When it comes to the world of cryptocurrency, there is no denying that Bitcoin is the king. However, there are some who believe that Ethereum could one day flip Bitcoin and become the new king of cryptocurrency.
Here’s a look at whether or not Ethereum can flipping Bitcoin.
What is Ethereum?
Before we can dive into whether or not Ethereum can flipping Bitcoin, it’s important to first understand what Ethereum is. Ethereum is a decentralized platform that runs smart contracts.
These smart contracts are applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is also home to its own cryptocurrency, known as Ether. Ether is used to pay for transaction fees and gas costs on the Ethereum network.
What are the Differences Between Bitcoin and Ethereum?
Now that you have a basic understanding of what Ethereum is, it’s time to take a look at how it differs from Bitcoin. Perhaps the biggest difference between the two is that Bitcoin was designed as a peer-to-peer electronic cash system while Ethereum was designed as a decentralized platform that runs smart contracts.
Another key difference is that Bitcoin has a limited supply of 21 million while there is no limit on the number of Ether that can be mined. This could eventually lead to inflation if too much Ether enters circulation.
However, this is not currently a concern as the majority of Ether remains locked up in wallets and isn’t being traded.
One final key difference to note is that transaction times on the Ethereum network are much faster than they are on the Bitcoin network. This is due to the fact that Ethereum uses proof-of-stake while Bitcoin uses proof-of-work.
Can Ethereum Flipping Bitcoin?
So, can Ethereum flipping Bitcoin? It’s certainly possible. While Bitcoin currently has a larger market cap and more name recognition, Ethereum has far more utility than Bitcoin does.
As more people begin to realize this, it’s likely that more money will flow into Ethereum, eventually leading to it surpassing Bitcoin as the largest cryptocurrency by market cap.