BackWill Bitcoin Whales Migrate To Ethereum When The Merge Occurs?
Ethereum is gearing up to switch to Proof-of-Stake (PoS). The Goerli testnet merge is now live and attracting lots of positive attention. Could this be the end of Bitcoin? And what does it mean for smaller cryptos like Proprivex (PPX)?
PremiumBitcoin (BTC) has dominated crypto news for years on end. However, Ethereum (ETH) has grabbed the headlines this year with its new innovative technology regarding the Ethereum 2.0 merge. Bitcoin operates on a Proof-of-Work (PoW) consensus mechanism notorious for high-energy usage, slow transaction speeds, and low scalability.
Meanwhile, Ethereum is gearing up to switch to Proof-of-Stake (PoS). The Goerli testnet merge is now live and attracting lots of positive attention. Could this be the end of Bitcoin? And what does it mean for smaller cryptos like Proprivex (PPX)?
‘The Last Rehearsal’ For Ethereum (ETH)
By now, you would have heard of the Ethereum 2.0 merge one way or another. But what benefits does it bring to the platform? Well, the change that users will notice will be transaction speed. Once the merge is live, Ethereum will be capable of reaching up to 100,000 transactions per second (TPS)!
1988 marked the year that climate change became an international issue. Since then, the world has had an environmental conscience leading major companies to examine their carbon footprint. Bitcoin uses more electricity annually than the whole country of Argentina. Conversely, Ethereum will reduce its carbon footprint by 99.95% when it switches to PoS.
Scalability is also an issue for PoW platforms. Blocks of Bitcoin are limited in size and frequency, meaning that users are limited in the amount they can process. Ethereum has seen this obstacle and has overcome it. As mentioned before, Ethereum will reach up to 100,000 tps allowing it to scale effectively when the platform gains popularity.
So, what does it mean for smaller cryptos like Proprivex (PPX)? The new crypto is built on the Avalanche (AVAX) blockchain, meaning it operates on a PoS consensus algorithm like Ethereum. Once crypto whales gravitate towards PoS platforms, Proprivex could increase in popularity.
Are Bitcoin (BTC) Whales Moving Already?
Anyone with basic crypto knowledge will know how dominant Bitcoin has been in crypto. Bitcoin boasts a market capitalisation of over $460 billion which is almost half of the crypto market!
Bitcoin (BTC) has started its recovery process after the recent crypto crash. In June, it reached a low of $20,000. However, it is now hovering around the $24,000 mark at the time of writing. The price increase will be music to the ears of Bitcoin buyers.
With the Ethereum tesntnet merge live already, Bitcoin whales may have started to migrate to Ethereum. Bitcoin seems to be growing slower than Ethereum at the time of writing. Ethereum has risen by 10.23% in seven days while Bitcoin has risen by 2.63%.
Bitcoin also has a finite amount of coins. Once the 21 million coin mark is reached, there will be no more left to mine. With mining setups costing thousands of dollars to make, miners are likely to move away from Bitcoin to a platform that has an unlimited amount to mine.
Dogecoin is a PoW platform with an unlimited amount of coins providing 10,000 DOGE per block compared to Bitcoin’s 6.25.
Final Thoughts
Although Bitcoin is the biggest figure in the crypto space, it is probably at its most vulnerable point with the news of the Ethereum 2.0 merge. Ethereum 2.0 brings a myriad of upgrades to both the platform and the user which could entice Bitcoin whales to switch to Ethereum.
Increased traction for Ethereum 2.0 could result in PoS platforms gaining popularity. It could shine the light on newer cryptocurrencies like Proprivex due to their carbon neutrality and fast transaction speeds.
Proprivex (PPX) Links:
Presale: https://prop.proprivex.io/
Website: https://proprivex.io/
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