The Great Flippening: Bitcoin And Ethereum
Here is a topic that seems to get a lot of conversation within the crypto community. Will Ethereum's market cap cross Bitcoin?
Many feel that it will and it will be a monumental day.
In this video I discuss how I see this situation and how both coins serve different purposes. I think it important to remember that each is part of this foundation that is being laid to alter how the world operates. In other words, they are on the same side.
▶️ 3Speak
0
0
0.000
Bitcoin - battle tested large transactions store of value mostly will be used by large funded projects and institutions
Ethereum - If all goes well will become the use case cyptocurrency (which in all intense and purposes currently is) Eliminate the high gas fees and increase scalability for fast speeds and you have yourself a unstoppable cryptocurrency.
Will one overtake the other in price?
Maybe but that's besides the point they are both going to be powerhouses.
You could be right, at the end of the day, does it really matter? We are dealing with two gamer changing coins/ecosystems.
Posted Using LeoFinance Beta
Congratulations @taskmaster4450! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Check out the last post from @hivebuzz:
Support the HiveBuzz project. Vote for our proposal!
I don't particularly care if BTC or ETH is at the top so long as BTC is worth more in the future. I am fairly confident that BTC will be higher so I am not worried about that.
As for ETH, I think the deflationary aspect will be bad for the network because it would change peoples point of view into spending rather than using it for smart contracts and other features. Because of this eventually, I think people will drop off the network for other solutions.
Posted Using LeoFinance Beta
Nowadays that is what most people are doing with fiat money. If they do that with cryptocurrency too, then that may lead to mass adoption.
Yes but I fully expect BTC to be a currency that people are unwilling to spend. Why? Because there is a limited amount and the amount generated will only get smaller over time. So if ETH were to change into a similar deflationary structure then we would see something similar.
So if people are unwilling to spend ETH then I don't think we will have a good functioning economy so people will turn to other cryptos as alternatives.
Posted Using LeoFinance Beta
I agree the deflationary switch might end up causing problems with that. It doesnt make a lot of sense to me but we will see what happens. If there is a liquidity crisis on there, that is not good.
Posted Using LeoFinance Beta
Although it might not matter I don't think ethereum can do that in this bull cycle, it's too expensive to use. If you want high fees and good store of value you always have bitcoin :)
Posted Using LeoFinance Beta
You could be right. To catch up, Ethereum needs a huge run and that is presuming that Bitcoin will not go up. So if BTC has a decent move, it will make it even harder for ETH to catch up.
Posted Using LeoFinance Beta
Summary:
In this video, Task discusses the concept of Bitcoin and Ethereum and shares his thoughts on their roles in the cryptocurrency space. He emphasizes that Bitcoin's primary function is as a store of value, likening it to digital gold, while Ethereum offers smart contract capabilities and a wider range of utility beyond value transfer. Task also touches on the potential for Ethereum to overtake Bitcoin in market cap and addresses the tribalistic mentality within the crypto community, advocating for a more inclusive and diverse mindset towards different cryptocurrencies. Additionally, he mentions potential challenges with Ethereum's upgrade to 2.0 and expresses support for the overall growth and adoption of cryptocurrencies, even citing Dogecoin as a positive entry point for newcomers into the crypto space.
Detailed Article:
In this video, Task delves into the debate surrounding Bitcoin and Ethereum, highlighting the distinct roles these two cryptocurrencies play in the digital asset landscape. He argues that while Bitcoin serves primarily as a store of value, associated with institutions investing in its long-term value appreciation, Ethereum's strength lies in its smart contract capabilities and diverse utility. Task cautions against viewing the competition between Bitcoin and Ethereum in a tribalistic manner, emphasizing the potential for both cryptocurrencies to coexist and thrive in their respective niches.
Task considers the possibility of Ethereum surpassing Bitcoin in market cap, given its robust infrastructure supporting various projects such as DeFi, NFTs, and potentially synthetic securities. He acknowledges differing opinions on Ethereum's potential as a store of value compared to Bitcoin, citing concerns around historical precedence favoring gold as the ultimate store of value.
Addressing Ethereum's upgrade to 2.0, Task expresses reservations regarding potential inflationary risks that could impact liquidity within the Ethereum network. He warns against underestimating the significance of liquidity in the blockchain space and highlights the challenges associated with adjusting token supplies at the blockchain level compared to application levels.
Moreover, Task reflects on the broader cryptocurrency industry, advocating for a nuanced perspective that recognizes the value of multiple successful projects beyond Bitcoin and Ethereum. He mentions the rise of Binance Smart Chain (BSC) as a significant player in the decentralized finance (DeFi) space, illustrating the dynamic nature of the crypto ecosystem with room for multiple platforms to succeed.
In conclusion, Task expresses optimism for the continued growth and adoption of cryptocurrencies, even welcoming Dogecoin's popularity as a means to introduce more individuals to the crypto space. He encourages a diverse and inclusive mindset that embraces various projects and technologies, envisioning a future where multiple cryptocurrencies coexist and contribute to reshaping the financial landscape.