Will Eth Flip Bitcoin?
Will Eth Flip Bitcoin?
It's been said for quite some time now, that Ethereum will eventually flip Bitcoin and you might be wondering why this is a common saying amongst the cryptosphere. In short it comes down to use cases and ecosystem.
Bitcoin, the original digital currency is pretty much a single use asset as it doesn't allow for the development of smart contracts, instead work needs to be done in order to wrap the token to enable it to trade on other chains.
Ethereum on the other hand is a multi asset digital currency, not so much that it can be altered but more so that it enables developers to build on the Ethereum blockchain. Thousands of tokens and chains have been built and operate on Ethereum with each one requiring the use of Ethereum to make it possible.
Blockchain Congestion
In it's early years Ethereum suffered from Blockchain congestion where there was so much happening within its own ecosystem that the chain couldn't process everything fast enough.
But unlike Bitcoin which can't be further developed and refined, Ethereum can be upgraded although it isn't always an easy process as it requires community consensus. But we have seen Ethereum undertake some pretty impressive upgrades that has brought down transaction fees, increase transaction speeds and now a very important change.
One the "merge" is complete this week Ethereum will have reduced energy consumption by 99% stemming some of the criticism about crypto currency and it's high energy consumption leading to increases in global CO2 emissions.
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Private sector builds on Ethereum
These upgrades have made Ethereum lucrative to the mainstream private sector with many Banks developing CBDCs on Ethereum and with that information it pretty much cements Ethereums longevity and it's success. While Bitcoin remains a speculative asset with a household name, chances are Ethereum will become the most used digital asset and chain.
Ethereum will be the the pockets of the majority of people on this planet who have a bank account or deal with transferring of funds or even making purchases, the chances are that it will be all powered by Ethereum.
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Bitcoin Remains Investors Choice
Despite all this news about Ethereum, Bitcoin remains the investor choice and has bounced back since it's last dip and the market is hopeful for continued gains as prices begin to rise.
The cryptosphere looks set to have two forms of digital assets one which is Bitcoin the gold standard and another being Ethereum which is the blue collar worker that enables development.
Binance did have a chance but recent events have proven it to be more of a risk while it isn't out of the game just yet the two most secure digital assets that appear to be attracting attention are Bitcoin and Ethereum.
What are your thoughts, will Ethereum flip Bitcoin?
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All I can say is time will tell.
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Interesting topic.
But from my opinion, i don't see Ethereum reaching(meeting up) with Bitcoin. Just because several tokens are built on Eth Blockchain doesn't mean there price would meet.
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I don't think ETH will flip BTC. It's just way too unlikely and I think ETH is being bought up by the VC space. The fees are kind of crazy too so I wouldn't think that it can grow that much before it becomes painful for a lot fo them.
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in my opinion: obviously won't. maybe for a short period of time it can flip btc. however in the end of the day, both have to go down, perhaps disappear how banks are doing nowadays :) and even if it flips btc, in that time plenty other coins, blockchains will flip both.
(i just used the coin few times, long years ago, the worst experience amongst top10-20 coins and all good analysis what i read about it, just backing that, explaining why. i never will use again.)
basically, you wrote down some of the main reasons, just didn't highlight. it is a very easily trackable, surveillance coin (that's the main point, why it is good for CBDC), and most of the people don't want that + plenty sht projects on the network, and it never can be competitive to some other blockchains in case of speed, fees, energy consumption. simply, in long term, it is not sustainable. (the co2 part is even good like this, if you know what is co2, not only listening the 24/7 propaganda about that.)
personally, i am confident about that, but not about which blockchains can replace both ETH, BTC. perhaps those don't even exist today. i keep on eye on new blockchains.
While not impossible, I don't think that ETH will flip BTC, at least not in the near future. Too many things need to happen first - slightly better geopolitical situation, less chance of ETH being "the Establishment" cryptocurrency favoured by big banks and governments and, of course, those crippling gas fees have to go down.
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Hard to say for sure but Ethereum is definitely the CBDC chain and whether that is a good thing or not is to be determined. I personally think it’s an abomination and people will avoid it like the plague it is, for good reason. That might take down Ethereum in the process.
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