While bitcoin is the biggest cryptocurrency of all time, there are altcoins that have broken the bitcoin record as the fastest growing cryptocurrencies. A number of new cryptocurrencies that launched in the last couple of years saw significant growth in their prices and demand. Libra coin is one such cryptocurrency.
If you are planning to start investing in cryptocurrencies, Libra Coin might be your best chance for growth. Let’s see how it fares against the largest cryptocurrency in the world.
Bitcoin vs. Libracoin
Bitcoin was the first to introduce the concept of cryptocurrency – a type of digital money that could be used without the control of centralized entities such as governments or banks. Bitcoin comes with its own decentralized ledger and promises security without the need for middlemen.
However, bitcoin doesn’t exactly talk about the benefits or use cases of blockchain, the underlying technology, especially beyond as a means for payments. As we now know very well, blockchain technology is much bigger than just digital currency. It can be practically used in any industry to optimize processes and reduce time and cost. Libra Coin is one such utility token that proposes the betterment of the e-commerce industry using blockchain technology. As an ERC-20 token, libra was originally based on the Ethereum blockchain, but was later shifted to Binance Smart Chain because of the high transaction fee on the Ethereum network.
Bitcoin is a digital currency or payment token that is based on its own blockchain and provides a way to make digital payments globally.
Libra coin is a utility token based on Binance smart chain and provides access to the multidimensional Libra Ecosystem for convenient and comprehensive e-commerce management.
The primary purpose of bitcoin is to be used as a means for digital payments. It provides a means to perform peer-to-peer cross-border payments without intermediaries. Theoretically, you can use your bitcoins to make payments to any merchant or to send money to anyone, anywhere in the world.
Libra Coin has been created to act as the native token of the Libra Ecosystem and is backed by a digital payment system for e-commerce transactions. Besides applications as a digital currency for payments, Libra has many other practical applications, including storage of value, access to Libra platform and products, fundraising and investment management, e-commerce management, global e-commerce delivery and payments, and more. There are also dedicated smart contracts to allow Libra users to perform secure, peer-to-peer transactions, including lending, trading, shopping, etc. on a global platform.
The only practical use of bitcoin is as a digital currency for payment. But, there are hundreds of other cryptocurrencies that provide the same service. So, it’s not different from them and definitely not better than hundreds of other altcoins.
Libra Coin, on the other hand, is a high-potential cryptocurrency backed by a powerful project with great market demand. The price of Libra has nearly doubled since its launch last year, and is continuously growing.
While Bitcoin was the cryptocurrency of the past, Libra is the cryptocurrency of the future. As an efficient, comprehensive and low-cost digital system for e-commerce, it provides a wonderful investment opportunity for anyone looking to buy a fast-growing coin with high potential.