As we think about money and finances more often, some of us are streaming towards cryptocurrency to invest. Two popular cryptocurrencies that appeal to people are Bitcoin and Ethereum.
While more people are investing into these two cryptocurrencies, it’s clear they have a stiff competition with each other. Bitcoin is currently the most popular out of the cryptocurrencies, and it’s the face of cryptocurrency. Thus, if Bitcoin struggles, then crypto may struggle, too. So, will Ethereum ever overtake Bitcoin?
Bitcoin and Ethereum’s Differences
While Bitcoin and Ethereum are cryptocurrencies, they both have their differences that are worth mentioning.
Bitcoin has been the de facto cryptocurrency leader since its first trade back in 2009. Its dollar value (as of January 2023) was approximately 440 billion USD. If we combine all cryptocurrencies, that total market capitalisation would be around one trillion USD.
Both investors and consumers can enjoy the access to Bitcoin. Lolli, the first Bitcoin rewards application, lets us earn BTC back when we shop online. Over 10,000 vendors give out rewards from Lolli. Some of these companies are Best Buy, Dunkin’ Donuts, McDonald’s, and Nike.
Bitcoin’s biggest endorsement is the handful of successful companies that have Bitcoin for holding onto their balance sheets.
Ethereum, meanwhile, is the second-most valuable digital currency with a market value of 199.2 billion USD. Its network is at the forefront of the currently arising decentralised finance (DeFi) area, which lets smart contracts carry out safe financial transactions.
Many use Ethereum to create and trade NFTs (non-fungible tokens). The best thing about Ethereum is its unlimited supply. ETH’s supply is uncontained with over 122 million of them in circulation.
However, Ethereum’s “Merge” in 2022 is expected to halt the creation of new tokens. It can even make the cryptocurrency deflate, burning more of it than creating per year.
Can We Use Bitcoin and Ethereum for iGaming and Other Things?
With the rise in technology, digital currency has become more essential than ever. Two examples of popular digital currencies are Bitcoin and Ethereum. So, what can we do with them?
As we’ve stated before, consumers can enjoy access to Bitcoin and Ethereum. We can use them to make NFTs, or we can use them to visit the top crypto casinos. We can also use them to make decentralised apps for gambling, or even trade them with other digital currencies.
With the rise in technology and digital currency, there’s almost nothing that’s out of realms for us to do!
Is Ethereum Taking Over Bitcoin Soon?
While Bitcoin and Ethereum are two of the most popular cryptocurrencies, some are asking if one is going to take over the other. Bitcoin may be at the top for now, but there might be some chance of Ethereum taking over if the most popular cryptocurrency struggles.
For starters, Bitcoin’s most common critique is that the technology is outdated, which can especially be the case in the ever-growing world of cryptocurrency. Some even say that Bitcoin will become obsolete by digital currencies from central banks. These critiques may be why some people think another currency will inevitably take over Bitcoin.
The cryptocurrency many say will most likely take over Bitcoin is Ethereum. After all, it’s got the second-most valuable digital market of 199.2 billion USD and an unlimited supply. So why shouldn’t Ethereum take over Bitcoin? Bitcoin might be here for a while, but there are valid claims to this argument.
One main argument for Ethereum taking over Bitcoin is the latter’s limitation of technical functionality via smart contracts. Smart contracts let advanced crypto use things like DeFi or NFTs.
DeFi has been especially important for Ethereum during the past few years. Various apps have been enabling new ways to do traditional financial activities like borrowing, issuing assets, lending, trading, and much more.
Ethereum’s network also brings limitless possibilities compared to Bitcoin being nothing more than a store of value. We can issue other cryptocurrencies on it, NFTs are free to trade on the platform, and decentralised finance’s entire field was ushered in by Ethereum’s versatile ability to make smart contracts.
However, there are some things that make Bitcoin better than Ethereum. For starters, many claim that DeFi and other types of decentralised apps make Ethereum’s activities unsustainable.
Loads of Ethereum use popular cases like stablecoins, and trading those against ETH reintroduces a third-party risk. Would it make sense to buy these applications on a decentralised blockchain?
Bitcoin, meanwhile, has various solutions for implementing used cases gaining popularity on Ethereum, like the newly-built DeFi application Sovryn. Sovryn combines loads of Ethereum’s touted cases into one interface. Some say this DeFi app is proof of Bitcoin’s ability to adapt to new technology.
Ethereum also has high transaction fees. They may be faster than Bitcoin’s, but they cost more (especially for smaller transactions). Bitcoin is still the most liquid and stable cryptocurrency, with the most credible monetary policy.
Who’s Overtaking?
Ethereum may have some things over Bitcoin, but Bitcoin’s higher digital market and adapting ability means Ethereum’s not overtaking it right now.
