Bitcoin has been the poster of cryptocurrencies for a long time now. Many feel that now is the time for a change to come about. The reasons behind an impending change are many. Firstly, the climate change accusations can’t leave Bitcoin. The very principle of Bitcoin mining is based on intensive power usage. While some companies are pulling out publicity stunts like buying carbon points, it is not doing anything substantial to help deal with climate change. The very concept of buying carbon points to mitigate global warming is flawed. Other factors include the highly volatile nature of Bitcoin. Many feel that a suitable alternative can easily dethrone Bitcoin. Ken Griffin, CEO of Citadel, believes that a cryptocurrency based on the Etehreum blockchain has every possibility of taking Bitcoin’s place.
The success of Bitcoin poses a conundrum to the crypto community. While the intrinsic principles of cryptocurrency make it decentralized, many feel that Bitcoin is getting all the attention and becoming a sort of authority in the crypto world. Major policies are formulated keeping Bitcoin in mind and not other coins. Similarly, it is much easier to transact with Bitcoin than any other digital currency. However, none of these would have been a problem if Bitcoin did not come with the burden of environmental exploitation. In this context, a cryptocurrency based on the Etehreum blockchain is a much more eco-friendly solution. If the initiative gets a push from top entrepreneurs like Ken Griffin, we may soon see Ethereum or another Etehreum based coin overtake Bitcoin.
