Ethereum Bitcoin claims to be the one and true version of bitcoin on the Ethereum blockchain. Find out how it works today in our review.
What Is EthereumBitcoin?
Ethereum Bitcoin is one of several ERC20 versions of bitcoin on the Ethereum blockchain. We know of one other major competitor to Ethereum Bitcoin – it’s called eBitcoin, or eBTC, and can be found online at eBitcoin.org.
The currency we’re reviewing today is called BTCE, and it can be found online at BTCEToken.com. BTCE claims to be the one true ERC20 version of bitcoin built on the Ethereum blockchain.
Of course, calling yourself the “one true” version of Bitcoin on Ethereum is a meaningless title: Ethereum Bitcoin isn’t connected to bitcoin in any way, shape, or form. It has no major development support behind it, and it’s not supported by any major members of the bitcoin or Ethereum communities. Instead, Ethereum Bitcoin seems to be taking advantage of the names “Bitcoin” and “Ethereum” in an effort to make money.
Is Ethereum Bitcoin just another scamcoin piggybacking off the names of the two biggest coins on the market? Or is this a legitimate contender? Let’s take a look at how BTCE works and what makes it different from its competitors.
How Does EthereumBitcoin Work?
Ethereum Bitcoin, or BTC, aims to provide cheaper and faster transactions than the original version of bitcoin (BTC). The goal is to use the Ethereum blockchain to provide faster, cheaper transactions while still using the main bitcoin name.
We’ve seen bitcoin transaction fees rise over the past few months. Instead of trying to fix transaction fees on the original bitcoin network, the Ethereum Bitcoin development team sees an opportunity to just migrate to the Ethereum network. Ethereum has a block time of about 24 seconds compared to the original bitcoin’s block time of 10 minutes. Confirming a transaction on Ethereum takes about 3 minutes, while it takes 60 minutes on the bitcoin network.
The total supply of Ethereum Bitcoin is the same as bitcoin: 21 million tokens.
The Ethereum Bitcoin website doesn’t explain how Ethereum Bitcoin is superior to ERC20 tokens or Ethereum. ERC20 tokens and Ethereum already use the Ethereum network for transactions, and they enjoy the benefits listed above. We don’t need another new token to enjoy the benefits above. It’s unclear why we need Ethereum Bitcoin, or what unique advantages it has over other members of the crypto community.
Who’s Behind Ethereum Bitcoin?
Ethereum Bitcoin claims to be in development by a community of people around the world “that want to own and trade and use a faster, cheaper, better, more advanced and smarter global cryptocurrency in their everyday life.”
As far as we can tell, the development team has no connection with bitcoin, Ethereum, or any other major cryptocurrency project.
The Ethereum Bitcoin website has no further information about the team. We can find no specific names involved with the project.
There’s limited information about Ethereum Bitcoin, or BTCE, available online at this time. Right now, the entire project consists of a one page website at BTCEToken.com. That website doesn’t explain any technical details of the project. It doesn’t explain its goals, or why it’s superior to Ethereum, ERC20 tokens, and other cryptocurrencies built on the Ethereum blockchain.
Instead, most of the website focuses on explaining how much BTCE will be worth. There are literally pictures of the token going to the moon on a rocket ship – but there’s no explanation why the team believes the value will rise.
Ultimately, based on the limited information online today, Ethereum Bitcoin appears to be piggy-backing off the good names of bitcoin and Ethereum – despite no connection to either project whatsoever.