On December 31, billionaire investor Mike Novogratz asked his Twitter followers which blockchain coin has the best chance of winning the payment race and offered four choices. Novogratz said there are many “contenders” and mentions Facebook’s diem, tether, bitcoin cash and Circle’s popular stablecoin.

This week Mike Novogratz asked his Twitter followers from diem, bitcoin cash, USDC and tether (USDT), which currency “is most likely to win payments?” Novogratz said that there were many contenders and asked his followers to give him their opinion on which currency would dominate. The tweet received a lot of responses and many crypto asset proponents discussed Novogratz’s question and had some interesting theories.

9 Trillion vs 100 Trillion: Billionaire Mike Novogratz asks which cryptocurrency will win the payment race

“Diem has a Facebook network effect,” one person replied. “But will be closely monitored by regulators. Still must be # 1 candidate if FB delivers it. USDC should eventually take over the chain as it is US based and less shady. Paypal can be a surprising challenger. Decentralized stole as well as empty set of dollars, ”the person added.

“LINK will be the ultimate winner,” another person responded. “Platform winners, of course ETH, possibly DIEM and search for AVAX. 2021 will be the year of stablecoin experiments, with multiple custodial stablecoins being born and a lot of money being made and lost in algo stablecoins. USDT and USDC rule. “

9 Trillion vs 100 Trillion: Billionaire Mike Novogratz asks which cryptocurrency will win the payment race

Of course a large amount of bitcoin is cash (BCHsupporters took to the Novogratz tweet and discussed the benefits of BCH as a payment rail.

“Without a doubt Bitcoin Cash – a lot BCH projects have been funded, ”the bitcoin cash enthusiast Wizewizzz tweeted to Novogratz. “[Five] development teams innovate in the field of scaling up [and the] community is laser-focused on adoption [and] utility in the real world. BCH strives to be peer-to-peer electronic money – no other project even comes close. “

General protocols’ developer Jonathan Silverblood responded to Novogratz, saying that for payments “the value should be stable by default”.

“This gives USDC and tether a clear advantage today, but it also needs to be cost effective,” added Silverblood. “For this reason I think the winner does not yet exist. I work on and believe in the current contenders [bitcoin cash] BCH as the rails. I do this in particular because they focus on the right use case and innovate specifically in this area. ”

9 Trillion vs 100 Trillion: Billionaire Mike Novogratz asks which cryptocurrency will win the payment race

There was also bitcoin (BTCsupporters who believe BTC is a store-of-value (SoV), but that the Lightning Network (LN) can also function as a payment rail.

‘No coin. A protocol. The SoV it routes will be agnostic. Lightning has a fair chance, ”said well-known data analyst Willy Woo tweeted to Novogratz in response to his tweet about payments.

However, a host of crypto advocates responded to Woo’s speculation said that the LN “can only work with a good UX if crypto works like the gold standard, you have to trust custodians.”

Another person added: “[The Lightning Network] is not even safe from floods and loot attacks. Some individuals also said layer 2 solutions will be hosted on the Ethereum (ETH) network first.

Many crypto-asset supporters believe that although a store-of-value (SoV) like gold has a market cap of $ 9 trillion, the liquid payments market is much larger.

Blockchain payment rails providing a reliable and low-cost peer-to-peer electronic cash solution are effectively targeting the global money market or the global M1. Compared to the $ 9 trillion of the precious metal gold, the $ 100 trillion liquid payments market is 1011% larger than the SoV.

What do you think of Mike Novogratz’s recent tweet about blockchain payments contenders? Let us know what you think about this topic in the comments below.

Tags in this story

BCH, bitcoin cash, bitcoin cash BCH, Diem, Ethereum, Facebook, facebook diem, Finances, L2, lightning network, Medium-of-Exchange (MOE), Mike Novogratz, payment candidates, Payment rails, Payments, store-of-value (SoV), Tether, USDC, USDT, Willy Woo

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