There is a huge battle going on for crypto dominance and Bitcoin has one distinct disadvantage over Ethereum; it is too static in its development. Well, this is the case below that Bloomberg make for Bitcoin being surpassed by Ethereum.
Firstly, the pseudonymous Satoshi Nakamoto has left a shadow over Bitcoin via his white paper that makes Bitcoin ill-suited to adapt to a world that is changing around his invention. Yes, he was able to solve the problem of trust in a trustless digital realm, but things move on.
Secondly, Ethereum’s blockchain has developed. They had an active development team that pushed technological boundaries to accommodate smart contracts. This in turn enabled the non-fungible token boom. This was essentially a new way of selling exclusivity.
Thirdly, one of the negatives to Bitcoin is that it is power-hungry to mine. The energy of a small country is involved in Bitcoin mining year by year. In contrast, Ethereum developers are looking at moving from a power-hungry proof of work model to a proof of stake model. The key difference is that the latter model does not depend on computer power, but wealth.
So, Bitcoin’s unchanging nature may also be its ultimate limitation. Bloomberg points out that imagine if Microsoft stopped at windows 1.0 or Apple stopped developing its product suits after the Macintosh. Finally, it is worth seeing how Ethereum has outperformed Blockchain over the last year.