Here’s How Bitcoin Is About to Become More Like Ethereum

Some investors recognize Ethereum’s broader utility, and because of this, they believe it has more long-term upside than bitcoin.

How do you change something when no one’s in charge? For bitcoin, developers make a Bitcoin Improvement Proposal , and these are “voted” on during the mining process.

Occasionally this happens and creates what’s called a “hard fork” — select miners take their ledgers in a completely different direction from the rest of the group.

However, there’s also what’s known as a “soft fork” where the vast majority of bitcoin miners agree to go in the same direction.

In reality, the last so-called soft fork was BIP-141 , this fork intended to make bitcoin faster and more secure.

Some people refer to the SegWit fork as bitcoin’s “civil war.” And the process was so contentious that there hasn’t been a major soft fork — a major upgrade — since.

I don’t bring up Schnorr to debate the merits — I only wish to note that this is a change that Bitcoin Cash already implemented in 2019.

Moreover, over these past five years, average daily transactions haven’t budged — the network processes only hundreds of thousands of daily transactions whereas credit cards can handle hundreds of millions.

Until now, Ethereum has dominated this real-world application angle, and it’s why I personally own it as well as bitcoin.

What remains to be seen is whether developers will start building bitcoin applications that will be adopted as those on Ethereum’s blockchain are.

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