Why Ethereum could become more valuable than Bitcoin

But what exactly is behind the upgrade, and why could Ethereum become a deflationary and potentially more valuable cryptocurrency than Bitcoin?EIP stands for Ethereum Improvement Proposal. Since Ethereum is an open-source program, anyone can submit a suggestion for improvement via GitHub. But in order for the new code to be integrated on the ETH Mainnet, it must first go through an approval process. In addition, the Ethereum core developers who manage Ethereum’s GitHub must confirm the improvement proposal at the end of the process.The passing of an EIP can therefore be thought of as the passing of a law by a parliament or a congress. An EIP can only be implemented once it has gone through a certain approval process. First, someone has to propose an EIP, then it has to be approved by developers, and finally, the proposal has to be tested before it is fully implemented on the mainnet.The EIP-1559 differs from all previous EIPs from Ethereum. The upgrade not only aims to reduce the problem of high transaction costs but also to fundamentally change Ethereum’s monetary policy. The upgrade could even make Ethereum a scarcer commodity than Bitcoin. In addition, small investors in particular hope that the EIP-1559 will lower the ETH transaction costs, which have risen sharply in recent months.The graph from Etherscan shows that the Ethereum transaction costs have leveled off at an extremely high level for some time. Whales can still afford the high transaction costs, but Ethereum is currently unsuitable for a majority of users.For this reason, many investors are currently relying on smart contract platforms such as Cardano (ADA), Polkadot (DOT), or the Binance Smart Chain (BSC). Above all, the BSC was able to win over a considerable part of the capital and users of the Ethereum Decentralized Finance (DeFi) Space in…