RISE IN ETHER: A THREAT TO BITCOIN

RISE IN ETHER: A THREAT TO BITCOIN

• Ether price went beyond $4,000 on 10th May, Monday, thereby hitting its all-time high. Though it is the second-largest cryptocurrency, this new record is seen as an out beat to Bitcoin for the world’s largest cryptocurrency.
• Ether runs on the Ethereum blockchain and has acquired parabolic gains recently as more and more investors are looking forward to investing in cryptocurrencies. However, Ether is not the only currency to witness a sharp spike in its price, Dogecoin on the other hand is also in the race of price surge.
• Looking at a year’s scenario, the price of Ether went down due to the Covid-19 pandemic outbreak. In one year, the price of Ether has grown ten times as it came up with numerous developments.
• Ethereum is a decentralized software platform that is used primarily for smart contracts that function in a secure manner without any third-party intervention. With the world moving at a faster pace and shifting to a more digitalized world, developers are embracing the Ethereum network to handle increased applications. Businesses and banks are also looking to adopt the policy involving decentralized ledger technology.
• After comparing Ether and Bitcoin, the latter took a dip of over 2% in April, whereas the former grew more than 40% within the same period. One of the reasons being, Bitcoin is limited to empowering digital, decentralised money.
• Thereby indicating that there is no central institution involved to issue money. However, Ethereum, on the other hand, gives the option to choose decentralised applications as well as digital coins.
• Leading investors and some corporate purchasers started looking for Bitcoins, after seeing the digital coin as potential inflation support. Many US banks like Goldman Sachs and Morgan Stanley are long to furnish their well-off customers with bitcoin exposure.
• Further, Ethereum is getting popular due to the rise of NFTs, which resemble digital assets created to have the possession of unique virtual items like art and sports memorabilia
• The launch of Ethereum 2.0 is one of the reasons to boost the price of Ether. It aims to solve major concerns and bring a variety of changes to the current version of Ether. Therefore, it aims at reducing transaction fees, which is quite a beneficial trading, where every transaction can wind up costing what could be compared to several US dollars.
• Ethereum is looking to reduce the amount of energy required to process transactions and mining. Thus, a reduction in industrial mining could be witnessed in the coming years.

Also Read Articles :

• ·How to Bitcoin Tax in India?

• ·File ITR for your BITCOIN profit earned

• ·Read About GST Applicability on Bitcoin In India

• ·How to file ITR for profit earned on BITCOIN

• Bitcoin Taxability under GST Act,2017
• India’s Latest Development on Crypto-Currencies
• Cryptocurrencies Taxation Scenario in India
• Pm modi chairs meet on cryptocurrency 
• Guidance on major concern in Cryptocurrency
• https://www.caindelhiindia.com/blog/bitcoin-taxability-under-gst-act-2017/

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