Ryan Watkins, a researcher from crypto research company Messari, has presented the possibility that Ethereum might overthrow Bitcoin to get a chance to sit on the king’s chair.
The researcher presented numerous ways that could lead to Ethereum conquering Bitcoin. The first way would be that Ethereum upgrades its system from proof of work to proof of stake, meaning that the system would develop a self-destruct system, meaning that the network algorithm would eventually delete Ethereum tokens. If the deleted tokens exceed the current stock of tokens, it would mean that Ethereum tokens would become harder to get a hold of, resulting in a price increase.
Another way that the researcher presented was if Ethereum undergoes a successful upgrade to its network, it will make Ethereum’s network safer and more stable compared to Bitcoin’s network. A safer network will help attract more users, investors, projects, and traders around the globe as they will have a much more reliable and trustworthy experience in trading through Ethereum while Bitcoin would stay on the same track with questionable security on its blockchain.
According to researchers, Ethereum 2.0 is still expected to turn heads because it will provide features that Bitcoin still hasn’t managed to include. Features include quality of life updates, increasing the overall network speed, and expansion space.
Bitcoin itself has become a monster of crypto. It has a current market cap of over a Trillion Dollars, covering almost 60% of the complete crypto market, making it extremely hard to compete with. Meanwhile, Ethereum has a market cap of around $200 Billion, which is far behind the behemoth Bitcoin, meaning that it needs to pick up the pace to keep its head aligned with Bitcoin.
But it is still a long way to go for Ethereum to reach the status of Bitcoin. Even if the Ethereum upgrades make it a better choice, there is no doubt that Bitcoin might try to fight back with its own network upgrade. Overthrowing a King’s thrown is never an easy task as there will always be retaliation towards an attack. It would be a never-ending fight as both cryptos would have to be competitive to keep their status on par with each other.