Bitcoin Forum

Can Ether become an Independent currency like bitcoin?

The answer is so simple, It is only possible when any country like Japan, US, Germany announces that they are adopting ether as an official currency likewise Japan adopted Bitcoin as an official currency.

While they theoretically can, why though? Ether isn't even created specifically to be a currency. While I don't see any major harm from accepting Ether as a currency, they should definitely focus and prioritize on Bitcoin first; which is specifically made to be a medium of exchange, and is being developed to be better in that category in contrast to Ethereum being developed for other purposes.

Anyway, any source? Couldn't find an article covering Germany announcing Ether as an official currency.

It is very difficult to think of an altcoin created by person X and that person X let altcoin and that altcoin be successful. What I mean by that? altcoins has its creators, so the success of altcoin depends a lot on its creator... if vitalik for example convince governments to use ETH, of course you would see a big adoption of ETH. The success of altcoins depends on their creator and the problem is that many altcoin creators do not focus on trying to convince governments and large companies to use their altcoins.

so the answer to your question is no


Is basically what I said, but why would any country adopt ETH? Is the creator of ETH who must convince governments that their altcoin is good

The term "official currency" is not clear to me. What it is? How does this apply to ethereum? In my opinion, governments will allow the use and circulation of cryptocurrencies on their territory, but they will not actively support them. They do not need them. They have their own national money, which are interconnected with the state economy and they are interested in supporting their own national money. Why would any state support virtual private money or other people's money in general? From the point of view of the state, this makes no sense.

You're right when you said the success level of an altcoin is determined by the step taking by its creators but a lot of people seems not to understand that ETH holds the dapp/smart contract scheme than been use as payment. However, I think is too early for us to decide as well if ETH could become a which will be legalized by some governments as a medium for exchange cause nothing is impossible for theres chance for that to happen when bitcoin reaches 21 million coins to be mine.

So that's your definition of being an independent currency. To tell you, every coin that seems to be good and verifiable by a gov't body, they can treat it as an independent currency.
Base on his description, a country that approves to make that coin as official cryptocurrency in use.

So if Japan adopts something it becomes independent by default? No.

Look, I was a big critic of Ethereum for a long time, I stayed away for so long and only got in initially also just to speculate. Put off by the whole centralized thing and the whole ETH=Vitalik. But things changed. They improved. Their vision got clearer and their long term thoughts became apparent. I can change my mind about anything, even about BTC if things develop. But independence only BTC has at the moment. That is the benchmark.

Personally, I believe that Ethereum is already a popular currency. But compared to Bitcoin, Ethereum simply always remains in second place. I believe that in the near future it will be possible to calculate Ethereum as ordinary money.

Even if they will be adopting ethereum doesn't mean if that thing can make ethereum becomes an independent crypto. An independent crypto must have something that can be used it as a store of value just like bitcoin.
Ethereum will be an independent crypto when it will be backed by the fiat or i can say it's not easy to leave from the bitcoin domination without something that can backed the altcoin and then make it becomes stable and bitcoin can't create an intervention in the process to determine the value.

At first Ethereum needs to become decentralized just like Bitcoin. Secondly they need to develop Ethereum 2.0 woth sharding and Plasma technology to compete with the all smartcontracts blockchain platforms and then we can expect a price growth.

Ethereum is already an independent currency, you must know that the second largest number of developers are working on eth network from around the world so eth has no serious competitor in altcoin category. Secondly i do not think that any country will or can officially call any crypto their currency as far as i have learnt China and some other countries are working on their own state owned crypto coins that will be called as state crypto currency.

Ethereum is already an independent currency and the king of altcoins and the second largest cryptocurrency.

Ethereum was created to conduct transactions, the main advantage of which is the support of smart contracts.
Perhaps if other countries want to accept payment on the Ethereum blockchain, it will be something like a token.
With Bitcoin, everything is different since it was created for payment.

Ethereum is been built for different purposes not means of payment if you ask me, Ether isn't made explicitly to be a money. But even if i don't perceive any real hurt from tolerating Ether as a cash,its still never created to be used as a cash,it would be better if they concentrate and organize on Bitcoin instead, which is explicitly made to be a vehicle of trade

Personally, I believe that big changes are taking place in the cryptocurrency market now. And I won’t be amazed that Ethereum will soon be able to take first place among altcoins. And Bitcoin will fall to another place, having lost its leadership among cryptocurrencies. But in order for this to happen, I don’t know what should happen in order for the cryptocurrency market to change rapidly. I think that we now live in the world of the latest technologies in a couple of three years, the whole world of cryptography can change in a completely different direction.

Technically, both are really different so there's a possibility that it can run independently. However, if you are looking at trading pairs, then obviously it is still have some relationships on bitcoin.

But I do believed that they have some sort of different investors are well. Bitcoin usually for maximalist and long term holder, while ethereum investors are leaning towards the kind of investment in IEO/ICO and then keep moving their funds across altcoin market.

there are certain things that when done to a cryptocurrency they can never be undone. it is like breaking a glass, you can never fix it. and in cryptocurrency world when an altcoin starts out as centralized it can never become decentralized again, that coin has failed in its start. the only possible outcome for these coins is death.

additionally ETH is not even a "currency" which is another reason why the answer to your question is no. and all those who understand the mechanics of it know that already which is why this token has never been used for anything other than ICO scam and trading speculation for pump and dumps.

I think it's logical that if you say Ether is not a currency, I think, ether is a platform for altcoin, so it's very different from Bitcoin, bitcoin stands alone in the use of the blockchain network, whereas Ether as a platform will greatly affect other altcoins, the opposite can be said Ether can be influenced by other altcoins, so don't expect Ether to be adopted by a country, even if a country wants to adopt Ether as a currency it will cause inflation, because Ether is very massive on the crypto market.

Eth is centralized around Vitalik. No country or individual would trust a currency with a leader. Manipulate the leader, manipulate the currency. Nobody can have that.

ETH is good for what it is for, hosting digital assets but don't expect it to become more.

There are still some differences between Ethereum and Bitcoin. Although they are all cryptocurrencies, Ethereum has smart contracts that can do certain functions. I think Ethereum can be summarized as a functional cryptocurrency.

Currently, there are many countries using ETH to transact and pay for some types of services.
They do not need to spread the word to the whole world, but there are some countries that are really very supportive of ETH because of the low and very safe transaction fees.

Yes you are right. It is depend on adoption like what you said what happened on bitcoin when Japan already adopt it. People and investor and based on the reputation and achievement of coin and once the coin will support by country it is a big advantage to build a good image to attract more investors and users . Like in other project crypto also need a good advertisement coming from a good reputation country.

No, while there is the ability to "rollback" transactions (hacking TheDAO). Although on the other hand, any government seeks total control and in this case, an "official"/national cryptocurrency can be created. But it is not exactly ETH; something on the ETH blockchain possible.

From my opinion, Ethereum is an independent currency because the feature of ethereum is different than bitcoin.
Ethereum has smart contract which is unique function that different from bitcoin.
We can make erc20 token in ethereum too, it is often used for funding project in ICO.

it sounds like the mystical dream of an ethereum holder. this will never happen. Ethereum will not be accepted as a payment tool in any territory. Ethereum was not created for this.

At first place, Ethereum and altcoins in general have created because a certain team or owner did it so it is still dependent. Now is there a chance that it will become an independent coin in the future? Possibly yes if the coin is used widely but if I'm the creator why would I not continue the project that I started already.

Owners of different altcoins doesn't want to leave their project so basically speaking, Ether and all altcoins can't become independent.

Bitcoin has the concept and the idea of the real decentralized currency and that is why they remain the most used independent currency till now, and Ethereum is simply going to always be an alternative, no matter how hard Ethereum may try, there is absolutely nothing they can do to become independent like bitcoin.

If you look at japan also, despite their reliability on bitcoin, they will still have Ethereum as second alternative incase bitcoin does not meet up at some certain pint, because bitcoin has its own issues too, especially the aspect of scalability, which I know that we have lightning network already to help, but that is still on a centralized bases which really does not fully follow the line of bitcoin fir its vision to provide a full decentralized system.

I wish it could, but it seems like ETH is never going to climb on top of the market. The big problem of ETH is the lack of updates and partnerships, while big coins like NEO, EOS are doing something to increase their prices,  ETH is just silent.

Your reply definitely shows that you either lack the update about coins that offer dapp and smart contract service because the NEO and EOS you mentioned have nothing to offer the crypto community and what they did is create the roadmap led by ETH before ETH create theirs.

Can you make it more specific? Independent on what aspect? If it is related to the ETH price, it is hard to separate from the influence of Bitcoin. While if it is about the popularity of Ethereum platform, I think it was already independent for a long time since it became the strongest altcoins ever.

Ethereum was created as a business platform and therefore there is a smart contract. In my opinion ethereum is different from bitcoin which functions as a digital currency or digital assets. Ethereum with its smart contract can be a business platform that can be used to make business efficient by making tokens.

As official currency? Maybe as additional currency can, cause these countries will never replace their own currency for a digital currency which is very unstable and can't be controlled. Bitcoin isnt also sure that a Japanese Satoshi Nakamoto created it. Maybe just a screen name who knows, but the point is, it is hard to implement even ether as a currency for such country.

etherium is already an independent currency just like bitcoin because cryptos like them dont mainly depend on the fiat system or banking system  . we can mine and obtain a crypto without going the need for fiat or banks  .

 there is no need for acceptance on those countries that you mention above because even if they dont adopt crypto there are still many other countries that are now already adopting crypto  .

In my opinion, ethereum by its nature is not expected to be a currency. Ethereum was created to serve as gas fee for transferring tokens and creating smart contracts. This explains why there's no definite number of ethereum to be created, unlike bitcoin who has a maximum of 21 million coins.

No, I do not agree with your opinion. In April 2017, Japan simply legalized Bitcoin and other cryptocurrencies. In this regard, we can say that he received official status. However, this did not make him independent. If world states fully legalize ethereum or another cryptocurrency, this will not make them independent of the price dominance of bitcoin. There is talk that ethereum may free itself from the price dominance of bitcoin, but the reasons for this should be completely different. The technological and functional significance of ethereum should increase, and on this basis it should increase in popularity and demand.

Agree, in my opinion ethereum was created not to compete with bitcoin but ethereum was created as a business platform, therefore there is a smart contract that makes it easy for business platforms to be involved in the cryptocurrency market

I do agree that eth can be categorized as functional cryptocurrency as business entities can create smart contracts and it depends on what type of business they want to deal with. The usage of this platform has been explored in so many aspects already. And from my point of view, eth is already an independent currency like bitcoin. Because it is not actually dependent on bitcoin. They have their own identity so to speak.

That is true, Ethereum was never meant to be independent, and it is clearly visual form Its objective, the product of Ethereum is designed to be used by many industries and it is through their usage that Ethereum gets its value, so Ethereum cannot grow without being independent, and even in as much as bitcoin looks independent, it still depends on the use of it by end user to survive, without end users that would create demand, bitcoin would not have grown to this level.

The reasons why Ethereum is not properly functioning well now is because most of the projects too that were created under Ethereum are not properly functioning well, and until Ethereum produce is meeting up to the standard that most of its investors expected of him before it can start functioning properly.

But the development of Ethereum is dynamic and they could modify it as the users demand. Most of the miners, developers and investors sees Ethereum as a competitor to Bitcoin. By limiting the supply and increasing it's usability, Ethereum could be another utility cum investment currency like bitcoin.

To be frank its highly unlikely this will happen anytime soon.The market situation at the moment shows how highly dependent the crypto space is on bitcoin.. Even with the countless possibliies the ETH blockchain boast of , its sad to say as a currency ETH has been underperforming lately.

I think ethereum can stand alone it's just that technology will always be related and interconnected to be able to create the best platform so that ethereum can be created so far, ethereum has the potential to be whatever it wants.

For now, all of the cryptocurrency coin has been followed the Bitcoin system. I mean, if the Bitcoin price increased, then other altcoins will be automatic increased or otherwise. Maybe sometime in the future Ethereum can build a new system to make a new innovation.

Well is that not possible ethereum become independent currency some countries like japan help etehr become independently but of course I still beleive bitcoin is the king of the crypto even ether is become independent.

This is my first time that I hear that Japan announced that they official currency is the bitcoin. Ether is a best coin in the last few years upto now and many country will accept and adopt the ethereum just like what they give treament to the bitcoin but as use as their official currency. But ethereum have chance to use in every country in the next few months come.

ETH is still not developed to be independent. BTC dominance is 70 percent and if BTC falls by 3 percent, ETH is crashing by 10. All altcoins depend on BTC and nothing will happen during the next several years, at least ETH 2.0 would be very successful.

bitcoin and ethereum are different, for example bitcoin is more profitable for investment and trading, and ethereum is more focused on smart platforms with projects. so I don't think ethereum will be the next bitcoin. ethereum is the project platform leader and bitcoin will remain at the top as the crypto market leader.

ETH has a chance to become an independent currency like BTC, only on condition that it will be used officially in countries. But still, I believe that ETH was created a little for the other, namely to be a platform for creating applications, platforms, services, games and so on. on blockchain, and tokenize various assets. On this basis, ETH is unlikely to be regarded as cash.

Ether is meant for trading purposes while Bitcoin was made for the purpose of becoming an independent currency. But I don’t see any harm in it becoming a currency. I doesn’t need it anyhow, in my opinion. Let’s just see what happens.

That seems unlikely. I am a supporter of Eth but still I don’t want to pretend to myself I don’t see worrying signs about its future.

eth become an independent currency like bitcoin ???

That's good too, but unfortunately that won't be possible. eth is a dapps project and its function is as an integration platform to the blockchain network. so if used as a means of payment seems inappropriate. What's more the speed of transactions on the ethereum network is still questionable. difficult to make eth used as a means of payment. unstable fees, and many other shortcomings in eth if used as an independent currency.

I believe that it is not entirely correct to consider Ethereum as a cryptocurrency (just like an analog of fiat currency). Bitcoin - yes, it was conceived as a means of payment. And Ethereum is a platform for performing calculations on the blockchain, and Ether is its internal currency for paying for computing power.

Ethereum's journey through the extraordinary development of the Ethereum ecosystem continues to be promoted while paying fees for the field of legality and development. but this project cannot be implemented in the Bitcoin application, so Vitalik Buterin created Ethereum in 2014 to realize his dream. I'm sure that over the next few years Ethereum will become an independent currency like Bitcoin.

Well, you have answered it in part, in which you might be right. However, bitcoin became independent when it was not yet accepted by any country.. Also, I do not know if what you mean by being independent is as regards its growth, most especially its price. Well, it can also happen to bitcoin if it us not paired against BTC as the major coin, rather it should be the dollar, such as USDT.

If you want to see the price of Ethererum above $1000 you have to be more patient than average investors. The development has nothing to be done with the price of the ETH. This can be a concern for the small crypto projects but it is irrational for the top coins like Etehreum, Ripple, Monero in my opinion. Etherum lost its chance a years ago to become the first crypto platform and the circumstances of the market were suitable for this achievement in my opinion.The more chances will follow the Ethereum if the Bitcoin dominance falls under the % 60 for the next 6 years in my opinion.

I think Ethereum is already an independent currency, it is different from bitcoin.
but peoples prefer to use bitcoin as a currency to pay or buy something, and ethereum to investing on crypto projects (ICO or IEO).