Skip to content
  • Contacts
BREAKING NEWS
Fed Chair Powell says smaller rate of interest walks could begin in December  |  
Bitcoin (BTC) was down by 1.21 percent, Ethereum (ETH) fell 1.54 per cent  |  
Dow rises to start the week as investors await midterm political elections as well as rising cost of living report  |  
Innovation in Twitter: Elon Musk claims Twitter has had ‘massive’ income decline as advertisers pause costs  |  
Webtoon.xyz Alternatives – the online comic platform  |  

March 25, 2023

Yezzit

Stock Market News

  • Contacts
Cryptocurrency

Ethereum Would be Eating Bitcoin

Posted on September 2, 2020 by Arnold Morris

Ethereum, having long played second fiddle to the quickest cryptocurrency, bitcoin, is actually stepping into the limelight.

The ethereum price, ascending greater than ten % throughout the last 24-hour trading period and contributing to gains of all nearly 300 % so much this season, remains far behind the bitcoin priced – but price is not everything with the amount of bitcoin tokens “wrapped” into ethereum doubling in August.

Bitcoin is able to be wrapped upon the ethereum blockchain utilizing a number of ethereum-based tokens, like WBTC, which includes surged in acceptance since May, based on information from Dune Analytics. During some times in August, more bitcoin was wrapped upon ethereum than was created by bitcoin miners.

Bitcoin wrapped upon the ethereum blockchain by using WBTC is actually backed 1:1 by bitcoin and minted by locking up bitcoin on the bitcoin blockchain. It’s considered that by wrapping bitcoin onto ethereum and making it agreeable with shrewd contracts, users will be able to unlock methods such as lending, liquidity provision, and decentralized switches.

“This provides an interesting challenge for bitcoin. Although it obviously has much more energy after getting converted upon the ethereum blockchain, its underlying value ostensibly comes as a result of the sixty eight terawatt hours of energy which go into securing the bitcoin blockchain every year,” Glassnode analysts published in their weekly newsletter.

“How much bitcoin has to switch upon ethereum before the necessity of the bitcoin blockchain itself begins coming into question,” Glassnode asks. “And, if this were to happen, what would back the value of bitcoin if not the substantial amounts of power that go into maintaining its existence?”

Meanwhile, the ethereum cost is soaring, boosted by the decentralized finance (DeFi) craze that’s currently sweeping the bitcoin as well as crypto world. DeFi is actually the concept that cryptocurrency engineering could be utilized to recreate traditional financial instruments like loans and insurance.

“Following a challenging number of weeks for a lot of crypto-assets, ethereum’s value increase shows it’s one of the main alts leading the market,” Simon Peters, bitcoin as well as crypto analyst at commitment platform eToro, mentioned via email.

“I concur with Glassnote’s accounts that bitcoin is no longer investors’ first steps into crypto – many new investors could be keying in the market directly into ethereum or DeFi protocols, as opposed to choosing bitcoin as their 1st or maybe only crypto buy while they did in the 2017 crypto bull run.”

1 bitcoin1 bitcoin to usdbest bitcoin walletBitcoinbitcoin accountbitcoin appbitcoin atmbitcoin atm near mebitcoin btcbitcoin calculatorbitcoin cashbitcoin cash pricebitcoin casinobitcoin chartbitcoin converterbitcoin costbitcoin crashbitcoin cryptocurrencybitcoin etfbitcoin exchangebitcoin exchange ratebitcoin forecastbitcoin futurebitcoin goldbitcoin graphBitcoin Halvingbitcoin highest pricebitcoin investmentbitcoin live chartbitcoin logobitcoin machinebitcoin machine near mebitcoin market capbitcoin miningbitcoin mining calculatorbitcoin near mebitcoin newsBitcoin News Todaybitcoin predictionBitcoin Pricebitcoin price chartbitcoin price dollarbitcoin price historyBitcoin Price Livebitcoin price live usdbitcoin price nowbitcoin price predictionbitcoin price today in usdbitcoin price usdbitcoin price x2 double your btc moon bitcoin livebitcoin ratebitcoin real timebitcoin real time pricebitcoin redditbitcoin satoshi nakamoto revealbitcoin scamsbitcoin stockbitcoin stock pricebitcoin svbitcoin taxbitcoin tickerbitcoin to dollarbitcoin to us dollarbitcoin to usdbitcoin to usd converterbitcoin todaybitcoin twitterbitcoin usdbitcoin valuebitcoin value todaybitcoin walletbitcoin worthbuy bitcoinbuy bitcoin with credit cardbuy bitcoin with debit cardbuy bitcoin with paypalcryptocurrency bitcoin pricecurrent bitcoin pricecurrent value of bitcoinfree bitcoingemini bitcoinhow does bitcoin workhow much is 1 bitcoinhow much is bitcoinhow much is bitcoin worthhow much is one bitcoinhow to get bitcoinshow to invest in bitcoinhow to mine bitcoinshow to use bitcoinlocal bitcoinmoon bitcoinprecio bitcoinprice of bitcoin todaytradingview bitcoinwhat is bitcoinwhat is bitcoin worthwhat is the price of bitcoinwhat's the price of bitcoinwho created bitcoin

Post navigation

Previous: How to avoid defaulting on your credit card
Next: Coronavirus: Loan sharks target individuals with profits worries

Categories

  • Airlines
  • Auto
  • Banking
  • Bitcoin
  • Books
  • Cartoons
  • Comics
  • Credit Card
  • Credit Cards
  • Cryptocurrencies
  • Cryptocurrency
  • Email
  • Entertainment
  • Featured
  • Fintech
  • Games
  • Gaming
  • General
  • Gold
  • Health
  • Instagram
  • Library
  • Life
  • Lifestyle
  • Loans
  • Luxury
  • Market
  • Marketing
  • Marketplace
  • Markets
  • Mobile
  • Money
  • Mortgage
  • Mortgages
  • Movies
  • Oil
  • People
  • Politics
  • Real Estate
  • Reviews
  • Router
  • Stock Market
  • Stock Market: BA Stock
  • Stocks
  • Streaming
  • Tech
  • Technology
  • Telugu Movies
  • Torrents
  • Travel
  • Youtube

Recent Posts

  • Fed Chair Powell says smaller rate of interest walks could begin in December
  • Bitcoin (BTC) was down by 1.21 percent, Ethereum (ETH) fell 1.54 per cent
  • Dow rises to start the week as investors await midterm political elections as well as rising cost of living report
  • Innovation in Twitter: Elon Musk claims Twitter has had ‘massive’ income decline as advertisers pause costs
  • Webtoon.xyz Alternatives – the online comic platform

Tags

1 bitcoin to usd best bitcoin wallet Bitcoin bitcoin atm bitcoin atm near me bitcoin calculator bitcoin cash bitcoin cash price bitcoin chart bitcoin converter bitcoin etf Bitcoin Halving bitcoin machine bitcoin machine near me bitcoin mining bitcoin near me bitcoin news Bitcoin News Today bitcoin prediction Bitcoin Price bitcoin price chart bitcoin price history Bitcoin Price Live bitcoin price prediction Bitcoin Price Today bitcoin price usd bitcoin price x2 double your btc moon bitcoin live bitcoin reddit bitcoin stock bitcoin sv bitcoin ticker bitcoin to usd bitcoin usd bitcoin value bitcoin wallet buy bitcoin buy bitcoin with credit card current bitcoin price current value of bitcoin free bitcoin how much is bitcoin worth how much is one bitcoin how to invest in bitcoin price of bitcoin today what is bitcoin
© 2023 Yezzit | Theme NewsX Paper by wpthemespace.com