Leading developer of the blockchain search and analysis platform Blockchair says that altcoin is likely to replace Bitcoin (BTC) as the leading cryptocurrency within the next five years.
In a series of Twitter posts, Nikita Zhavoronkov explains why he believes the lack of smart contracts, new privacy features and BTC scaling technologies will ultimately create problems for the flagship cryptocurrency.
He says Ethereum , which is currently the second largest cryptocurrency by market capitalization, is likely to surpass BTC, although other digital assets may also rise to the forefront of the crypto market.
Zhavoronkov points to Etherium 2.0, which is designed to dramatically improve the speed and volume of Etherium transactions through a system based on proof of pledge (PoS), as a potential turning point.
“Now, where does Bitcoin stand today? It’s been 5 (five!) Years since the start of the large-scale debate (an eternity!). And instead of holding another round of the debate, we can now draw some conclusions about what will happen if there is no scaling in the chain …
If Bitcoin stagnates further while other cryptocurrencies thrive, dominance will continue to decline, and now comes the biggest potential catastrophe for Bitcoin. rush to buy 32 ETH for a bet (a very likely scenario). “
The long-awaited ETH 2.0 update will launch in a series of steps. The initial release, called Phase 0, could take place later this year or early next year, according to test network coordinator Afri Shodon.
Zhavoronkov believes that anyone who doubts Etherium’s ability to overtake Bitcoin should look at the history of the Internet and realize how volatile and unpredictable the crypto market is.
“The general media will start talking about Ethereum, they will report the price of Ethereum instead of Bitcoin. Bitcoin will immediately become the gold of fools, taking its place near Litecoin and Dogecoin . A historical relic like ARPANET, Myspace or AltaVista …
About to download Bitcoin, Ethereum only needs to grow 6 times compared to BTC. It’s not an impossible scenario at all (we’re in the crypto space after all). “