Can Maker Coin Surpass Bitcoin?

Stable coins are those which remove large price volatilities, in the coins. Maker is such an asset-backed, Ethereum based, decentralized stable coin. Maker boasts of an autonomous smart contract system, which reacts specifically to market fluctuations while making sure the price of 1 Dai, equivalent to that of 1 USD. These Dais are secured with an Ethereum smart contract and backed by Ether token as collateral.

Bitcoin, on the other hand, is now almost a household name; synonymous to cryptocurrency for many. Their main objective is to provide a framework through which online peer to peer transactions of electronic cash can be conducted without the involvement of a third party (for eg. Mastercard.) The meteoric rise in Bitcoin’s price is due to the growth in the number of investors, and also as many merchants are now accepting Bitcoins as a legitimate form of payment.

Bitcoin as of today is trading at 6557.14 USD, while Maker coins are at 636.89 USD. Some predictions say that the price of Maker may further be devalued as it may experience a drop from 649.592 USD to 225.299 USD, which amounts to a 65.6091% fall. Maker has been hailed by many experts as a bad long term investment, if anyone is looking for virtual currencies, with good returns, however, if the aim is to invest in lesser-known cryptocurrency, which has a lot of potentials, Maker may even be the answer.

Bitcoin stands as the biggest cryptocurrency in the market, and it is by no means easy to dethrone it from its position of eminence. Some sections of experts believe that other interesting projects will gain recognition, but most of them are of the opinion that Bitcoin will continue occupying the top position, though there are certain other cryptocurrencies like Ethereum and Ripple which are catching up. Though the market is prone to sudden ups and downs, and rampant fluctuations, Maker coin will have to gain a lot more investors and popularity if it wants to surpass Bitcoins. This possibility seems bleak, at least in the near future.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.