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- 1 The dominance of Bitcoin (BTC) as a global cryptocurrency and blockchain network has remained unchallenged for many years.
- 2 “Bitcoin Jesus” was seen to state Ethereum would lead the crypto adoption globally.
Since its inception in 2009, the Bitcoin crypto asset has amassed millions of users and billions of dollars in contingency. However, with the development of blockchain technology and the evolution of other projects in the space, competition has grown higher.
Popular Bitcoin Cash (BCH) advocates and early Bitcoin (BTC) investor Roger Ver asserted that it will be Ethereum (ETH) rather than Bitcoin that would go on to bring about more users to the crypto space. Though Ethereum does not hold the biggest market capitalization akin to Bitcoin, it has the potential to act as a “front-runner” in the race for crypto adoption across the globe.
Ver shared these thoughts at the YouTube podcast, “Show Me The Crypto” on Wednesday, May 31. Given his support and advocacy of Bitcoin, the investor was labeled and came to be known as “Bitcoin Jesus.”
Citing the flaws in the Ethereum network, he stated that despite the issues in the network’s scaling capabilities and abundance of emerging Layer 1 scaling networks, the smart contract blockchain would have a lead.
After its launch in 2015, Ethereum brought the whole use case of cutting-edge blockchain technology. The inception of smart contracts laid the foundation of decentralized finance (DeFi) and turned the blockchain network act as a home for the majority of decentralized applications (dApps). Digital assets like non-fungible tokens (NFTs) and stablecoins were introduced over the blockchain.
Blockchain networks emerged much later, including Cardano (ADA), Solana (SOL), etc., mostly following the footsteps of Ethereum. They brought smart contract capabilities over blockchain and led more users towards crypto, leading to more crypto and blockchain adoption, expanding DeFi space in the contingency.
Bitcoin Network’s Late Kickstart
Now, the bitcoin blockchain too started evolving with time. However, the developers recently brought about Ordinals Inscriptions and BRC-20 token standards-like features. Bitcoin Ordinals Inscriptions received very much popularity in less time. Since its launch in January this year, it has accumulated over 10 million NFTs. The project took less than six months to hit the milestone, defining its success.
The CoinRepublic reported earlier that the Bitcoin blockchain will now have a stablecoin dubbed Stably USD. Given the BRC-20 token standard compatibility, the blockchain network is now able to cater to the stablecoin. Seattle-based stablecoin-as-a-service (SCaaS) provider Stably created the stablecoin. The project intends to bolster the Bitcoin Ordinals market and increase its utilization and rapid expansion.
However, many in the crypto community, who support cryptocurrency only as a store of value and medium of exchange, opposed the developments of Bitcoin.
“Thanks” to Ethereum Co-founder
Ver recalled the similar resistance between the Bitcoin developers and Ethereum co-founder Vitalik Buterin, who also wanted to expand the use cases of the network. He cited the instance of disagreement between Buterin and the Bitcoin developers as a “scaling civil war.”
Ver said that this has led Buterin to move away, and eventually, drove him to develop the blockchain network intending the expansion. He praised the Canadian-Russian programmer for leading and developing Ethereum. However, while stating him to be responsible for the innovation pushing humankind into the future, he also thanked him for making the world better.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
