On December 31, billionaire investor Mike Novogratz asked his Twitter followers which blockchain coin has the best chance of winning the payments race and offered four choices. Novogratz said there are lots of â€œcontendersâ€� and listed off Facebookâ€™s diem, tether, bitcoin cash, and Circleâ€™s popular stablecoin.
This week Mike Novogratz asked his Twitter followers out of diem, bitcoin cash, USDC, and tether (USDT), which coin â€œhas best chance of winning payments?â€� Novogratz said that there were a lot of contenders and asked his followers to give him their thoughts on which coin would dominate. The tweet received a lot of replies and many crypto asset proponents discussed Novogratzâ€™s question and had a number of interesting theories.
â€œDiem has Facebook network effect,â€� one individual replied. â€œBut will be very watched by regulators. Still should be #1 candidate if FB delivers. USDC should eventually take over tether as it is U.S. based and less shady. Paypal could be a surprise challenger. Decentralised stable such as empty set dollars too,â€� the person added.
â€œLINK will be the ultimate winner,â€� another person responded. â€œPlatform winners obviously ETH, possibly DIEM and lookout for AVAX. 2021 will be the year of stablecoin experiments, with multiple custodial stablecoins being born and plenty of money made and lost in algo stablecoins. USDT and USDC reign.â€�
â€œBitcoin Cash hands downâ€” Many BCH projects have been funded,â€� the bitcoin cash enthusiast Wizewizzz tweeted to Novogratz. â€œ[Five] development teams are innovating on the scaling front [and the] community is laser-focused on adoption [and] utility in the real world. BCH aims to be sound peer to peer electronic cashâ€” No other project comes even close.â€�
â€œThis gives USDC and tether a clear advantage today, but it also has to be cost-efficient,â€� Silverblood added. â€œFor this reason, I believe that the winner doesnâ€™t exist yet. Out of the current contenders, I work on and believe in [bitcoin cash] BCH as the rails. In particular, I do so because they are focusing on the right use case, and are innovating in this field specifically.â€�
â€œNot a coin. A protocol. The SoV it routes will be agnostic. Lightning has a fair chance,â€� the well known data analyst Willy Woo tweeted to Novogratz in response to his payments coin tweet.
However, a great number of crypto advocates responded to Wooâ€™s speculation and said that the LN can â€œonly work with good UX if crypto works like the gold standard, you need to trust custodians.â€�
Many crypto-asset supporters believe that while a store-of-value (SoV) like gold holds a $9 trillion market capitalization, the liquid payments market is much larger.
Blockchain payment rails offering a reliable and inexpensive peer-to-peer electronic cash solution are effectively targeting the worldâ€™s cash market or the global M1. In comparison to the precious metal goldâ€™s $9 trillion, the $100 trillion liquid payments market is 1011% larger than the SoV.
What do you think about Mike Novogratzâ€™s recent tweet about blockchain payment contenders? Let us know what you think about this subject in the comments section below.
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