You have to hand it to the team behind Ethereum. For years the mainstream narrative on cryptocurrency has been that it is all about Bitcoin and a whole bunch of altcoins, and the fact that some people use the words “Bitcoin” and “crypto” almost synonymously is an indication of how dominant the first crypto coin has been. However, with slow and steady development and a confident development process, ETH has become a name that people know. With the Merge set to complete in early September, Ethereum backers are increasingly confident that the coin will be able to challenge BTC more powerfully still.
More words will be written about the Merge and what it could do for Ethereum. However, with Bitcoin still the most prominent crypto and the one with a market cap that is larger than all other coins combined, BTC is going to remain in the headlines. It is worth asking, as the days count down to September 14th, what the Merge could eventually mean for Bitcoin.
Will Bitcoin move to Proof of Stake?
One of the things that “everyone knows” about Bitcoin is that it is very energy-intensive, and with rising energy prices colliding with an ever-growing focus on the environment, Ethereum’s move to PoS will mark a point of difference that gives people a clear reason to choose it over the original blockchain. In order to hold out against this tide, will Bitcoin look to follow suit either now or in the future?
In a word, no. In a few more words, certainly not any time soon. Part of the reason for Bitcoin’s dominance and market ubiquity lies in its users’ iron-willed devotion to the gospel of Satoshi Nakamoto. “He” founded the coin to be mined by Proof of Work, and it’s close to impossible to imagine Bitcoin devotees straying from such a major part of the plan. What we might see is an increased commitment to ensure that more BTC is mined using renewable energy.
Will there be a challenge to Bitcoin’s status?
As things stand, Bitcoin is the most traded cryptocurrency for a number of reasons. It’s highly usable for a start – you can make mainstream purchases using it more widely than any other crypto. You never have to look far to find a Bitcoin live casino online either, and with so many Bitcoin in existence it’s going to take more than the Merge to meaingfully challenge its position atop the crypto totem pole.
What we may see is some further erosion of the coin’s dominance in mainstream circles. For publicity purposes alone, the Merge is good business for Ethereum, as it gives backers a very demonstrable advantage that can be referred to when talking about its standing in comparison to Bitcoin. If any coin is ever to overtake BTC at the head of the crypto sphere, the Merge may have been the seed that set that change in motion.
All of this, however, is speculation. Bitcoin has shown resilience over the 13 years of its existence that no other coin has had to demonstrate. Its death has been declared countless times and still hasn’t actually occurred. There’s no reason, as of right now, to imagine that it is going to give up its crown without a fight, or at all.