Is Ethereum, the cryptocurrency rival to Bitcoin, the best choice for mass adoption?
Mike McGovern, the head of Investor Services Fintech Offerings at Brown Brothers Harriman & Co. believes so, according to Business Insider.
"When looking at Bitcoin Blockchain versus Ethereum, there's no doubt Ethereum is superior," McGovern said. "It doesn't cost as much to mine Ether tokens because it requires less electricity than Bitcoin. Ethereum is not only cheaper than Bitcoin, it is also more robust and has more applications outside of simply financial transactions such as represent[ing] virtual shares, assets, proof of membership, and more...”
Ethereum could serve as a means to enter into a digital contract among two parties, and even third parties, Business Insider reports.
McGovern isn't alone in being confident in Ethereum's potential application on a wider, macro-scale.
In a CoinDesk study on the sentiment of Bitcoin and Ethereum, nearly 94 percent had a generally positive sentiment towards the "state of Ethereum." Only 49.2 percent had a generally positive sentiment to the "state of Bitcoin."
The same study reveals that 86.4 percent of the respondents viewed Ethereum as a potential solution for "currency, a medium of exchange, payment method, and value store" that is "just as well or better than Bitcoin...".
This observation came at a time when Ethereum is hitting the bricks because of a slew of impacts on the value of the cryptocurrency.
As of July 10, Ethereum has dropped over 45 percent since June 13. At that moment, Ethereum was at its highest value ever of $400. However, talks of a cryptocurrency bubble with the trolling of 4chan users saying that the creator of Ethereum died (which turned out false, Quartz reports), has resulted in a major beating in the markets.
Are Cryptocurrencies on the up and up? Tell us in the comments?
MORE ON CRYPTOCURRENCIES FROM CAPITALISM.COM:
• What Is Bitcoin And How Does It Work? Trace Mayer Explains
• FFLTV: Scammy Internet Marketers And Bitcoin
• What Is Bitcoin? A Conversation With Singer-Songwriter Tatiana Moroz