Will Ethereum Overtake Bitcoin? – This time it’s done, since September 15 The Merge has arrived, and seems to have gone very well. But is this great evolution ofEthereum (ETH) to Proof of Stake (PoS) will be enough for the prince to eclipse the king, namely: Bitcoin (BTC)? For the technical director of Tether (USDT issuer), this is not yet the case.
Ethereum still has a long way to go to overtake Bitcoin
This is the big relief in the cryptosphere, the historic Ethereum update, The Merge, finally happened. This fork, replacing a consensus based on the proof of work (PoW) by one on the Proof of Stakewent off without a hitch.
After this success, Ethereum fans are already seeing the flipping happen, with total ether capitalization appreciating more than total bitcoin capitalization. But, Paolo Ardoino would he tend to say to them ” wait a minute ! “. In an interview with The Blockthe technical director (CTO) of Bitfinex and Tether explains why, according to him, Bitcoin is still the “ number one “.
“While Bitcoin is a form of currency, Ethereum is caught between its claims of being a form of currency and the claims of being a platform. [d’applications décentralisées]. But Ethereum cannot compete with Bitcoin on the currency front, because it does not have a fixed supply. And it’s not really a world computer yet because it’s (…) currently too slow to scale [en termes de transactions par seconde]. »
Paolo Ardoino, CTO of Tether and Bitfinex
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Changes and developments that are not worth the regularity made in BTC
Worse, the changes incessantEthereum are perceived as instability, in the eyes of Paolo Ardoino. Again, in opposition to Bitcoin which would experience less upheaval overall.
We will note all the same here that it is a little quickly to forget the Taproot update occurred last year on the BTC network, or even the stormy arrival of SegWit in 2017. But back to what the CTO of the stablecoin USDT said:
“(…) The fact is that Bitcoin is the only existing crypto-asset that has a solid message, and that hasn’t changed. Ethereum is still no match for Bitcoin, because its message keeps changing. »
While Bitcoin has seen notable changes/improvements to its code (as we discussed above), it is true that its 21 million of units (and not one more), as well as its deflationary emission have been there since day 0, when it was launched on January 3, 2009 by Satoshi Nakamoto. Paolo Ardoino is not the only one to think that Bitcoin is a best currency than Ethereum. It is also the case of Arthur Hayes, the former CEO of BitMEX.
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