Bitcoin supporters argued that Ether’s monetary policy has changed at least seven times while BTC has seen zero change.
Bitcoin
BTC
Ticker below
23,000 dollars
and the ether
Eth
Ticker below
$1,642
, the top two cryptocurrencies by market capitalization, have always been pitted against each other. At the beginning of the new year, the first debate on comparing BTC’s limit supply of R21 million to ETH’s deflationary supply began, with disagreements over which of the two qualified as true money
An Ethereum-focused Twitter user called ‘Ultra Sound Money’ compared the supply and exit of the two cryptocurrencies and suggested that “if capped supply BTC is sound, declining supply ETH is ultrasound”.
His comparison did not sit well with BTC proponents, who were quick to point out that soundness comes from the reliability of monetary policy and not the ever-changing bitcoin. Sa ah.
“Time builds trust with humans, it’s not all about code. According to your logic, if we turned in another crypto with more distractions, it would be a “sounder”.
Another Bitcoin proponent questioned the credibility of Ethereum’s monetary policy and recalled that the same monetary policy has “changed at least 11 times in seven years.” Bitcoin, on the other hand, has not changed its monetary policy once.
Ether’s historical estimated exit rate. Source: ethhub.io
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Ethereum deflated with the launch of the Ethereum Improvement Proposal-1559 (EIP-1559) in August 2021. The upgrade introduced a burning mechanism that automatically burns a portion of transaction fees, reducing the overall circulating supply of ETH.
In response to Alex Gladstein’s argument that “administrators” can arbitrarily change Ethereum’s monetary policy, independent Ethereum academic Anthony Sasano claimed that every change in the Ethereum network is driven by community members by thousands of node operators approval is granted
Friendship Network founder Leo Glicic says that ETH has now become sound money, but BTC won’t hit its cap until 2140 years.
Bitcoin has undergone similar monetary changes and tweaking of the core code in the past. The most notable occurred during 2017 when there was a growing demand to increase the size of Bitcoin blocks to accommodate more transactions per block and make them more scalable
Related: Bitcoin out of ‘fear’ for first time in nine months
The majority of the Bitcoin community opposed Satoshi Nakamoto making any changes to the original code. As a result, the Bitcoin network experienced a hard fork in 2017, which led to the creation of Bitcoin Cash
BCH
Ticker below
$134
, a cryptocurrency with a block size of 8 MB as opposed to the 1 MB BTC. However, there has been very little series development in BCH lately and it is currently trading at a 97% decline from its all time high.
