Pablo Soria de Lachica – on the Potential of Ethereum to Become Top Cryptocurrency

As the first cryptocurrency, Bitcoin heralded the most exciting period for technology since the creation of the internet. However, in the nine years since it exploded onto the global financial scene, the original crypto coin has, in a way, become a victim of its own success. Its meteoric rise sparked the emergence of over a thousand cryptocurrencies, triggered an investor frenzy, and raised a red flag for regulators. Among the multitude of digital coins vying for attention, only a handful stand out and appear destined for longevity. While none of them is currently close to Bitcoin in terms of market capitalization, industry participants and investors have already spotted gaps in the cryptocurrency’s armor. At the same time, another digital coin has kept gaining prominence, consistently proving its worth beyond purely monetary value. Ethereum (ETH), which arrived almost five years after Bitcoin, has become far more than the second-largest cryptocurrency by market capitalization. It is also the leading ecosystem for blockchain applications, which has led many observers and investors to believe that this is the future leader among digital currencies, comments eminent foreign exchange broker Pablo Soria de Lachica.

Cryptocurrencies are still in their infancy, and most experts accept their price volatility as normal and something that will subside over time. The new market also lacks regulation, which is regarded as one the reasons for the high levels of speculative activity. Meanwhile, there seems to be near-universal agreement that the technology underpinning cryptocurrencies will power a whole new generation of applications and business models. Blockchain, also known as distributed ledger technology (DLT), can introduce innovation into virtually all sectors and does not need cryptocurrencies to deliver its benefits, Pablo Soria de Lachica notes. It is the Ethereum blockchain that fuels the optimism of those who have unwavering faith in this digital coin. When a computer glitch in 2017 caused the ETH price to crash, crypto investors and experts dismissed this as a small bump in the road. William Mougayar of Virtual Capital Ventures told CNBC at the time: “One of the differences is Ethereum has been optimized for the software engineer, whereas Bitcoin was more oriented towards being a cryptocurrency. Ethereum has been really adopted as a software development company, so it’s really loved by the developers and programmers out there.”

Steven Nerayoff, who co-created Ethereum, believes that the cryptocurrency has what it takes to surpass Bitcoin, perhaps as early as this year. His optimism has largely to do with the fact that Ethereum is ideally suited for business applications and its blockchain offers an extremely valuable functionality: smart contracts. Bitcoin was designed to serve as a peer-to-peer payment system, which limits its appeal for businesses. Moreover, transactions on the Bitcoin network take far longer and cost significantly more than those executed on the Ethereum blockchain. Proof of the latter’s potential is the creation of the Enterprise Ethereum Alliance, which has brought together Fortune 500 corporations, startups, academics, technology vendors, and blockchain experts to collaborate on the next generation of business applications. Another firm believer in the bright future of Ethereum is Nigel Green, the founder and CEO of financial service major deVere Group. According to Green, ETH “could in the near future take over as the world’ss biggest and most important cryptocurrency.” He points out to another critical advantage the cryptocurrency has over Bitcoin: “Many companies are launching their initial coin offerings (ICOs), which are the cryptocurrency equivalent of IPOs, on Ethereum. In addition, the fact that it uses smart contracts makes it significantly superior to the ‘transaction-based’ Bitcoin.”

Pablo Soria de Lachica, an alumnus of the Universidad Tecnologico de Mexico (UNITEC), is among the most acclaimed members of the global forex trading community. He strives to maximize profits for his clients through a mix of professional guidance and educational projects. At present, the broker is collaborating with Kartoshka – a company introducing the latest technologies in sales, telemarketing, and customer support.

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About the Author

Pablo Soria de Lachica
Pablo Soria de Lachica is an internationally acclaimed broker and Director of Business Development of Bforex, a renowned currency trading firm based in Panama City, with 18 offices spanning the globe, including locations in Brazil, Mexico, and Uruguay.