Bitcoin exploded onto the scene in 2009, creating a new wealth bracket of young millionaires all over the world. First-to-market is textbook for competitive advantage in the business world — and that theory reigns true even in the burgeoning universe of cryptocurrency. However, having a first-to-market edge doesn’t mean you will be on top forever.
Some would say, “But Bitcoin is worth 60k and some change, while Ethereum is only worth 4k and some change.” No question, that is a huge difference. Nevertheless, Ethereum is not only working to decrease the gap, but eventually take the crown. Here are a few reasons why Ethereum could one day replace Bitcoin as the No. 1 cryptocurrency.
The top reason for Ethereum’s consideration for the No. 1 spot can be detailed in two words: Vitalik Buterin. With a millennial mentality the 27-year-old billionaire and co-founder of Ethereum seems to want to spread the wealth instead of accumulating power all for himself.
In May 2021, Ryoshi, a community of anonymous holders, bestowed an estimation of 460 trillion tokens of the alt-coin Shiba Inu to Buterin. Instead of keeping the evaluated 7.9 billion for himself, Buterin sent 90% of the tokens to a dead wallet, that will never return to circulation. The other 10%, worth an approximate 1.2 billion, was sent to a COVID-19 relief fund in India. According to sources, when asked why this was done, Buterin responded, “I don’t want to be a locus of power of that kind.”
Next on the list of reasons for Ethereum to take the throne is its successor, Ethereum 2.0. The upgrades that come with Ethereum 2.0, also known as Eth2, addresses multiple issues with the new and improved upgrades.
As stated by Ethereum’s website, Eth2 “will make Ethereum scalable, secure, and decentralized. Sharding will make Ethereum more scalable by increasing transactions per second while decreasing the power needed to run a node and validate the chain. The beacon chain will make Ethereum secure by coordinating validators across shards. And staking will lower the barrier to participation, creating a larger – more decentralized – network.”
Last but not least, over 65% of the top 100 cryptocurrencies and eight of the top 10 operate on the Ethereum blockchain. Why is this important, one might ask? Well, more and more people are investing into crypto daily and of those investors, many prefer Ethereum because the majority of the coins offered are using its blockchain.
In due time, investors will begin to trust Ethereum as a valuable coin itself inspiring more people to buy Ethereum. It won’t be surprising when the price of Ethereum increases, as a result.
Ethereum seems to be making all the right moves at the moment, but only time will tell if they dethrone Bitcoin. The saying goes, “If you’re going to take a shot at the crown, don’t miss.”
In the meantime, do your research, invest responsibly, and as often as possible.
