Plain and simply – Bitcoin and Ethereum have different purposes.
The title is inaccurate to be perfectly honest. We want to end half the hype on either side and create a new – even BIGGER hype around how these two cryptonaughts can work together.
Ethereum has shown promise in the execution of its primary purpose – acting as a method for developers and corporations to enact distributed, decentralized applications using the Blockchain, something that Bitcoin really failed to do.
We realize that this ‘sole purpose’ argument is not going to be taken well, and that’s fine. But we’re here to deliver the news that Ethereum simply has not shown a clear and consistent development attitude for using its base as a method of payment.
Now, you may argue that Bitcoin enthusiasts have not been able to show a clear evidence of this ‘magic’ of the Blockchain being used for worldwide decentralized application development since developing apps right now is pretty damn hard.
And what we’re saying is that you’d be right.
Bitcoin wasn’t designed to be used that way. It was designed as a payment protocol. It was designed to send usable money anywhere in the world for extremely low transaction fees.
Ethereum is unique. It’s different. It’s cool. It’s not going to ‘replace’ Bitcoin.
Just looking at the website of Ethereum will tell you that. It’s not built to be what Bitcoin was built to be. It’s just that simple.
You’re probably thinking to yourself ‘then why is it growing in value if it’s not meant to be used as a method of payment?’ And you’d be right again. The answer is that Ethereum is a damn good idea with crystal clear execution. It builds on what Bitcoin missed – which is a fundamental realization that Bitcoin as a payment protocol is pretty amazing, but the Blockchain was left… well… under-explored for other concepts.
Now, there is another reason that Ethereum has risen so starkly in volume. Unlike Bitcoin, Ethereum is rising up unsullied by the PR nightmare that is Bitcoin.
No Silk Road (so far), no ransomware (so far), no major scandals (so far).
The PR nightmare of Bitcoin is the doing of the media outlets that control the conversation. The stories about ransomware that uses Bitcoin, in reality, have little to do with Bitcoin. It’s almost as if no cyber crimes have ever been committed before Bitcoin was introduced… Yeah, we’ll leave that to you to decide. This idea in and of itself merits its own article so we’ll move on.
Where’s the Crypto-Competition?
The competition here will be the professionalism of the thought-leaders in the industry. It’s time for cryptocoiners to get their shit together and act like the revolution they want to be, and hold the people in charge accountable. Aside from that, we believe the two will work side by side to provide smart contracts (ETH) and an ultra-secure payment method (BTC).
This is what we hope for these two currencies, the ability to combine their useful aspects to create an unstoppable contract/payment method. This will only happen if Bitcoin can get control over the utterly petulant and unprofessional ‘thought-leaders.’ Not going to name any names… Unless you want us to.