Blockchain search and analytics platform Blockchair’s lead developer, Nikita Zhavoronkov believes Ethereum will unseat Bitcoin as the leading cryptocurrency.
Zhavoronkov explained in a series of tweets that Bitcoin’s lack of complex smart contract capabilities, new privacy features, and scalability issues will eventually bring the leading cryptocurrency down.
Ethereum to Unseat Bitcoin?
He said this would likely be the last time we ever see Bitcoin’s dominance over 66%, and from her on in it would start to fall.
He says Ethereum, currently the second largest cryptocurrency by market cap, will most likely unseat Bitcoin, although other altcoins could theoretically rise and take the number one spot.
ETH 2.0 To Trigger Ethereum’s Rise
Zhavoronkov highlighted Ethereum 2.0 as the likely trigger for Ethereum’s rise to the top.
In his tweet storm, Zhavoronkov said ‘Now, where does Bitcoin stand today? It’s been 5 (five!) years since the scaling debate has started (an eternity!). And instead of having another round of the debate, we can now draw some conclusions on what happens if there’s no on-chain scaling…’
‘If Bitcoin further stagnates while other cryptos flourish, the dominance will continue to drop. And now comes the biggest potential disaster for Bitcoin. Imagine, PoS on Ethereum is finally ready and everyone will rush to buy 32 ETH to stake (quite a probable scenario).’
Ethereum 2.0 is ready to start rolling out, and the launch of Phase 0 is believed to be imminent. The upgrade will see Ethereum transition to a proof-of-stake consensus algorithm, and it’s expected the transaction speed will set Ethereum on the way for mass adoption.
Zhavoronkov says anyone who doubts Ethereum’s chances of toppling Bitcoin should look at the history of the Internet, and realize just how volatile the crypto market really is.
‘General media will start talking about Ethereum, they will report Ethereum price instead of Bitcoin. Bitcoin will instantly become fool’s gold taking its place near Litecoin and Dogecoin. A historical relic like ARPANET, Myspace, or AltaVista…’
The developer even took a swipe at Bitcoin’s proof-of-work consensus mechanism.
‘PoW has been proved flawed when the miners hadn’t been able to push for on-chain scaling. Why didn’t they do it? PoW has a fundamental flaw — miners aren’t interested in price increases, while they fear sharp declines.’
And just as a reminder to the ‘not so impossible task’, Zhavoronkov reminded people of the possibilities in the crypto market.
‘In order to overthrow Bitcoin, Ethereum needs to grow just 6x compared to Bitcoin. Not at all an impossible scenario (we’re in crypto, remember?).’
Zhavoronkov is a resected developer and well known in the crypto space. Although his claims are aggressive, he is putting his reputation on the line.
Personally, I don’t see Ethereum toppling Bitcoin any time soon, but even still, they can both grow as assets and platforms together.
Bitcoin has its problems, as does Ethereum, but for Zhavoronkov to be right it would take a monumental shift.
As he said in his parting shot, though: ‘we’re in crypto, remember?’
Author: Tommy Limpitlaw