The 5 Reasons Why I Love Ethereum

in #shere2 years ago

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Ethereum has been gaining in popularity as the second most popular cryptocurrency on the market, and with that popularity also comes a surge of interest in Ethereum and its underlying technology – blockchain. I am personally very excited about this technology, and I think it’s going to drastically change how we live our lives. For this reason, I am sharing some of my thoughts on why I love Ethereum and why you should too!

  1. Smart Contracts
    Smart contracts are self-executing contracts that do not require an intermediary or third parties to operate. They are ethereum’s main competitive advantage over other crypto currencies, and they will likely form one of its primary use cases as more people join its network.

  2. Low fees
    Ether transactions typically cost a fraction of a cent, compared to Bitcoin transaction fees of around $5. Moreover, unlike fiat currency transactions, Ether transfers are irreversible—which is great for merchants but bad for fraudsters. Since there are no banks involved in Ether transactions, payments can’t be reversed or charged back. Another bonus: Payments can be sent across borders almost instantly. There’s also no need to provide your name and physical address when receiving Ether (unlike with credit card payments)

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  1. Faster transactions
    Decentralized consensus opens up lots of possibilities, including faster transaction times. With Bitcoin, you must wait an hour before your transaction is confirmed. Ethereum allows you to confirm your transactions in a few seconds, meaning you can actually use it as a currency for daily purchases and not just for trading. This is also one of its biggest selling points; many people will only buy crypto currencies that are actually usable as currencies, like Ether or Litecoin.

  2. Uptime of 99.9%
    Crypto-currencies, on account of their distributed nature and lack of a central controlling authority, suffer from a major weakness: there is no guarantee that they will work 100% of the time. The distributed structure means that nobody is in charge and therefore nobody is accountable when something goes wrong. This can lead to spectacular failures; some people have even lost money because of bugs in crypto currency protocols.

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  1. Global scale
    Each transaction on Ethereum is stored on every single node (computer) in their blockchain. This means that if you send some tokens to your friend, everyone knows about it!
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