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Can Ethereum Flip Bitcoin And Take The No. 1 Spot?

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@youngkedar98
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I won't be the first person nor the last person to write about this. If you've been in the crypto industry for a while you must have heard of it been discussed. Ethereum is a sleeping giant and Bitcoin is a whale dominating the ocean. This post is about my perspective on the topic and what I think will happen.

When Ethereum came into the picture, the community decided to take a different angle; Utility. Ethereum attracted developers to build on it's blockchain. All kinds of developers were using the platform to build different kind of projects; NFT Marketplaces, DeFis, DAOs, etc. A telling feature is smart contracts. Smart contracts are the agreements coded on the blockchain and they execute themselves on the fulfillment of certain pre-set conditions. There are many dapps on the platform across different industries from health, telecommunications, finance, retail etc.

Ethereum’s goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship and fraud.

However, Ethereum has more daily transactions than bitcoin. There are 120M ETHs in circulation and 19M BTCs. This has to do with the limited supply of Bitcoin, only 21M. Gas fees and scalability are the main cons of the Ethereum blockchain. Competitors like Polygon, Solana, Cardano, Avalanche and Binance Smart Chain are capitalizing on that wooing developers to their platform. They're appearing on the rearview mirror of Ethereum. However, Ethereum is stepping on the gas with the launch of Ethereum 2.0 which is meant to solve the fees and scalability problem. This will be a transition from a proof-of-work to a proof-of-stake algorithm.

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