Ethereum is another cryptocurrency, and one many people see as potentially overtaking Bitcoin as the dominant coin in the market. What makes Ethereum different is its technology, not the fact that it’s yet another cryptocurrency. Ethereum’s coin value is referred to as “Ether,” and just like Bitcoin is bought and sold, and used by investors to buy into ICO opportunities. What is the difference between Ethereum and Bitcoin? Bitcoin is a currency, whereas Ethereum is a ledger technology that companies are using to build new programs. Both Bitcoin and Ethereum operate on what is called “blockchain” technology, however Ethereum’s is far more robust, allowing for the building of decentralized applications to be built on top of it. What has so many people excited about Ethereum’s technology? Ethereum has potential to impact IoT projects and processes. It’s by no means a perfect technology yet, but it has absolutely opened the door for all sorts of unique innovations. Why do we love Cryptocurrencies? In one sentence: It allows people to control their data without third party manipulation and because it enhances global trade. The long answer: 1. The banks use exchange rates in their favour Calculating the conversion rate between GBP and USD, I used the live market rate, it was nowhere near the banks conversion rate! 2. Bank Fees Not only do the banks use conversion rates in their favour, they also charge exceptionally high fees. Another thing to keep in mind is that these transactions take days to clear, sometimes weeks. These transactions also only clear on ‘Business days’ in a world where trade is active 24/7. Banks are already 15% inefficient in this aspect. As you can imagine, this slows down productivity as businesses cannot ship their products until they have received payment, and the consumer is often turned off by having to pay all these additional costs. The only winner in this situation is the banks.
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