Bitcoin Vs Polkadot: Which is the best among these cryptocurrencies?

Bitcoin vs Polkadot know more about their similarities and difference

Bitcoin vs Polkadot

Bitcoin vs Polkadot

Bitcoin vs Polkadot puts forward the two cryptocurrencies that are trending in the market. One side is the oldest cryptocurrency that has established a top position on the list, while the other is still making its mark. Let’s see what differences and similarities these cryptocurrencies have in common. Before we get into Bitcoin vs Polkadot, let’s see what each of them is. 

 

Bitcoin 

Bitcoin is the world’s first decentralized digital currency that was launched in 2008 by Satoshi Nakamoto. In recent times, Bitcoin has experienced a steady growth hitting the price of about US$50,000 in the September of this year. Both Bitcoin vs Polkadot work in a few diverse ways and others in similar ways. Bitcoin’s main purpose is as a store of value and medium of exchange. 

 

Polkadot 

In a comparison to Bitcoin vs Polkadot, DOT is the youngest cryptocurrencies out there in the market. It was created by Ethereum’s Co-Founder Dr. Gavin Wood who also invested in smart contract language. Polkadot’s first token sale is also known as an initial coin offering (ICO). At the beginning of 2021, Polkadot grew between US$30 to US$40. Even though it dropped, it recovered again in September. Polkadot does not use a proof of work system but uses a proof of stake system to verify transactions. 

 

Similarities between Bitcoin vs Polkadot 

Storage 

Bitcoin vs Polkadot, once traded both of them need to be stored in similar ways. After purchasing the coins, a special wallet is required to keep them in a cold wallet or hot wallet that is suitable.  

 

Nature of trading 

Bitcoin vs Polkadot can be traded in various ways. Since both are the top cryptocurrencies they can be traded on any of the major crypto exchanges and also on the other exchanges. And so they have different mechanisms for trading each coin. 

 

Regulation 

In terms of regulation Bitcoin vs Polkadot have the same kind of rules. Both are not regulated by any banks or bodies.  When we look at the newer cryptocurrencies such as Cardano, it has regulation from the Securities Exchange Commission. 

 

Differences between Bitcoin vs Polkadot 

There are much differences between Bitcoin vs Polkadot: 

Market cap

When we compare the market cap of both Bitcoin vs Polkadot, Bitcoin has the highest market cap when compared to Polkadot. On the other hand, Polkadot has a market cap of about US$30 billion. At the beginning of 2021, Polkadot’s market cap was around US$9 billion, so who knows how high it can go and how close it can get to Bitcoin. 

 

Value 

Like the market cap, the value of Bitcoin vs Polkadot varies greatly. Bitcoin has a value of around US$50,000. This is far higher than any cryptocurrency, Bitcoin has held the total of most valuable for as long as it has existed. Polkadot’s value is tiny in comparison at only US$30. 

 

Fees 

Transaction fees are an area in that Polkadot has the edge on using a weighted fee system which can make comparisons tougher. At a value of US$30, that makes the fees around US$0.47 which is very cheap. 

 

Verification 

Bitcoin vs Polkadot use two different verification protocols. Bitcoin uses the proof of work system, in which network validators known as miners, solve complex mathematical problems using hash algorithms to verify transactions. Polkadot uses the proof of stake system, where validators are selected by their quantity of holdings of DOT. 

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