone, an expert on cryptocurrencies.

What is your financial situation?

You are probably aware that some cryptocurrencies are more expensive than others, so if you are on a budget, you probably won't be able to buy them. You have to take into account your financial situation before going online and looking for your cryptocurrency.

“Due to the limitations placed on capacity, cryptocurrencies like Bitcoin and Ethereum see higher transaction fees when the networks become congested,” writes Kyle Torpey, a writer and a specialist on Bitcoin, in an article for Forbes.

At the same time, this point is directly tied up with the next one as the current state of the market will influence the price of your chosen cryptocurrency. Sometimes, even a usually cheap currency may cost more due to the fluctuations in the market. This can also influence what you will be buying and when.

What is the current state of the market?

Last but not least, think of the current state of the market. Research and read about what is going on so that you are aware of the situation and clearly know what you are doing. Analyze the data you collect and decide whether or not it's the right time to buy cryptocurrency.

You should be conducting such research and analysis regularly so that you can determine the best time for buying your chosen type of cryptocurrency.

Clem Chambers, the CEO of private investors website ADVFN.com and author of Be Rich, The Game in Wall Street and Trading Cryptocurrencies: A Beginner’s Guide, says: “Market timing is incredibly difficult, especially in a hugely volatile asset like bitcoin.”

Final Thoughts

To sum up, try to be skeptical of what you read online when someone is claiming that it is the right time to buy cryptocurrency. Read and research or seek help from a professional adviser to understand when is the right time to buy and which cryptocurrency to choose.

This was authored by digital marketing executive Cynthia Young .

Cryptocurrency is any currency which can be referred to as digital money and is taken online in the form of coins and/or tokens. However, just as so many cryptocurrencies have debuted in the physical world like credit cards, a large proportion of them continues to remain intangible. The term “crypto”, which is widely used in cryptocurrency, refers to the archaic procedure through which the tough cryptography allows for the token to be processed, stored and transacted online.

There are numerous cryptocurrencies being used globally. In this article we will guide you through top 5 cryptocurrencies you must know:

1. Litecoin 

This currency debuted after bitcoin and was launched in 2011. It is commonly referred to as silver to bitcoin’s gold. It was introduced by Charlie Lee, former Google engineer. It is not controlled by any central authority and only uses the script as a proof of work. It offers faster transaction generation and is very similar to bitcoin in its properties. An interesting point to note here is that the number of merchants who accept lite coin online is growing as compared to the makers of the currency.

2. Bitcoin

Also described as one of the most famous cryptocurrencies in the world, bitcoin has been able to carve a good reputation for itself ever since it was introduced. This type of money is completely virtual, and even small retailers accept payment in bitcoin on their websites. It’s an online version of cash and is used to buy products and services online. However, many companies observe a complete ban on bitcoin because there is no central authority which controls it. After bitcoin revolution, many people started to invest in this currency, but due to its fluctuating value, many people have stopped investing heavily.

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3. Ethereum

This cryptocurrency is a safer option when it comes to enabling smart contracts and distributed applications to be erected without any downtime. It was introduced in 2015 and is a decentralized platform. Ether, which is a cryptographic token is responsible for running applications. People who are willing to develop software on the Ethereum platform use it as a moving vehicle which allows all these things to happen. In 2014, Ethereum launched a pre-sale of ether which turned out to be great success.

4. Ripple

It offers low-cost international payments and is a global settlement network which is fast and very precise. Banks can make the best possible use of it for it allows transactions to be conducted at low cost. It was introduced in 2012, and the uniqueness of this currency is it doesn’t require mining. This is its only quality which differentiates it from other cryptocurrencies online. Since mining is not present here, ripple uses less computing power and saves a lot of time.

5. Dash

Originally known as dark coin, it is a more discreet version of the bitcoin itself. The intriguing point to note about dash is its ability to conduct transactions in a way that nothing can be traced back. Dash was launched in 2014 and has gathered a significant fan following since then. Evan Duffield was the responsible brain behind making this currency, and this digital money can be mined with GPU and CPU. It was only after 2014 that this currency was redefined from dark coin to dash.

These are just some of the digital currencies which are famous globally. The rest of them are also in use and continue to enjoy huge popularity worldwide.

By now, cryptocurrencies acquired an army of investors and true believers. It is worthy of note that regardless of the market conditions, the top 3 cryptocurrencies remain the unchangeable leaders. What makes Bitcoin, Ethereum, and XRP so valuable?

Bitcoin

Created in 2009, Bitcoin is the first peer-to-peer digital currency, which the world has ever seen. Being a father of cryptocurrencies, Bitcoin has the first-mover advantage, it can’t lose. Regardless of 2,000 altcoins available on the market, investors do not stop to purchase Bitcoin, keeping it at the top of the list.

Why Bitcoin is so much-in-demand?

• Low supply. There are only 21 million bitcoins that will ever exist in total, and 17,8 million have already been mined. Due to the human factor, people lose access to the crypto wallets reducing the amount of bitcoin in circulation. About 4 million coins are more likely to be lost forever. Demand will increase to own at least a fraction of bitcoin pushing the value up and the maximum supply will more likely decrease.
• High usability and industry standard. Bitcoin is available and commercially adopted pretty much everywhere in the world. Bitcoin ATMs, retailers, and various businesses accepting bitcoin as a payment amount more than 15 thousand venues as of today that is 1,000% rise in comparison with 1,270 venues in December 2013. By industry standard, it is entailed the fact that any crypto-related project, app, or business will first start working with/accepting bitcoin and only then add other altcoins.
• Ability to profit on the hot investment. Let’s keep it real, cryptocurrencies are volatile and by buying/selling them at the right moment investors can capitalize greatly on it. Why bitcoin? With the dominance of 66.2%, Bitcoin is a settler of crypto market direction. So why bet on altcoins if Bitcoin is 100% win.

Ethereum

Ethereum’s road was rough throughout 2018 having lost 85% of its value. Despite this fact and despite the competition from other smart-contract based altcoins like NEO and EOS, Ethereum remains the second-largest cryptocurrency.

• Father of smart contracts. Ethereum is a major blockchain for smart contracts, DApps, and more than 80% of ICOs developed on its blockchain. Enterprise Ethereum Alliance has made partnerships with big-name companies like Microsoft, JP Morgan, Intel, and others, which are looking for Ethereum blockchain incorporation into their business structures. With such strong support, it’s unlikely for Ethereum to lose its leading position in a short-term horizon.
• Key updates of Ethereum technology. One of the most significant Ethereum hard forks called Constantinople has already happened in February 2019 though with a delay improved functionality, speed, transaction costs, miner issues of the network. According to its roadmap, instead of one large update, there will be a series of updates aiming to make Ethereum more scalable, efficient, and faster scheduled for 2019 and the years to come.

XRP

XRP rounds out the top 3 largest cryptocurrencies by market capitalization. XRP is one of the cheapest and fastest coins available today. Despite accusations from cryptocurrency enthusiast concerning its centralized character, XRP entrenches oneself in the top and has never claimed to be decentralized one.

Why is XRP at the forefront?

1,500 transactions per second is an impressive result, especially in comparison with the scalability of other cryptocurrencies or even with common money transfer systems, used by the banks. Upon that the cost of the instant transaction regardless of destination point is over 50% cut down. Initially, Ripple was focused on financial institutions and banks with prospects to become the major payment system. Therefore, not cryptocurrencies, but dominated transfer systems like SWIFT and VISA are its main rivals. Working on the improving transaction speed, the XRP development team reached the unparalleled scalability of 50,000 transactions per second outperforming VISA capacity twofold.

Multiple banks and credit card companies are already collaborating with Ripple, hundreds of other bank institutions are looking for a partnership with it. Backed by the financial sector and constant increase of the user number, XRP will strengthen the position in the crypto market.

This is the bold forecast by the CEO of the deVere Group, Nigel Green.

Over the last 48 hours, the three biggest digital currencies Bitcoin, Ethereum and XRP have climbed 4%, 12%, and 3%, respectively.

Mr Green comments: “The bearish sentiment of the last quarter of 2018 is now, I believe, behind us.

“We can expect the current upswing to continue, albeit with peaks and troughs as in any financial market.”

He continues: “In 2019, the cryptocurrency market is set to radically evolve. We can expect considerable expansion of the sector largely due to inflows of institutional investors.

“Major corporations, financial institutions, governments and their agencies, prestigious universities, and household-name investing legends are all going to bring their institutional capital and institutional expertise to the crypto market.

“The direction of travel has already been on this path, but there is a growing sense that institutional investors are preparing to move off the sidelines in 2019.”

Mr Green goes on to add: “The acceleration of institutional investment is likely to be driven by greater regulatory clarity.

“More and more global jurisdictions can be expected to join the likes of Malta, Hong Kong, Japan and Switzerland in becoming crypto-friendly from a regulatory and pro-business viewpoint.”

Whilst Bitcoin, the world’s largest cryptocurrency by market capitalisation, will remain dominant this year, Ethereum and XRP, due to their unique characteristics and problem-solving traits, can be expected to significantly fuel the 2019 upswing, affirms the deVere CEO.

He notes: “The smart contract abilities of Ethereum are already unrivalled. More and more institutional investors will be making use of these capabilities this year. Also, once Ethereum can accept outside data in its smart contract protocols, its price will rocket further.

“When it comes to XRP, hundreds of financial institutions across the world are already working with it and this is a trend that is set to continue and grow in 2019.

“In addition, XRP has been positioning itself to become a leading international facilitator of global remittances and inflows. This is a massive market in the expanding emerging economies.”

Nigel Green concludes: “2019 will be a year of accelerated maturation for the crypto sector due to institutional investment.”

(Source: deVere Group)

Did you know that in 2017 alone, close to $4 billion in startup capital was raised through ICOs? Well, according to info we found out at BTXchange, ever since the issuance of the first ICO in 2013, a lot of hype has been created around this futuristic form of fundraising.

1. Most ICOs Use the Ethereum Platform

A good number of ICOs are established on the Ethereum platform. This comes as no surprise considering the nature of cryptocurrencies generated by the startups who launch ICOs.

The Ethereum network has been known to be offering a lot of essential components for running a crypto project. For example, you can conduct an ICO token presale by using Ethereum-powered smart contracts which have proven to be pretty much reliable.

2. A lot of ICO Projects Get Published On Medium

Medium is one of the biggest publishing platforms for crypto projects. The platform gained fame after BitcoinTalk forum declined in popularity a few years ago. Currently, many ICOs publish their whitepapers and information at this place due to the high traffic associated with the site.

It has a simple interface that’s easy to navigate, which is especially convenient for users who wish to browse through tons of projects on the platform with minimal time and effort.

3. Telegram Is the Core Messaging and Chatting Platform

ICOs are time sensitive; any delay in communication could potentially be damaging to the participants. For instance, if an ICO has a discount within a certain period, information needs to be communicated to the crypto community as quickly as possible.

Telegram provides a chance for the ICO issuers and subscribers to communicate promptly. Users can get timely answers to critical issues including the status of the tokens release, listing on exchanges, pricing, and more.

4. They Are Subject to Regulations

Contrary to the popular myth, ICOs are regulated to at least some extent in most countries. It is not possible anymore to just launch one and wait to collect enough funds to start your business. In fact, if you are a US-based organization and ignore the relevant laws, there is no doubt you will quickly land in hot water.

If you wish to discover more interesting facts about ICOs, how they work, and their history and current state, check out the infographic below.

Ethereum, currently the second largest cryptocurrency after Bitcoin, will experience a “monumental, defining global breakout” when smart contracts can accept outside data.

The bullish prediction from influential technology expert, Ian McLeod of Thomas Crown Art, the world’s leading art-tech agency, comes as Ethereum’s price jumped 4% on Monday, adding some 8% over the last week, to trade at highs of $210.

Mr McLeod comments: “Ethereum is back in bull territory and is on track to enjoy considerable gains before year-end.

“I maintain that we can expect Ethereum to hit $500 by the end of 2018 and go on an overall upward trajectory throughout 2019.

“However, what will be the monumental, defining driver for its global breakout? Oracles.

“Oracles link Ethereum-run smart contracts to the real world and will be responsible for the digital currency to enter an entirely new phase of mass adoption.”

Oracles are trusted data feeds that deliver information into the smart contract, thereby taking away the requirement for smart contracts to directly access information outside their network. Typically, oracles are usually supplied by third parties which are authorised by the organisations that use them.

Ian McLeod continues: “Oracles are a massive step forward in the practical utilisation of smart contracts. They allow smart contracts to accept outside data to decide upon an action – and this has a myriad of highly-demanded, real-world use-cases in almost every sector.

“For instance, they can help insurance companies with pay-outs on flight delays, sports betting firms with result information coming from various trusted sources, and can help us in the art world by conclusively proving the provenance of artwork quickly and easily.”

He adds: “Using a blockchain to authenticate artwork is an ideal use-case for smart contracts. They provide the ability to store a permanent, immutable record of artwork at the point of creation which can be used to authenticate registered works. Oracles will further enhance this concept and lighten smart contracts’ work processes.”

 The tech expert concludes: “When Ethereum-based smart contracts are fed a robust and reliable information through oracles to make precise and correct judgements, Ethereum’s price will explode.”

Last month, Mr Mcleod noted: “We can expect Bitcoin to lose 50% of its cryptocurrency market share to Ethereum, its nearest rival, within five years.

“Ethereum is already light years ahead of Bitcoin in everything but price – and this gap will become increasingly apparent as more and more investors jump into crypto.”

(Source: Thomas Crown Art)

Bitcoin will lose 50% of its cryptocurrency market share to Ethereum within five years, states an influential tech expert and business analyst.

The comments from Ian Mcloed, from Thomas Crown Art, the world’s leading art-tech agency that he established with renowned art dealer, Stephen Howes, comes as Ethereum, the world’s second-largest cryptocurrency by market cap, began a price recovery on Friday after being hit hard with a major sell-off in recent weeks.

Bitcoin – the biggest digital currency – had also been in decline, but it bounced back quicker than its nearest competitor.

Indeed, Ethereum had crashed 85% overall this year.

However, Ethereum is regained ground late last week, jumping almost 14 per cent after its most recent plunge, only find itself trading again 10 per cent lower once more in the past 24 hours.

What is happening? And what does the future hold for Ethereum?

Mr Mcloed observes: “Turbulence is a regular, and sometimes welcome, feature of the crypto sector. Therefore, the Ethereum rebound was, and is, inevitable.

“But not only do we think it will rebound considerably before the end of 2018, I believe that over the longer time it will significantly dent Bitcoin’s dominance.

“In fact, I think we can expect Bitcoin to lose 50 per cent of its cryptocurrency market share to Ethereum, its nearest rival, within five years.”

Why is he so confident?

“Simply, Ethereum offers more uses and solutions than Bitcoin, and it’s backed with superior blockchain technology,” says Mr Mcloed.

“This is why we use Ethereum’s blockchain in our art business. It has allowed us to create a system to use artworks as a literal store of value; it becomes a cryptocurrency wallet.

“It also solves authenticity and provenance issues – essential in the world of art. All our works of art are logged on the Ethereum’s blockchain with a unique ‘smART’ contract.”

Last month, Stephen Howes explained: “Using this cutting-edge technology, the art world can eradicate one of its biggest and most expensive problems – forgery – and can protect artists, galleries, and private owners and collectors.”

Ian Mcloed concludes: “Whilst there will continue to be peaks and troughs in the wider cryptocurrency market, due to its inherent strong core values, Ethereum will steadily increase in value in the next few years and beyond.

“Unless Bitcoin does more now to tackle scalability issues, and improves the technology it runs on, we cannot see how it can catch up with Ethereum over the next five years or so, when the crypto market will be even more mainstream.

“Ethereum is already light years ahead of Bitcoin in everything but price – and this gap will become increasingly apparent as more and more investors jump into crypto.”

(Source: Thomas Crown Art)