Ethereum may have lost the number 1 position when it comes to market value but it has always been the first when it comes to making changes and adapting to the future. Ethereum has also successfully made the transition to Eth2, a very awaited update that will take scaling to a whole new level. If you do stake your Ethereum you will also get an interest on it. This move to the “proof of stake” system will not only address the power consumption of many cryptocurrencies but will also make the process similar to stakeholders making important decisions like validating transactions. Although the completion of the entire process will take another year, the start has been very promising. Ethereum has also been the foundation of NFTs, which have taken over the art industry. From digital artists to the F1 community, everyone has taken advantage of this boom in NFTs. The use of the blockchain to increase the value of basic art pieces has offered a creative output for many young artists to generate revenue.
Bitcoin has been at the epicenter of leading the charge towards the decentralization of finance. Bitcoin’s price value had certainly played a huge role in convincing a lot of people to start taking cryptocurrencies seriously. Despite, various criticisms by Elon Musk on its energy usage, this cryptocurrency has still maintained its lead. Even El Salvador has considered Bitcoin as an important asset that will help their country with financial inclusion. This serves as a great example for other nations that have been devastated financially. Also, the Mayor of Miami has proposed to carry out payments to workers via cryptos. In addition to letting them pay taxes in cryptos. This displays the potential impact that cryptocurrencies can have on lessening the role of financial institutions on the economy. Bitcoin has also been working on addressing its energy usage. Bitcoin will certainly pave the way for other cryptocurrencies to flourish and develop.