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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 \u201ccontenders\u201d and listed off Facebook\u2019s diem, tether, bitcoin cash, and Circle\u2019s popular stablecoin.<\/strong><\/p>\n This week Mike Novogratz<\/a> asked his Twitter followers out of diem, bitcoin cash, USDC, and tether (USDT<\/a>), which coin \u201chas best chance of winning payments?\u201d Novogratz said<\/a> 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 Novogratz\u2019s question and had a number of interesting theories.<\/p>\n \u201cDiem has Facebook network effect,\u201d one individual replied<\/a>. \u201cBut 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,\u201d the person added.<\/p>\n \u201cLINK will be the ultimate winner,\u201d another person responded<\/a>. \u201cPlatform winners obviously ETH<\/a>, 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<\/a> and USDC reign.\u201d<\/p>\n Of course, a great number of bitcoin cash (BCH<\/a>) supporters took to the Novogratz tweet and discussed the benefits of BCH<\/a> as a payments rail.<\/p>\n \u201cBitcoin Cash hands down\u2014 Many BCH<\/a> projects have been funded,\u201d the bitcoin cash enthusiast Wizewizzz tweeted<\/a> to Novogratz. \u201c[Five] development teams are innovating on the scaling front [and the] community is laser-focused on adoption [and] utility in the real world. BCH<\/a> aims to be sound peer to peer electronic cash\u2014 No other project comes even close.\u201d<\/p>\n General Protocols\u2019<\/a> developer Jonathan Silverblood responded<\/a> to Novogratz and said that for payments, \u201cvalue has to be stable by default.\u201d<\/p>\n \u201cThis gives USDC and tether a clear advantage today, but it also has to be cost-efficient,\u201d Silverblood added. \u201cFor this reason, I believe that the winner doesn\u2019t exist yet. Out of the current contenders, I work on and believe in [bitcoin cash] BCH<\/a> as the rails. In particular, I do so because they are focusing on the right use case, and are innovating in this field specifically.\u201d<\/p>\n There was also bitcoin (BTC<\/a>) supporters who believe BTC<\/a> is a store-of-value (SoV), but that also the Lightning Network (LN) can act as a payment rail.<\/p>\n \u201cNot a coin. A protocol. The SoV it routes will be agnostic. Lightning has a fair chance,\u201d the well known data analyst Willy Woo tweeted<\/a> to Novogratz in response to his payments coin tweet.<\/p>\n However, a great number of crypto advocates responded to Woo\u2019s speculation and said<\/a> that the LN can \u201conly work with good UX if crypto works like the gold standard, you need to trust custodians.\u201d<\/p>\n <\/ins> <\/ins> <\/p>\n Another person added<\/a>: \u201c[The Lightning Network] is not even secure against Flood and Loot attack.\u201d Some individuals also said layer 2 solutions will be hosted on the Ethereum (ETH<\/a>) network first.<\/p>\n 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.<\/p>\n Blockchain payment rails offering a reliable and inexpensive peer-to-peer electronic cash solution are effectively targeting the world\u2019s cash market or the global M1. In comparison to the precious metal gold\u2019s $9 trillion, the $100 trillion liquid payments market<\/a> is 1011% larger than the SoV.<\/p>\n What do you think about Mike Novogratz\u2019s recent tweet about blockchain payment contenders? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n The post 9 Trillion vs. 100 Trillion: Billionaire Mike Novogratz Asks Which Cryptocurrency Will Win the Payments Race<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n![\"9](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/01\/usdc.jpg\" "\\"9")
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