New development and innovation will be added to the existing Bitcoin network backbone as 2nd-layer add-ons (LN is one such example and there are, and will be, others). Bitcoin is currently a huge decentralized network, the size of which the world has never seen before. It is by far the fastest computational entity currently in existence on earth. This achievement is not easy to replicate. Apart from its vast size, it possesses features no other network of its kind possesses. Bitcoin is decentralized, trustless, immutable, borderless, scalable, super-hardened, super-robust, deflationary, scarce, not owned by any specific entity. It's all of the above and more. All at the same time. These are not blockchain properties, they are Bitcoin properties.
Just as new, innovative internet technologies are added on top of the tried, tested and robust TCP/IP layer, so will new, innovative technologies be added on top of the Bitcoin network backbone. There's no need to reinvent the wheel when the wheel is the optimal strategy. There are 100s of car brands, but their products all use wheels, because anything else is sub-optimal. Bitcoin is the "wheel" of the digital monetary revolution, and it will be used for decades to come. We, as Bitcoin HoDLers, are now tapping on the fundamental building block of a monetary instrument that will shake the foundations of the world's financial and wealth infrastructure. The avalanche has started, it's getting bigger, and it's unstoppable.
If anyone thinks an altcoin can easily replace all of the above, he is deluded. It's just a matter of time. You can either understand the tech, realise its potential and embrace it, or wait until you are forced to do so. It's up to you.
From 3:55 Raoul Pal gives his opinion on Ethereum:
He believes Ethereum is getting adopted faster and could potentially have a bigger market cap over time. He also believes a platform is more valuable than an asset.
And says he's not talking about a flippening happening 'immediately'.
Also, with Metcalfe's law, the more people that enter a network and the more network connections, the more it goes up in value.
When BTC reached a million wallets, that price is also 'exactly the same' as when ETH reached a million wallets.
On a side note, Ethereum currently can do 60 transactions per second, Ethereum 2 will be able to do 100 000 and Bitcoin can do a maximum of 4.6 transactions per second. Visa can apparently handle about 24 000 transactions per second.
Ethereum is also currently used by several major banks including JPMorgan. Amazon and Microsoft Azure also use Ethereum.
It also now settles $12 billion in transactions daily, $3 billion more than Bitcoin.
