Bitcoin is the first cryptocurrency - the original, the most popular and most used cryptocurrency in the world.
When Bitcoin was first created by the anonymous Satoshi Nakamoto in 2009, no one knew how this currency and its underlying blockchain technology could change the world.
Then, in 2014, Ethereum was created by Vitalik Buterin and changed the game.
It quickly rose in popularity, becoming the 2nd most used cryptocurrency of the world.
Especially this year, during the ICO hype, Ethereum has experienced a big step towards mass adaption.
But have you ever thought of a hybrid between Bitcoin and Ethereum?
This is eBTC - a "tokenized" Version of Bitcoin on the Ethereum Blockchain!
What is eBTC ?
eBTC is a cryptocurrency that was only launched this monday.
It's an ERC20 tokenized copy of Bitcoin - mimicking Bitcoin's characteristics with its supply of 21 million tokens.
eBTC was airdropped just a few days ago at a price of $0.03 per token.
It rose up to $0,80 representing an increase of over 2200% - before dropping back down to around $0,40 where it's at now.
For those who didn't sign up prior and received tokens for free, they can now be bought and traded at the decentralized Ethereum Exchange EtherDelta.com.
I believe that eBTC, with adoption, could be a real asset for Ethereum. It will not only boost Ethereum’s recognition in the crypto-currency community but also in the eyes of the public, while also providing a way to utilize Ethereum’s vast capabilities with a token which is representative of Bitcoin. (...) eBTC is a simple token with a simple goal. To complement and work in tandem with Bitcoin, providing a way to use a Bitcoin related asset within the Ethereum ecosystem.-"Satoshi 21", creator of eBTC
Benefits of eBTC - compared to Bitcoin
So why should there be a new Ethereum-based copy of Bitcoin? What are the differences / benefits ?!
1 - Smart Contracts
One of the biggest features of the Ethereum blockchain is to create smart contracts.
These are digital contracts that provide security and transparency, and one of the reasons why Ethereum is so popular for ICOs.
With eBTC being an ERC20 token, it also works with smart contracts - Bitcoin on the other hand doesn't support smart contract integration.
2 - Speed
Even though the Bitcoin network has recently been scaled to increase the transaction speed, the average block time is still about 8 minutes. On Ethereum on the other hand, it's only 24 seconds - meaning that eBTC transactions will be credited much faster than regular BTC transactions.
3 - Fees
eBTC also aims to be cheaper to use than Bitcoin.
While the average fee for a Bitcoin transaction can be anywhere between $2 and $5, Ethereum fees normally don't rise above $0,50.
Bitcoin has issues with high transaction fees and slow block times, ERC20 tokens don't have these issues and also have smart contract capability. Secondly, there is currently no widely accepted tokenized version of Bitcoin on Ethereum which is pretty surprising. Thirdly, as eBTC grows it will display Ethereum's capabilities and strengthen it's stance among crypto-currencies.
Future Outlook
Despite the hype and the meteoric rise, it's important to keep a realistic overview over the eBTC token.
Right now, it's difficult to determine how the currency will develop in the future.
There are a few things that make eBTC seem like more of a short-term success than a project with large future potential:
- The website is quite spartanic and doesn't provide a lot of information.
- The project doesn't even have a whitepaper.
- The token hasn't been adapted by major exchange platforms yet.
Of course, all of these things might change and it could be the case that the creator was simply overwhelmed by the sudden huge popularity of eBTC.
But other satirical coins like the Useless Ethereum Token (UET) have already shown how ERC20 enthusiasts sometimes invest in any project without doing proper research.
I'm interested to see if eBTC actually has a future, and how it will develop in the next few days after its exceptional 2000+ % rise this week.
What is your perception of eBTC - joke, scam, or serious project with large potential ?
© Sirwinchester
Informative post @sirwinchester. no doubt bitcoin is a popular crypto currency. All Steemit Community is crazy to know about bitcoin history which you shared in a very impressive way. well done.
This coin optimises everything that is wrong with Cryptocurrencies right now.
It's just an ERC20 token with the same supply (21m) and a simillar name to bitcoin, from what I can see.
Yet it is being pumped to high heaven off the back of pure hype.
Good luck to those throwing their money at this... just don't be left holding the bag!
This coin is special, look at the idea, something somple but brillian. know people copy this idea they make eLTC, eDASH, etc. its only my oppinion. thank you
Interesting perspective thank you!
too early to comment at this stage. Watch long term.
i will surely bought
Thats pretty cool, I will like to see how this goes. Still concerned there are too many coins coming -- then again nature of tech is to continuously improve, integrate and build new.
Yeah that is true! Maybe we should call evolution development instead.
Digital revolution, good update. Upvote and resteemed @sirwinchester
I don't really get this stuff do you?
In theory it sounds great, but there have been so many new icos and forks that it is becoming impossible to keep up with all the coins. Also getting harder to tell scammers from legit offerings, will have to see where all the coins land.
lol
Good point thanks for this
Why does this sound like a welfare coin. EBT? eBTC.
I like BTE Better.
Just my two STEEMS Worth.
Lol, looking like just a pump n dump coin. omar put up a tweet about it having a flaw in the code? I didnt really look into it, not interested in knock offs
I think ETH in few years will bypass BTC ...especially with all the BTC forks ..upvoted and follow :)
Hi @sirwinchester, This is probably my very first comment on one of your posts. I never heard of this eBTC coin before. However, I think things will get clearer after the next hardfork. I found it interesting:
This is a well-researched article and I liked your writing style. Good job.
Keep sharing, caring and rocking man.
Steem On!
I feel so sad these last fork, I didn't get my fair share on the
not sure i'm understanding properly..is it simply just another token at the moment on top of ethereum that has the letters "BTC"? is it going to be something more then that?
Bitcoin best
Soo amazing to other bitcoin info.....nice update and soo educative
I still havent seen any good reason for eBTC to exist. If you want smart contracts, faster transactions, and lower fees on the Etherium blockchain then use Etherium. Also the lack of whitepaper and other details about what eBTC actually is makes me highly skeptical.
Superb analysis! You are spot on about how their is great uncertainty in regard to the future development of this coin. I personally got in at 39.5 cents. Bought down the slope. Crazy thing is that just two days earlier I had noticed eBTC and passed over it not thinking too much of it. Then the price exploded and I ended up buying down that slope, all the while collecting information like any good detective from all over the internet convincing myself of the validity of this coin. So I wrote a review and it's grown quite popularly endorsed in the their telegram. People should find it helpful.
https://steemit.com/ebtc/@anamnesia/what-the-hell-is-going-on-with-ebtc-here-is-everything-i-ve-found
Very good article, resteem and follow you
Interesting I don't understand it but it sounds important!
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