9 Trillion vs. 100 Trillion: Billionaire Mike Novogratz Asks Which Cryptocurrency Will Win the Payments Race

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On December 31, billionaire Mike Novogratz asked his Twitter followers which blockchain coin had the best chance of winning the payment contest and offered four options. Novogratz said there are many “competitors,” listing Facebook’s Diem, Tether, Bitcoin Cash, and Circle’s popular stablecoin.

This week, Mike Novogratz asked his Twitter followers about Diem, Bitcoin Cash, USDC and Tether (USDT) which coin “has the best chance of winning payments?” Novogratz said there were many contenders and asked his followers to give him their thoughts on which coin would dominate. The tweet received many responses and many crypto-asset proponents discussed Novogratz’s question and had a number of interesting theories.

“Diem has Facebook network effect,” replied one person. “But it is very much watched by the supervisory authorities. Should still be the # 1 candidate when FB delivers. USDC should eventually take the lead as it is US based and less seedy. PayPal could be a surprise challenger. Decentralized stall as well as empty dollars, ”added the person.

“LINK will be the ultimate winner,” replied another person. “Obviously, the platform winner is ETH, possibly DIEM and looking out for AVAX. 2021 will be the year of the stablecoin experiments, in which several custodial stablecoins will be born and a lot of money will be made and lost with Algo stablecoins. USDT and USDC rule. “

9 trillion against 100 trillion: Billionaire Mike Novogratz asks which cryptocurrency will win the payment race

Of course, a large number of Bitcoin Cash (BCH) supporters picked up the Novogratz tweet and discussed the benefits of BCH as a payment channel.

“Bitcoin Cash undoubtedly – Many BCH projects have been funded,” tweeted Bitcoin Cash enthusiast Wizewizzz Novogratz. “[Five] Development teams are innovative when it comes to scaling [and the] The community is focused on adoption [and] Use in the real world. BCH strives to be a solid peer-to-peer e-cash – no other project even comes close. “

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

“This gives USDC and Tether a clear advantage today, but it also has to be cost effective,” added Silverblood. “Because of this, I believe the winner doesn’t exist yet. Of the current competitors, I am working on it and I believe in it [bitcoin cash] BCH like the rails. Especially because they focus on the right use case and generate innovations in this area. “

9 trillion against 100 trillion: Billionaire Mike Novogratz asks which cryptocurrency will win the payment race

There were also Bitcoin (BTC) supporters who believed that BTC was a store of value (SoV), but the Lightning Network (LN) could also act as a payment channel.

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

However, a large number of crypto advocates responded to Woo’s speculation, saying that the LN “can only function with good UX when crypto works like the gold standard. You have to trust the custodians.”

Another person added: “[The Lightning Network] is not even safe against flood and booty attacks. “Some people also said that Layer 2 solutions are first hosted on the Ethereum (ETH) network.

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

Blockchain payment rails, which provide a reliable and affordable peer-to-peer solution for electronic cash, are effectively targeting the global cash market or the global M1. Compared to $ 9 trillion in precious metal gold, the $ 100 trillion liquid payments market is 1011% larger than SoV.

What do you think of Mike Novogratz’s recent tweet about blockchain payment competitors? Let us know what you think on this matter in the comments section below.

Tags in this story

BCH, Bitcoin cash, Bitcoin cash BCH, Diem, Ethereum, Facebook, Facebook-Diem, finance, L2, lightning network, Medium-of-Exchange (MOE), Mike Novogratz, payment candidate, payment rails, payments, value storage (SoV), Tether, USDC, USDT, Willy Woo

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