Ethereum’s Processed Value Surpasses Bitcoin

In the last 24 hours Ethereum has processed over $29 billion, which is over the entire value processed by six other major altcoins such as Bitcoin, Bitcoin Cash, Litecoin, Dash, Bitcoin Gold and Ethereum Classic.

Ethereum network is able to create a new block 15-20 seconds. It is much faster compared to bitcoin’s 10 minutes. Also Ethereum is more cheaper, than bitcoin almost $2,50 per transaction. In case of bitcoin, the value is $28,90 for average transaction.

Also Ethereum blockchain has increased the total amount processed by the cryptocurrency. Other digital currencies have joined it such as Tron and Tether, due to the efficiency of Ethereum’s network.

Ethereum has been making millions of daily transactions on its network since December 17. Bitcoin handles 240,000 a day.

The high price of bitcoin and slow network is a big setback for the cryptocurrency as it becomes impractical for small payments.

This concern has lead to the bitcoin fork Litecoin. A fork of bitcoin occurs when miners agree certain rules within the blockchain need to change.

Litecoin is more faster and lightweight than bitcoin, as it takes two and a half minutes to complete a transaction. The main idea of this digital coin is that it can be used for cheap transactions.

Vitalik Buterin, the Founder of Ethereum announced in November about his plans to launch Ethereum 2.0. The new version targets the scalabilty issue of cryptocurrencies.

The scalability problem with cryptocurrencies is a consequence of the fact that blocks in the blockchain are limited to one megabyte in size.

Within the next three or five years Buterin aims to reach VISA-level scalability.