While Ether has had a rebound in its worth buoyed by the successful tough fork, it's also suffered a schism with some miners starting their own currency and sticking to the throwaway Blockchain called Ethereum Classic. In all of these happenings that are dramatic, an additional piece was the US-based Coinbase exchange’s announcement that they'd support the purchasing, selling, sending and keeping of Ether.
Coinbase Co-founder compliments Ethereum possibility
Medium.com carried a site by Fred Ehrsam, the co founder of Coinbase which was full of compliments for Ethereum. Fred expressed his view that while Bitcoin has only found infrastructure program development occur, Ethereum has far more possibility. He believes the scripting language in Bitcoin is overly restrictive.
We stand just 9 months out from the start of the Ethereum network and the amount of app development is quicker than Bitcoin’s.”
Why Coinbase matters
All these users will now have the ability to purchase, sell or store Ether inside their iOS or Android wallets, and of course directly on coinbase.com. Coinbase’s reach currently extends to 32 countries.
GDAX, a digital asset exchange business also based in San Francisco is also operated by them and have added Ethereum trading on this exchange since May 2016. In addition to these measures Coinbase in addition has declared the Coinbase Buy Widget that's something for his or her associates to embed Coinbase’s purchasing service within applications and their sites. This Buy Widget will also support purchases made with Ether as well as Bitcoin.
Coinbase’s move can be viewed as a powerful endorsement of Ether. Coinbase’s Engineering Supervisor Varun Srinivasan wrote on a blog lately:
“Ethereum, like all great innovations, isn't without constitutional hazard — the protocol is nowhere near as mature as Bitcoin, consensus around the recent fork that is tough isn’t universal and the power of its scripting language is a double-edged sword. But what it's brought to the crypto community is a pace of innovation that is relentless that I 'ven’t seen since the rise of Bitcoin. This is why we at Coinbase have spent the better part of the last few months bringing Ethereum to our users.”
The very scripting language that gives its advantage to Ether can also function as cause of its downfall. Fred Ehrsam also recognizes that it brings a heightened hazard of tighter regulatory scrutiny and mentions this in his bit. He also adds technical challenges such as issues in ‘scaling when miniature applications are added the network’, in addition to basic transaction processing.
“By the numbers ETH is the #2 token by marketcap, however it’s not a store of value. I believe their support for Ethereum was premature, announced before The DAO debacle they were mainly self-shamed into following through. I believe in a lot of manners adding support for Litecoin would happen to be a safer play for pure transactional goals. The reality is that we don’t know interests that are serious don't risk their name on it and what other issues ETH will face.”
As far as Coinbase goes they are consecrated to the idea of Ether and they do truly believe the alt money has future possibility. Based on Fred Ehrsam, Ether may blow past Bitcoin.
“What is very real is the chance that Ethereum cloud mining may blow out Bitcoin cloud mining thoroughly. There's nothing that Bitcoin can do which Ethereum can’t. While Ethereum is less conflict examined, it really is moving faster, has better leadership, and contains more developer mindshare. First mover advantage is challenging to overcome, but at present pace, it’s conceivable.”