Bitcoin maximalist Scott Sullivan had called Ethereum a “shitcoin” and had asked Bitcoiners to prepare for the war. This post was also reposted by Twitter founder Jack Dorsey.
Now, Dennis Porter, the CEO of Satoshi Act Fund, has waved the “red flag” to the Ethereum community.
Porter, a major contributor, and supporter of BTC and POW believe that the end of ETH as the second largest token is near as the ETH founder has failed to provide any value to Ethereum. On the other hand, he believes that BTC, as a token, does not have any competitor as a store of value.
The market already anticipated a dip in Ethereum (ETH) price post The Merge, although a bullish momentum prevailed going forward. This only strengthened the war between ETH and BTC.
Ethereum proponents claim that the PoW’s mechanism should be banned as its energy consumption will make it even more unsustainable.
Jack Dorsey, the founder, and ex-CEO of Twitter has clashed with several influential figures as he believes that Proof of work is the only correct system. Recently, he took to Twitter to inform the BTC community about the upcoming war.
The Bitcoin community claims that POS has centralization issues and believes that Ethereum will pose problems in the long run due to its negative reward structure.
Also, a significant Solidity developer and Ethereum influencer claimed that Ethereum is backed by $20 billion and Bitcoin is backed by $700k while referring to the cost of a network attack on the crypto.
Bright Future For Bitcoin
Experts fear that Bitcoin’s dominance will fail after the merge. However, Bitcoin continues to hold the top market position as compared to its competitors by holding 38.8% of the global crypto market cap. Because Bitcoin is so powerful and has so much potential, its projected value and estimated growth could be astronomical.
Was this writing helpful?
Source: https://coinpedia.org/opinion/bitcoin-vs-ethereum-the-competition-for-the-crown/