We cannot blame you if the term “The Flippening” reminds you of an ominous event from a cheesy young adult novel or a CW TV show.
Here, however, the term means the event where Bitcoin will finally be usurped by the cryptocurrency that replaces it in term of the highest market cap.
The event has been much “prophesized”, and is known in the cryptocurrency to the point where it has its own dedicated website, which provides various statistics for Bitcoin and the cryptocurrency which is its closest competition – which as of current statistics, is Ethereum.
Will ethereum replace bitcoin?
The recent events that have caused Bitcoin’s value to drop, along with the scaling issues that it faces, have created a lot of questions on the cryptocurrency’s future as the ruling coin of the digital world.
While Ethereum also has its fair share of scaling – and more recently, governance – issues, the scaling issues are being worked on by the core developers of the cryptocurrency’s network through solutions such as Casper and Sharding, and the governance issues are being talked through, with all such problems expected to be resolved within a few months’ time.
Whereas, Bitcoin’s scaling issues have existed longer than anyone could have thought, with the Lightning Network and SegWit only now being planned to get fully integrated onto the network – and that could take a few months in itself.
However, while the fluctuation in Ethereum’s value remains justifiable on a day to day basis, the way that Bitcoin’s value fluctuates and the attention that it gets due to money laundering allegations and high energy consumption statistics, the latter could see further drop of value in the future.
Bitcoin being Bitcoin could most certainly revive from that expectant drop in value, but if that event happens, and if Ethereum has risen from its current value by that time after resolving the issues that it faces at the moment, then it could all lead towards the morbidly exciting event of “The Flippening.”
What gives weight to this thought is that as per the statistics at press time, Ethereum rules superior in terms of daily transactions, mining rewards, and number of nodes – all “real world” factors which go a long way in determining a cryptocurrency’s long term value, and which actually helped carve the place for Bitcoin at the top when it used to rule in those aspects.