Bitcoin vs Ethereum new correlation?
Bitcoin vs Ethereum new correlation? Over the last 7 days we have seen a big move in Ethereum actually make that a huge move to $10! At the same time Bitcoin has seen a downtrend form due to extended transaction times and currently trades at $410 and looks like it will move lower and test $375. Are the top two Cryptocurrencies now linked money flowing out of Bitcoin equals a big move in Ethereum? Taking a look at the charts below we see Bitcoins huge move down and Ethereums move up and testing the support at $10.30. Has the Microsoft vs Apple, use choose who is who begun. I think the coming week will determine if this correlation holds true.
A 30 minute of Ethereum
The block chain mechanism used by Bitcoin and adopted by Ethereum is important because it means you do not have to trust anyone to correctly maintain data that’s encoded in the block chain. Bitcoin uses this to allow you to send payments to anyone without a counterparty to hold and forward the money for you as more traditional systems like PayPal do. Ethereum extends that, it lets you store any kind of data at all on the block chain, along with an agreement about how that data will be updated – the “smart contract”.Bitcoin and Ethereum are really two different things. You can definitely use the Bitcoin blockchain for simple stuff, but it’s pretty obvious to me that Ethereum will be the primary platform for smart contracts. The overhead of building stuff like that on the Bitcoin blockchain is just too much. Unless two way-pegs happen, etc. I’m fairly confident Bitcoin will succeed as a payment system though, it’s got enough momentum for that.