Bitcoin has grown steadily over the past decade. Once called fantasy internet money in the beginning, bitcoin today has positioned itself as a leading digital asset that even traditional financial institutions are seriously considering.
In fact, according to CoinMarketCap, Bitcoin dominates in the cryptocurrency space with a huge market capitalization of over US $ 158 billion, followed by ETH with US $ 24 billion. The debate between these 2 communities has been extremely fierce and highlights the different characteristics and worldviews in the cryptocurrency space.
Andreas Antonopoulos
Bitcoin and open blockchain expert Andreas Antonopoulos considered the debate Bitcoin and ETH in the latest episode of Podcast POV Crypto. This conversation revolves around the question of which is more suitable to become the pillar of finance in the world? While Bitcoin has seen countless spinoffs over the years, Antonopoulos emphasized the evolutionary way of all cryptocurrencies as a trade-off. He emphasized:
“In the end, they will There are many different opinions and they will divide on demand because they make choices to optimize one direction instead of the other. And perhaps other systems will optimize in a different way".
According to Antonopoulos, the most basic trade-off between Bitcoin and ETH is security and flexibility. Specifically:
“Bitcoin's Turing scripting language is limited in many ways. It is incomplete and difficult to achieve but has a very small attack surface".
With such an approach, Antonopoulos commented:
“As a result, it is extremely limited within the scope of what is shown. But in those things, bVirtual secret is very powerful and the results are easy to guess".
Concerning ETH's approach, Antonopoulos points out that ETH has chosen to go the opposite way. According to him, the flexibility of the ETH platform offers "extremely complex systems, where there are all sorts of unintended side effects and to achieve maturity, security, robustness, stability, you have to go through many iterations ".
He went on to add that ETH is designed to create a fairly easy-to-use form of currency, while Bitcoin is a store of value.
The transition from Proof of Work to Proof of Stake has been a major point for the ETH community. Regarding the transition, Antonopoulos commented that PoS is more suited to the applications that ETH is trying to launch. However, "part of the reason ETH has PoS is because it wants to be like Bitcoin's big brother, provide stable, available liquidity and access to markets that are difficult to control and very difficult to interfere with. . That gives ETH the ability to do other things more flexibly. "
Interestingly, 2020 saw altcoins compete fiercely with Bitcoin once again. However, while the craziest alt season is coming to an end, ETH has significantly increased compared to Bitcoin price.
According to the word market data skew, since the beginning of 2020, the ETH price as a percentage of Bitcoin has increased from 1.8% to 2.7%.
Price ETH in% of Bitcoin price | Source: skew
While Bitcoin continues to be the dominant coin, the ecosystem provided by ETH can significantly compete with the future king coin.
Regarding Antonopoulos's previous assertion that he supported both Bitcoin and ETH, he said:
“MSome money can be very good money because it has very good utilities and other money can be very good money because it is very reasonable and both can be good money.".
Minh Anh
Bitcoin Magazine | Ambcrypto
Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page
Crypto loans are only from 5.9% annual interest rate – you can use the money effectively without selling coins. Earn up to 8% interest per year with stablecoin, USD, EUR & GBP with insurance up to 100 million. Come on, get started now! →