In the crypto community, there have been hypothetical chats about what would happen if Ethereum eventually overtook Bitcoin as the most valuable cryptocurrency. Some have referred to this as “The Flippening”. I’ve spent some time considering how likely that is to happen and what would need to happen to make ETH overtake BTC.
What is The Flippening?
As stated above, “The Flippening” is what many crypto holders call the theory of Ethereum overtaking Bitcoin in the market. Right now, the idea seems crazy. Bitcoin is worth more than twice what Ethereum is. However, some people argue that ETH could potentially overtake BTC because of its more comprehensive range of uses.
Could ETH Really Overtake Bitcoin?
Now, several things would have to happen for this to become true. More institutions would need to begin to accept ETH. With the help of smart contracts and the Defi movement, more companies are willing to do business in crypto.
Similarly, people are losing trust in government-run organizations. Choosing to place their money in cryptocurrency helps them have better control over that. Making Ethereum more accessible will lead more people to use it. Then ETH will be used for peer-to-peer lending and other borrowing systems.
Bitcoin is Still a Fairly Novel Concept
While there are quite a few things pushing people towards using cryptocurrencies and even leading people to Ethereum, Bitcoin is still king. It is by far the most popular cryptocurrency to date. Every coin that has been created after BTC has been created in its image, Ethereum included.
Even though other cryptocurrencies have imitated BTC, none have surpassed it in popularity or value. This is because there are still a few things that truly make Bitcoin a novel idea. First, it is truly decentralized. There is no central server and all of the transactions are stored on a peer-to-peer ledger.
Another novelty that has made Bitcoin successful as a Defi option is that it is extremely accessible. You don’t need permission. Anyone can access the network. Bitcoin holders also don’t have to place their trust in an institution to handle their money. Instead, the control is placed in the hands of the individuals performing the transactions.
Ethereum mimics a lot of the same features Bitcoin offers. What the Ethereum blockchain allows that the Bitcoin blockchain doesn’t are decentralized applications and smart contracts. Again, this gives ETH holders more control over their personal transactions.
Will ETH Overtake BTC? Probably Not.
Is it ludicrous to think that Ethereum could eventually overtake Bitcoin? Not at all. Anything is possible. Ethereum can be used to close smart contracts and decentralize finance just like Bitcoin can. Maybe you’ll see ETH overtake BTC, but I wouldn’t hold my breath on it. No one has quite been able to mirror the Bitcoin platform. There hasn’t been another other coin introduced to the crypto world yet that has been able to stack up to BTC, let alone surpass it. Only time will tell though.
What do you think? Will ETH overtake BTC at any point?
Read More
- Kraken Gives $1,000 in Bitcoin to All Ukrainian Users
- 5 Celebrities That Promote Cryptocurrencies
- Are NFTs Just Zoomer Beanie Babies?
Drew Blankenship is a cryptocurrency investor, family man, father and lifelong automotive enthusiast. He lives in North Carolina with his wife, daughter and their dog Enzo.
