Ethereum will pump and gas fees will drop when 2.0 arrives
Ethereum is the second biggest cryptocurrency by market cap today, and has become a legend in itself over the past few years. It serves a better function even that bitcoin, and is now the platform upon which most new altcoins build their ERC-20 tokens. The only problem with Ethereum network is the fees. They are disproportionately high for the average user. The good news is that this will soon change.
ETH token is so undervalued right now. It has not been able to keep up with bitcoin and has not even surpassed its previous ATH around $1400. Meanwhile bitcoin has doubled its previous ATH already in the past two months. It appears that ETH is lagging, but it will still pump like crazy in time to come.
The pump in price and the drop in the excessive “gwai” fees will occur when Ethereum moves from PoW (proof of work) to PoS (proof of stake). The value of this move is that ETH won't be mined any more. Miners will no longer need to pay for their rigs and power. PoS will thus be so much cheaper and as a result the gas fees can drop hugely, in my opinion.
This could occur within the coming year ahead ideally. So much development is happening with Ethereum and they are keeping really busy. Their is so much good news and hype around Ethereum so with the price still not even reaching the ATH of January 2018 yet, it looks like a great time to invest for the future. ETH is so widely used, that it can only improve from here. And the price growth will possibly even outpace bitcoin, so it pays to have some ETH in your portfolio.
I am hearing such bullish predictions for ETH, mind blowing targets of $50000, which is 50x from the current price just above $1000. What do you think guys? Can ETH reach such stratospheric heights? Such miracles have happened before. Look at bitcoin for example. So this is indeed possible. With the supply of liquid ETH drying up fast on exchanges now, it may cause a supply shock, much like in bitcoin, and this will push the price higher.
So to conclude, the news is so bullish for ETH right now, as Ethereum 2.0 arrives this year (although delays are not uncommon with Ethereum). PoS is really going to change the ETH industry massively, particularly with the potential to bring down the gas fees required to move your ETH or ERC-20 tokens. Anyone can build their own cryptocurrency on Ethereum today, which is again mind blowing when we think that printing your own money a few years ago was considered illegal. You would have been seen as a counterfeiter by the government. Those days are over with Ethereum allowing smart contracts and token creation for anyone.
Have you had any experience minting your own currency on Ethereum platform? It can be done in minutes, so to speak. If you have the requirements, that is. Let us know of your experiences or if you would like to create your own cryptocurrency. I visualize minting my own token. I would call it Babajicoin and have a hard cap of 21 million, in honor of bitcoin core, with 8 decimal points. Give me any tips on doing it, if you have any insights.
Even Hive is a brilliant blockchain platform for building our own tokens. Share any tips that you have for novices who would like to mint their own tokens on the Hive platform.
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