The top two cryptocurrencies have remained strict competitors for each other. Bitcoin and Ethereum have always been at the neck of each other through narrative wars from their respective proponents.
Several issues have been highlighted in the battle, ranging from the mode of operation to prices and past performance. With the just concluded Ethereum Merge, the argument is shifting to the consensus mechanism for the two blockchains.
In a recent development, the CEO of Satoshi Act Fund, Dennis Porter, has shown his unanimous support for Bitcoin. However, he released a warning to the ETH community.
Porter is an essential contributor to Bitcoin policy advocacy. This is due to his advocating for the Bitcoin ecosystem and the Proof-of-Work (PoW) consensus mechanism.
Cryptocurrency Dominance: Bitcoin Or Ethereum?
In his statement, Porter touted Ethereum on its stake in functionality. He thinks the token has reached its final cycle as the second largest crypto asset.
The Bitcoin advocate pointed out that the founder of Ethereum, Vitalik Buterin, failed in his position. He mentioned that Buterin had many years to display and prove the usability of ETH. However, the founder never indicated any reasonable value for the blockchain.
Porter cited that several blockchains in the crypto space provide similar functions as Ethereum. But for him, those alternatives have more value due to higher scalability, speedy delivery, and reduced costs. Conversely, Bitcoin has no competitor as a store of value.
When it comes to dominance, Bitcoin has distinguished itself. With the Ethereum merge, several experts in the space feared that Bitcoin would lose its position. But the leading crypto asset is still on the top.
At the time of press, BTC dominance is at 39.64%, showing an increase of 0.40% over the past 24 hours.
The War Between Bitcoin And Ethereum
The war between Bitcoin and Ethereum has been ongoing for the past years. At the time of their launch, both blockchains were running on the Proof-of-Work consensus. But the Merge seems to intensify the stance between the top two crypto assets.
Through the Merge, ETH finally migrated to Proof-of-Stake (PoS). The transition to a more energy-effective PoS is suitable for Ethereum’s sustainability, per its proponents. This’s because many activists have been agitating for the ban of PoW due to high energy consumption.
However, the Bitcoin community retorted that PoS has the risk of centralization. This’s quite prominent since Lido and Coinbase undertook most of Ethereum’s block validation as its two largest validators.
Also, some BTC maximalists reported the negative reward structure of Ethereum that would brew long-term problems.
Bitcoin falls by 1% on the chart l BTCUSDT on Tradingview.com
The founder and ex-CEO of Twitter, Jack Dorsey, seems to predict more narrative war between the blockchains. Dorsey warned the Bitcoin community to get prepared for it.
Featured image from Pixabay, Chart: TradingView.com