Metal: The Ultimate Competition for Bitcoin?
Everybody wants to beat bitcoin. As the main form of crypto in the digital currency marketplace, bitcoin has set the bar very high, and all digital entrepreneurs and blockchain businesses are trying their best to outperform it, but how realistic is this goal?
Can Metal Take Bitcoin Down?
According to Erik Finman, it’s very realistic. Finman is classified as a “teen bitcoin millionaire” according to Yahoo Finance. Finman has been backing a new crypto startup simply known as “Metal” for the past two years.
One would assume that Finman, given the money he has and the amount of crypto experience under his belt, knows what he’s talking about when it comes to the next big craze in digital finance. However, Metal has had a relatively rocky history since it first emerged in 2017. It has fallen by more than 98 percent in value, so Finman’s endorsement of the company is strange to say the least.
He has also had a very up-and-down relationship with bitcoin itself. Finman declared late last year that bitcoin had finally reached its end, and that crypto was on the verge of collapsing altogether. However, Finman began 2019 with a new prediction – that the granddaddy of crypto would, once again, spike to $20,000+ levels as it almost did in December of 2017.
In a recent interview, he states:
Bitcoin could be at $50,000 per bitcoin without all the fragmentation, but you can’t change the fees. You can’t change the loading times. I’m very pro-crypto and pro-bitcoin, but with just one coin, you can only do so much.
This is criticism we’ve heard before. Bitcoin, while larger than most newer forms of crypto, arguably holds less technical prowess. For example, the currency has been knocked in the past given how long its transaction times are. Many newer forms of crypto – such as Ethereum or EOS – usually experience faster transactions that can be completed within a matter of minutes. Bitcoin on the other hand, usually takes a few days to move around.
Metal’s token was originally trading for about $13 per unit, but ultimately fell when most other forms of crypto dropped in early 2018. The token wound up losing nearly all its value and is currently trading at 30 cents per coin. Finman’s support for Metal comes on the verge of Metal Pay’s release, a new digital currency payment platform bent on competing with the likes of Venmo and PayPal. It’s possible this is the primary reason for the support.
We’ve Got What It Takes…
Founder and chief executive of Metal Pay Marshall Hayner explains:
We’ve worked for years to make certain that all laws and regulations are met to deliver the best possible product for our user base. With this launch, we truly believe that Metal Pay has the opportunity to become bigger than bitcoin.
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