Recently we came by a tweet by Andreas Antonopoulos stating:
Which got me meditative – can Ethereum or any other cryptocurrency be seen as a Bitcoin rival?
Bitcoin vs fiat
First, lets demeanour during how Bitcoin competes with fiat.
Looking at a definition, a opposition is tangible as “A aspirant with a same idea as another, or essay to achieve a same thing. Defeating a opposition competence be a primary or required idea of a competitor.” and “Someone or something with identical claims of peculiarity or eminence as another.”.
When articulate about many fiat currencies like USD, Euro, GBP, etc., or tough resources like Gold or Silver, it competence be tough to call Bitcoin a opposition to those, during slightest so far. A lot of inhabitant and general currencies exist to promote trade, supervision programs, taxes, etc. on a scale where Bitcoin doesn’t register yet. Previous metals are likewise used for some trade, as good as store of value, speculation, etc.
While Bitcoin can do identical niches as those currencies, a banking would initial need to arise in value a few orders of bulk to be means to contest on a same scene.