For people who are new to cryptocurrency, the current Bitcoin situation is pretty confusing. More specifically, there are three types of Bitcoin among the top 10 currencies ranked by market capitalization. However, there are other versions of Bitcoin out there as well, including EthereumBitcoin. This currency can be found on some exchanges under the BTCE ticker.
EthereumBitcoin is a Real Token
Given all of the odd and unusual tokens being issued on top of the Ethereum blockchain, it was only a matter of time before we saw another version of Bitcoin being created. EthereumBitcoin has a total supply of 21 million tokens – just as there will be 21 million Bitcoins at its peak – and each is divisible down to eight decimal places.
Bitcoin was created in the first place to be digital money on the internet. Moreover, most tokens created on the Ethereum blockchain act as securities, which has caused a lot of problems for the many ICO projects in existence today. EthereumBitcoin, on the other hand, was not designed to be a security whatsoever, which should – in theory – keep it out of regulators’ crosshairs.
Known as BTCE on the exchanges it trades on, there is more confusion to be had. Not that long ago, there was a semi-large Bitcoin exchange out there by the name of BTC-E. Although this platform was shut down and rebranded as WEX, some people may still think BTCE has something to do with the defunct exchange. That is not the case, yet it is still worth pointing out to avoid any misunderstandings.
Furthermore, this new currency is designed to serve as peer-to-peer electronic cash, and the project is entirely community-driven. It boasts fast transactions, reliable network connectivity – assuming Ethereum doesn’t clog up again – and it could even serve as a store of value. All of this assumes there is any genuine demand for EthereumBitcoin in the future, and most people may not necessarily see the value of this particular token.
If things go according to plan, EthereumBitcoin will eventually make its way onto more exchanges and be embraced by merchants. The latter part is a bit unlikely at this point, but stranger things have happened in the world of cryptocurrency. Given the fixed supply of this token and the issues Bitcoin itself has faced this year, things may certainly get interesting in the future.
For the time being, EthereumBitcoin is still limited to just a few exchanges. It can be traded on EtherDelta and Decentrex. The token is compatible with most Ethereum wallets, and it can be used in conjunction with smart contracts as well. The world of cryptocurrency has certainly undergone many changes, and now we have another version of Bitcoin which runs on the Ethereum blockchain. It’s an interesting development, especially considering that BTCE is currently valued at US$0.06.