Bitcoin and Velas
With Bitcoin surpassing it’s All time High, let’s take a closer look about what does it have in common with Velas, a cryptocurrency.
For sure everyone is hyped by the recent pump of Bitcoin which was also caused by financial institutions coming in and now considers bitcoin as hedge against inflation or any reasons there is.
Winklevoss twins said in a podcast.
“To Hedge Against Inflation, Buy Bitcoin”
What is Bitcoin? Where the value came from? What is the technology behind it that gives it that much price? Same towards Velas and we will have a direct comparison about Bitcoin and Velas.
As a cryptocurrency
Similarities
- Bitcoin and Velas shares the same trait of having a system that is built on public-key cryptography.
- Users that are already using Bitcoin could relate in storing Velas.
- Both coins has a public key and private key for secure usage
- Exists on the blockchain — wallets just hold the keys that give users access to them.
Differences
- Price and Supply
- Bitcoin is the first crypto and the origin of every crypto ever existed.
- Utility use-case. Bitcoin as a Digital Peer-to-Peer Electronic Cash System whereas Velas is an ecosystem of decentralized products.
- Different Blockchain network with different usage and capabilities. Velas is capable of running 50k tps while bitcoin is capped at lower numbers.
- Consensus Algorithm. Bitcoin as PoW, Velas as DPoS
Security
Similarities
- Both has Blockchain —a digital ledger which stores a record of all the network’s transactions.
- All transaction is immutable and stored forever.
- Reward Miners
Differences
- Consensus Algorithm. Bitcoin as PoW, Velas as DPoS
- Bitcoin — Miner competition and energy expenditure is high
- Velas — Generous rewards, plethora of options to stake, zero to low energy consumption to maintain security
- Velas — AI integration for a scalable and interoperable network.
Store of Value
If it is still useful or with greater value over time, we could safely say that the specific asset is a store of value. Examples are gold, silver, other precious metals and in this case, cryptocurrency in the form of Bitcoin and Velas.
Scarcity
- Fixed Supply
- Bitcoin Supply — 21,000,000
— Every 210,000 blocks, Bitcoin reward for miners will decrease to half until the last bitcoin is mined.
- Velas Supply — 2,106,296,362
Divisibility
- Both Bitcoin and Velas can and could be used for a fraction, divisible to smaller units.
- Anyone could own and store Bitcoin and Velas without buying it as a whole.
Utility Use Case
Similarities
- Could easily be transferred.
- Decentralized.
- Digital asset.
- Digital Cash.
- Gas fee.
Differences
- Bitcoin is hedge against inflation.
- Velas is used for Smart Contract Deployment
- Velas has different products like BitOrbit, Multi-currency wallet and many more.
Conclusion
Disregarding the price, Bitcoin is a cryptocurrency just like Velas and there is no huge disparity in between. It is both decentralized, both stored in a wallet, but what differs most is the value that is perceived by people.
To know more about Velas, kindly visit the links below:
Velas Website | Twitter | Instagram | Facebook | YouTube |Telegram
Velas Philippines Telegram Group || Velas Philippines Telegram Channel
Disclaimer: I am not a financial advisor and this content is made for entertainment purposes only. Do your own research before entering volatile cryptocurrency market.
