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- Dennis Porter shared his support over the most-traded crypto currency, Bitcoin.
- On the other hand he also pointed out Ethereum’s value proposition that failed.
Porter: The Bitcoin Supporter
On September 29, 2022 the Founder of Satoshi Act Fund, a Fund Company, Dennis Porter shared his thoughts in the Tweet. His tweet clearly showed his support is in Bitcoin, whereas he also warned Ethereum Community along with the Ethereum Founder, Vitalik Buterin.
He is an essential contributor to Bitcoin policy advocacy. And it may be due to his advocating for the Bitcoin ecosystem and the Proof-of-Work (PoW) consensus mechanism.
As Porter stated in his Tweet, he thinks that Ethereum reached its final cycle and the founder of Ethereum has failed in his position. He cited that Ethereum founder worked for many years to display and prove the usability of Ethereum (ETH), but he never ever showed any reasonable value for his founded blockchain.
Bitcoin vs Ethereum
Here, the dominance of Bitcoin and Ethereum can be seen through the below chart that shows the current dominance of both tokens.
At the time of writing, BTC dominance is at 41.29%, showing an increase of 0.02% over the past 24 hours. Additionally ETH dominance is at 17.81% with an increase of 0.12% in the recent hours.
The battle between these two strong cryptocurrencies is stepping ahead since its launching in the market. But after the transition on Ethereum network from proof-of-work (PoW) to proof-of-stake (PoS) many activists are agitating for the ban of PoW just because of its high energy consumption.
Still, the Bitcoin community came with their opinion that PoS has the risk of centralization and is quite prominent since Lido and Coinbase undertook most of Ethereum’s block validation as its two largest validators.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
