Why Ethereum is popular?

Yugocean

Valued Contributor
Many finance experts believe that many investors are bullish on the risk of Ethereum, so they are investing in Ethereum over Bitcoin.

Ethereum, a major blockchain platform, is often in the news due to its heavy gas-fees that may not appeal to most investors, but it has something that makes it's cryptocurrency the second largest cryptocurrency.

Ethereum has gained significant traction with the growth of DeFi and NFTs. A verifiable example of its massive impact is the multi-billion dollar NFT sales on Ethereum in the world's online market during the year 2020 affected by the Corona pandemic. More than $50 billion are locked in Ethereum-based DeFi applications, indicating its popularity among investors.

The Ethereum Foundation also persuades merchants to accept Ether as a currency in order to maintain and increase the popularity of Ethereum, it also maintains the value of ether by donating to the United Nations and non-government/voluntary organizations engaged in social works.​
 

sincerem

VIP Contributor
Irrespective of its high gas fee during transactions. ETH has proven to be an on demand coin, through its various means of investment that is profitable to investors. It can be used for NFTs sales, it has helped . ETH has other coins that shares same blockchain network, in order to operate in the digital market. ETH has facilitated Defi, through its smart chain network that makes anonymity priority and process transactions faster.
 

Sherman198

VIP Contributor
I think Ethereum is widely used just like Bitcoin and it has proven itself to be solid and viable for investment even though it's high gas fee brought so much concern.

But it's believed that the protocol of Ethereum is somehow stronger than Bitcoin's which brought the popular believe that Ethereum will eventually be massive in value than Bitcoin but these are all speculations, no one actually knows anything for sure.
 

Mika

VIP Contributor
It is understood why bitcoin is popular but it is quite difficult to comprehend for common users why ethereum is popular. Bitcoin is the first crypto currency therefore people trust this coin. Ethreum is not the first altcoin and it recent compared to ripple, dash, monero, litecoin, or even a meme con dogecoin, yet it follows bitcoin in market cap
 

Yugocean

Valued Contributor
@Mika Ethereum was not the first altcoin, it was namecoin which was first, but it has no name now. Ethereum is however gone high due to its promoting plans.

@sincerem According to the today's news Ethereum have more users than Bitcoin.

@Sherman198 Ether protocol is not as stronger as Bitcoin's; however Ethereum founder have strategy to make it going, while Satoshi Nakamato is saying and doing nothing else.
 

sincerem

VIP Contributor
@sincerem According to the today's news Ethereum have more users than Bitcoin
Its good you're bringing this information up @Yugocean, I never knew ETH has more users now than BTC. The coin have really climbed so high when it comes to popularity more than BTC when one calculates based on its userbase. Even though BTC have been in existence five years ago before ETH was created. That's to show, the owners are working everyday to get the coin promoted well.
 

Yugocean

Valued Contributor
@sincerem
The third para of the thread says all why Ether is becoming popular. It all started with ERC tokens, even Tron (TRX) was started as ERC20 token, but become a blockchain itself. People are investing to get the best possible profit that many others successfully gained. Now NFT is slowly becoming popular and giving the artists worth of their piece.​
 

sincerem

VIP Contributor
@sincerem
The third para of the thread says all why Ether is becoming popular. It all started with ERC tokens, even Tron (TRX) was started as ERC20 token, but become a blockchain itself. People are investing to get the best possible profit that many others successfully gained. Now NFT is slowly becoming popular and giving the artists worth of their piece.​
That's just it dear. I got what the third paragraph is all about. Many coins that later formed their own blockchain today all started with ETH, and they were under ERC-20 token before they separated to owning their own blockchain. Even BNB coin which is popular today, starting with ERC-20 before Binance built their own powerful blockchain network (BSC).
 

Lens1000

VIP Contributor
Apart from the love crypto investors had for ethereum, it was designed basically to outshine bitcoin and that's why the technology employed in making it surpassed that of bitcoin. I need you to make a little research on the gas fee because I read an article, and it stated categorically that the high gas fee in ethereum transaction as been addressed
 

Josemendez

Verified member
It is not surprising that ethereum is actually doing very well in the cryptocurrency world despite the gas fee issues. Having a good environment where projects , smart contract and NFTs can be built made it attractive to projects.
With the reduction in their gas fee , I am very much convinced that the coin will continue to rise in coming days.
 

Good-Guy

VIP Contributor
I believe that Ethereum gained a lot of popularity recently when the prices of coins rose. However, Ethereum was not the only coin that gained a lot of popularity. If you ask me, then I would say that Ethereum was actually much popular before the market rose because there were many cryptocurrency enthusiasts and investors who believed that Ethereum might be a better investment than Bitcoin.
 

Yugocean

Valued Contributor
Ethereum is popular because people don't know that Ethereum (unlike Circcash) has a mining algorithm that was never designed to advance science.
I see you are fan of Circcash (CIRC), however can you please clarify, how Ethereum's mining algorithm isn't designed to advanced science?

@Lens1000 I am doing research, I don't care what some inexperienced article says, but people doing Ether transaction are still unhappy.

@Josemendez please explain the reduction in their gas fee!
 

Josemendez

Verified member
I see you are fan of Circcash (CIRC), however can you please clarify, how Ethereum's mining algorithm isn't designed to advanced science?

@Lens1000 I am doing research, I don't care what some inexperienced article says, but people doing Ether transaction are still unhappy.

@Josemendez please explain the reduction in their gas fee!
Over the past one month , ethereum transaction which use to be as high as $50 to $100 has reduced drastically . In two different occasions , I have been able to carry out an ethereum based transaction which saw me pay $0.50 and $0.80 which is not common on ethereum blockchain.
Going for more prove to my assumption , there were articles online supporting this claim . Ethereum users confirms that they have seen reduction in gas fee .
 

jvanname

New member
Ethereum is popular because people don't know that Ethereum (unlike Circcash) has a mining algorithm that was never designed to advance science.
I see you are fan of Circcash (CIRC), however can you please clarify, how Ethereum's mining algorithm isn't designed to advanced science?

@Lens1000 I am doing research, I don't care what some inexperienced article says, but people doing Ether transaction are still unhappy.

@Josemendez please explain the reduction in their gas fee!
I mean that cryptocurrency mining algorithms typically serve the purpose of establishing decentralized consensus and give a mechanism for distributing newly minted coins, but these computational problems are not solving any scientific problem like protein folding or particle physics research. 99.999% of all mining algorithms were never designed to advance science. The other 0.00099% of them solve relatively unimportant problems such as finding gaps between prime numbers (which is really hard to justify when the mining reward is very high). The other 0.00001% have mining algorithms that are designed to solve the most important scientific problem in the universe (and I am talking about the problem of creating reversible computation hardware; learn about how cryptocurrency mining algorithms can be used to accelerate the development of reversible computing hardware).
 

Yugocean

Valued Contributor
Over the past one month , ethereum transaction which use to be as high as $50 to $100 has reduced drastically . In two different occasions , I have been able to carry out an ethereum based transaction which saw me pay $0.50 and $0.80 which is not common on ethereum blockchain.
Going for more prove to my assumption , there were articles online supporting this claim . Ethereum users confirms that they have seen reduction in gas fee .
Thank you for sharing your experience, however as this is rare, I will still not try to transfer in any Ether blockchain. Do not forget to share low fees proof, this will really help us to know more. I'll check on the ERC tokens and their gas fees before sending. And can you tell which wallet/exchange you used to send and receive that Ether?
 
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