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.
“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. “
“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. “
“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. ”
‘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.”
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.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Twitter,
Disclaimer: This article is for informational purposes only. It is not a direct offer or invitation to an offer to buy or sell, or a recommendation or endorsement of products, services, or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.