blockchain: ETH vs. BTC: Is the Flippening possible? (EIP-1559 impact)

IT Consultant / Certified Crypto Trader

Will Ethereum develop a strong monetary advantage as ETH supply starts being burned? Would this be a threat to Bitcoin?

We have seen several projects to be targeting both BTC (such as BTG, BCH, BSV) and ETH (EOS, QCK, BNB, eGLD, ZIL etc) with new innovations such as speed, scalability, and user's experience but none is really coming close except BNB which is widely adopted when developer want to sacrifice cost as against seamless user experience and ETH is about to get that resolved. I cannot see ETH threatening on BTC to have a huge impact both now and in the near future. BTC is limited in supply and it is argued severally that BTC might not be more than 16 Million as against 21 Million of total supply as many has been lost during the early stage when BTC worth less than a penny to addresses that private keys was not properly kept. Additionally, the deceased person that got in early and did not pass the private key to anybody is also inclusive, such addresses have no transaction for over a decade. ETH was not created to compete with BTC but as a platform for dApp. BTC is a store of value and poss to replace the traditional mode of currencies. When any thought comes about cryptocurrency, Bitcoin is the first to reckon with, the dominance is huge and most investors feel comfortable with BTC despite its volatility. While ETH keeps on to evolve is the platform that many people see as the future of blockchain, as of now, the platform holds over 70% of DeFi (Decentralized Finance) projects and the ETH 2.0 and EIP-1559 that may likely happen in this quarter, a lot of issues will be addressed which will make it retain its relevancy and gain more dominance in the crypto market share index but I don't see it competing with BTC anytime soon with the huge supply despite the approach of strategically burning the total supply.

Editor

Will Ethereum develop a strong monetary advantage as ETH supply starts being burned? Would this be a threat to Bitcoin?

I Strongly believe that EIP-1559 will be a major upgrade to the Ethereum Blockchain as it will make sure it will be competing directly with Bitcoin and maybe it could make the price surpass Bitcoin as well its adoption.

Student

Will Ethereum develop a strong monetary advantage as ETH supply starts being burned? Would this be a threat to Bitcoin?

I do not think ETH will beat bitcoin in value anytime, especially soon. The main reason for this in my opinion is the fact that ETH has so many great alternatives like ZIL, SOL, TZX, EOS, DOT, BSC, ALGO which are way better blockchain with way more potential but way less user for now. Indeed bitcoin also has alternatives but it has pioneered the blockchain industry and accumulated an extreme amount of value and image over the years which is tough to lose.

Technology - Finance - Operations - Sales - Marketing - Business Development - Leadership - Coaching - Non-stop Achiever

Will Ethereum develop a strong monetary advantage as ETH supply starts being burned? Would this be a threat to Bitcoin?

Ethereum will struggle to overtake bitcoin because of the relationship between their market values and the cost competition for decentralized compute which is Ethereum's primary advantage. It is not advantageous to the Ethereum virtual machine economics to have a deflationary policy on Ethereum as it will stifle development as competition experiments with various monetary policies, and uncovers more productive models of monetization. ETH may still become a threat to BTC if the community chooses to treat it more as store of value and reprioritized away from the scalability and economic viability of compute (blockchain 2.0) cababilities.

Full Stack Developer / Crypto / Blockchain

Will Ethereum develop a strong monetary advantage as ETH supply starts being burned? Would this be a threat to Bitcoin?

Nowadays, investors and traders are also checking the use-cases of cryptocurrency. If we are talking about Bitcoin and ETH (After EIP-1559 implementation), definitely Ethereum will have more use-cases over Bitcoin as ETH will be approaching ETH 2.0 after implementation of the hybrid system (TIP+ Basefee burning feature). Basefee burning feature will be inspiring to create more scarcity for ETH and it will get more expensive over time. In the case of Bitcoin, it is hard to integrate the blockchain-based applications due to some complexities on the Bitcoin blockchain itself and the disputable energy consumption is becoming another major issue for BTC. IMHO, ETH is not a threat to Bitcoin but it is going to be a dependable alternative of BTC itself.

Educator, minister, council.

Will Ethereum develop a strong monetary advantage as ETH supply starts being burned? Would this be a threat to Bitcoin?

Bitcoin is incredibly energy intensive and wasteful. It's leading to shortages of computer chips. Ethereum offers serval advantages over Bitcoin that give it an edge. However, there are still known unknowns with the ETH system that could ultimately make or break it. From my perspective Bitcoin is just more well known therefor more likely to have people get onboard with it. Once they work out the problems in ETH, it certainly will become a threat to Bitcoin. This is most likely a few years down the road. Ultimately, both cryptocurrencies have a place in the world and as with any commodity people will tend to diversify their portfolio. It should be noted that any day now a brand new less energy intensive platform could be introduced. Minerium is a great example of this to keep an eye on, simply because it works the opposite way that bitcoin does, and has some of the same attributes that Ethereum has. Generally the better product tends to win the market, but there are forces at work in various country's governments that are giving aid to certain platforms over others. In other words, geopolitical issues are a large driver of what is adopted and discarded. As of today I notice many people are concerned with China pushing for a digital yuan, which could dethrone a large portion of all blockchain products.

Crypto and startup advisor | Project developer | listing agent

Will Ethereum develop a strong monetary advantage as ETH supply starts being burned? Would this be a threat to Bitcoin?

Ethereum will never dominate Bitcoin. It may overtake it after capitalization, but Bitcon will still be Bitcoin. However, Ethereum is more likely to be overtaken by any other project working in the area of smart contracts and blockchain mass usability. Bitcoin and Ethereum are two different projects that cannot be compared in this way, as the purposes of BTC and ETH are completely different, just as their usefulness are different.

Founder | Innovator | Advisor | Decentralized Business Consultant

Will Ethereum develop a strong monetary advantage as ETH supply starts being burned? Would this be a threat to Bitcoin?

Ethereum is not a threat to Bitcoin because of Ethereum's early move towards becoming the dApp platform of choice. This is something Bitcoin did not quite achieve. Indeed Bitcoin has excelled as a store of value and is likely to continue to do so due to it's geographic and political independence. From an Ethereum stand point, the ability to create stable coins effectively is the biggest threat to Bitcoin's dominance, however stable coins are still pegged to today's geographic and judicial boundaries. Therefore they don't have the same power as Bitcoin and can be shutdown by the appropriate authorities. With on the other hand Bitcoin as long as there is someone on the network somewhere out there it will still keep working. As for Ethereum being deflationary again this is another experiment. The ultimate impact is unknown. The way to think about it is, Ethereum currently processes less than 2 million transactions per day across the entire ecosystem whilst IBM Z an enterprise platform from one provider out of the dozens out there processes 30 billion transactions per day. This means if mainstream adoption was say 1% i.e. 300 million transactions of that throughput (as enterprise will not transition entirely to public blockchain), the impact on the Ethereum network will will be significant across all dimensions. So a monetary advantage at this point, unless supported by favourable regulation is unlikely.

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.