Bitcoin is money, Ethereum is empowerment.
Since 2013 altcoin after altcoin has tried and failed to replace Bitcoin as the number one cryptocurrency on the market. It is fascinating how Bitcoin persists even though other coins may be faster, cheaper to move, or even arguably more secure. One lesson from all of this is the best technology is not always the most widely used technology. Altcoins launched, many of which strived to replace Bitcoin, and then came Ethereum and all the rules changed.[1]
The discussions from the Crypto Community in 2013 are full of excitement about Bitcoin and illustrate how the Crypto Community believed Bitcoin would one day replace fiat currency. As a store of value, Bitcoin and many cryptocurrencies have thrived. The market has grown to the point that it has been called a bubble hundreds of times by prominent people in the media. Is Bitcoin revolutionary? Yes. Is Bitcoin an effective currency…in many respects, yes. Could Bitcoin become so much more than currency? Yes, it could.
More than Cryptocurrency
When Bitcoin was gaining popularity in mid-2013, many discussions started to focus on smart contracts and how they would one day replace attorneys. In the United States where litigation and fear of litigation is a way of life, the possibilities of reducing the need for third parties to enforce legal contracts is an incredibly appealing idea. But as we can all see, smart contracts can do more than just replace legal documents. In the world of cryptocurrency, smart contacts are essentially software that moves money. With the invention of Ethereum, the world was given the power to create and deploy smart contracts, to program the movement of money, all without needing an entire IT infrastructure. For the first
