Ethereum Cannot Compete With Bitcoin: Paolo Ardoino

The upgradation of the Ethereum blockchain, which is named Ethereum Merge, has gained huge popularity, and global media is busy covering the Merge. 

Ethereum is the second largest and biggest cryptocurrency in the crypto market, But some analysts and crypto specialists believe that Ethereum can not compete with Bitcoin in any condition. 

Paolo Ardoino, Chief Technical Officer of USDT(Biggest Stablecoin issuer) and Bitfinex, a cryptocurrency exchange, quoted that ETH “still doesn’t march” and “cannot compete with” bitcoin at any point. 

Ethereum Merge is known as the most popular event in the history of the crypto industry none other event gained such huge publicity in the industry.  

According to the data from CoinMarketCap,While writing this article, Bitcoin is trading at $20,133.57 with a market cap of $385,554,426,054 with a fully diluted Market cap of $422,738,311,386 and on a 24-hour volume $38,947,948,280. 

As per data from CoinMarketCap at the time of writing this article Ethereum is trading at $1,589 with $194,481,197,280 and Volume of 24 hours is $25,141,138,998. Ethereum is the second largest and biggest cryptocurrency globally.    

Ardoino highlighted that “While bitcoin is a form of money, Ethereum is stuck between claims of being a form of money and claims of being a platform, but ETH cannot compete with bitcoin on the money front because there is no fixed supply, and it isn’t really a world computer yet because it has a shared global state and hence too slow to be scalable.” 

Although it is also assumed that prices of Ethereum may rise after the successful launch of Ethereum Merge, the Merge will reduce the power consumption because of the shifting of Ethereum Blockchain From PoS (Proof-of-stake) to PoW (Proof-of-Work). 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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