The Next Era Of Ethereum Is Here (BIG Gains Ahead)

it's the moment we've all been waiting for the london hard fork is happening today on the ethereum mainnet the entire cryptoverse is looking to see how this affects not just the price but the rest of the smart contract ecosystem it's a pivotal moment in the development of ethereum that could make or break the smart contract giant let's get it welcome to bitboy crypto home of the bitsquat the largest crypto community in all the interwebs my name is ben everyday on this channel i show you how to make money in crypto if you like money and crypto then make sure to hit that subscribe button in this video we break down the latest ethereum news and what it could mean for the future of smart contracts on the blockchain believe it or not ethereum has turned six years old as of july 30th back in 2013 the 20 year old vitalik buterin wrote his ethereum white paper would later meet the team that would help found ethereum it's been a long and twisty road since then but the impact that ethereum has had on crypto is undeniable making it six years as a crypto is no easy feat there were many projects that showed a lot of promise over the past six years but many have ultimately faded away the road to smart contracts has been paid with controversy and delays but vitalik in the ethereum team has soldiered on i bought my first eth back when it was less than 300 in 2017 and haven't looked back the more research i did about eth the more i saw its potential yes has made me a lot of money but its fundamentals are what keeps it relevant to crypto with the 2021 bull run seemingly back in business it's the fundamentals that are keeping the market enthusiastic about its potential ethereum broke the 200-day ema on the 23rd of july and hasn't looked back it's had 12 consecutive green candles on the daily charts at the time of the recording of this video the supply shock from the fork hasn't even hit yet flipping anyone anyone player is going to play hater is going to hate and programmer is going to put a full eighth note on a raspberry pi maxies have long been butt hurt over ethereum's utility over bitcoin store of value tried to poke holes in its text since its inception one of the criticisms was that it was impossible to sync a full node of ethereum or if you could you needed to have a supercomputer or something crazy like that os2 warp why'd you have to go and die but the hyper nerds at ethereum on arm were able to fully validate a node on the most kawaii of all the computers a raspberry pi i usually don't like fruit fillings 250 dollars worth of dessert can add to the ethereum network that's true decentralization it's not only great pocket sand to throw in the face of the maxis but shows just how scalable and versatile ethereum is join the highly scalable and fungible bid squad by punching that like button drop kicking the subscribe button not only helps out the channel but it keeps us ahead of youtube censorship makes it harder for them to cancel us you know you need this content every day so the next few months or ethereum are going to be a roller coaster of changes eip1559 has been shouted from the rooftops is a total game changer and it could be but i've always been telling you on this channel that the real game changer for eth is when it goes to proof of stake or e 2.0 that won't be happening for at least another year eip 1559 is really only doing one big thing changing the feed market mechanism pretty much it such a small change could have huge implications just due to the fact that ethereum is so heavily used a theory must prove a work and gets its network consensus via the et hash encryption algorithm the algorithm was somewhat asic-resistant but that's another story for another day for now everyone and their brother has been buying high-end graphics cards as fast as possible to mine some of that sweet sweet ether in turn miners have not only become the most hated people by the pc gaming crowd watch out but also have driven up the prices of graphic cards that are even two three or four years old for example the amd rx 580 graphics card was released in 2017 by the end of 2019 you could pick them up on ebay for around 290 bucks it's back when ethereum was 200 each the good old days but as mining became more profitable the price of all graphics cards found support stopped dropping fact they started rising slowly at first but then in january of 2021 the price of ethereum started skyrocketing combined with the supply chain disruption due to a certain super bug the price of the lowly rx 580 shot up to an eye-popping 890 dollars in may of this year for a four-year-old graphic card that's insane but is it what were the miners getting well as of today theory miners are paid out twelve thousand eight hundred and block rewards a day that's the deal you're paid to verify the network but the fee structure and ethereum wasn't prepared to handle all this action so devi users and nft junkies have blasted with gas fees back in april it wasn't uncommon to see gas in the 100-300 gray range that's hundreds of dollars just to make a transaction the blocks are flying hard and heavy around the ethereum blockchain the miners were making a killing and the ethereum developers knew they needed to fix that imbalance eip 1559 was proposed in march of this year work has been going full steam on it ever since the goal is to start burning some of the transaction fees on the network while some have called this deflationary it really isn't it's just balancing the inflation for now needless to say the miners were not happy about this change and after some shenanigans about a show of force things have quieted down eip 1559 is going to make fees a little better for the overall eth market but the real upside will be speed and transparency eip 1559 will give users more data on what they're paying for how much they're spending how high network congestion is more control over slippage it will also make ethereum less dependent on external oracles since the base v is managed by the ethereum protocol itself that's good for ethereum and it's good for crypto it's bullish it's decentralizing and it's more transparency what's not to like this change is just a small chapter in the larger story of ethereum and one that hopefully we'll all soon forget is ethereum becomes ubiquitous and melts into the background of life like all good technology does you me and the rest of the crypto djinns will always know and respect ethereum but the masses the average joe the high schooler and the small business owner will one day soon be using smart contracts and not even know what an eth is and that my friends is the future we're all hoping for that's all i got be blessed [Music] you

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