Is Now the Best Time to Swap BTC for ETH?

0
518
Time to Swap BTC for ETH

Choosing the best investment during a tough time for the crypto market might take much work, especially when deciding between Ethereum and Bitcoin. Both of these crypto assets have pros and cons. In this article, you can find the predictions for both projects to help you decide whether it’s time to convert BTC to ETH.

Where Is BTC Headed?

The eminent cryptocurrency Bitcoin appeared in 2009. It was designed to be distributed, traded, and stored using a blockchain. It is secured by proof-of-work (PoW) consensus, which implements “mining” to produce new bitcoins. 

Though Bitcoin is the most widespread cryptocurrency, it has become a bygone in some aspects. As more people chose to invest in crypto, innovative projects competing with Bitcoin emerged. The smart contract capability in projects like Ethereum, Solana, and Cardano opened up a world of opportunities for those who develop decentralized applications (dApps). It impacted Bitcoin’s reputation significantly.

In 2022-2023, Bitcoin will go through several improvements. However, none of the updates will affect its fundamental protocol. The Lightning Network is actively developing, and Bitcoin smart contracts are coming to the DeFi market through the Internet Computer. Other developments lie in the realm of political acceptance and wide corporate adoption. 

Ethereum Roadmap: What’s Beyond the Merge?

Ethereum, with its native coin ETH, has been a recognized cryptocurrency since 2015. What sets Ethereum apart from Bitcoin? It is the ability to offer a platform for the creation of new tools, apps, and NFTs. As a result, Ethereum offers a wide range of functions and applications in the IT industry, particularly for gaming, music, and decentralized finance (DeFi).

On September 15, 2022, The Merge was carried out. Proof-of-work consensus has been formally terminated. With proof-of-stake consensus now fully implemented on Ethereum, the project’s energy consumption is estimated to decrease by 99.95%.

The Merge was the consolidation of the Mainnet (the initial execution layer of Ethereum) with its recent proof-of-stake consensus layer, the Beacon Chain. The wasteful mining has been replaced with staking — locking ETH in order to validate transactions. It was a significant step in making Ethereum’s ambition of increased scalability, security, and sustainability a reality.

Another change for the better, sharding, is anticipated to debut in 2023. Sharding, a widely used technique in computer science, is horizontally partitioning a database to distribute the load. Sharding will complement layer 2 rollups in an Ethereum environment. As a result, traffic volume will continue to decline, and the speed of transactions will grow.

Buying ETH Today: Pros and Cons 

Here are the reasons why ETH is a good buy in 2022:

  • Ethereum is the top blockchain for dApps and NFTs, making it a popular choice for those looking to buy ETH for various digital transactions.
  • The Merge was a success, Ethereum is faster and 99.95% more power efficient;
  • Upcoming sharding will make Ethereum transactions speed even higher.

However, there are also some concerns:

  • High transaction fees;
  • Rival smart contract platforms with higher scalability than Ethereum may cause ETH to lose this niche. 

ETH could be a great long-term investment option considering its benefits and drawbacks, so we offer you to get some ETH via godex.io with fixed rates and complete anonymity. 

The Verdict

Since many new Ethereum users joined the platform to participate in NFTs, Ethereum will probably continue to grow in popularity, becoming more stable and attractive for big businesses. Furthermore, the Merge and the upcoming changes in the Ethereum ecosystem will make it an excellent long-term investment with a minimum time frame of 1-3 years. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here