Cardano vs Bitcoin and why we have chosen this comparison? There are many reasons why cryptocurrencies are attempting to overtake Bitcoin. After all, it’s the biggest cryptocurrency on the market. Nearly all cryptocurrencies use some code or some features pioneered by Bitcoin in an attempt to make a better version of the digital gold. One of Bitcoin’s biggest gripes is scalability. With Cardano’s implementation of smart contracts, scalability is hardly an issue. Be that as it may, Cardano wasn’t created to replace bitcoin or to be the best, but it sure puts up a good fight.
Why Cardano (ADA)?
$ADA All eyes on you #Cardano https://t.co/UV2xzOgPaN pic.twitter.com/Ngx77OHRHQ
— HODL (@HodlBitcoin2020) October 20, 2018
Great investment opportunities don’t come around often. Even when they do, they can often be hard to identify. Bitcoin was trading at pennies in 2010, now, people have become multimillionaires by investing in it early. The only reason everyone didn’t invest in bitcoin at the time was that the concept was difficult to understand, or it was seen as a scam due to all the FUD that was being spread following its announcement.
At the moment, there is nothing too special about Cardano (ADA) as it is a work in progress. The team behind Cardano are not overhyping anything relating to the project, and it’s not focusing on making people “a quick buck” with investment opportunities. Instead, they simply give raw technical updates about Cardano and talk about the future of blockchain technology. For someone looking to make quick money by investing in a project with goals bigger than they can possibly reach, Cardano would seem like a waste of time. But delving deeper into the technology that comes with it, and the potential that it has, Cardano is a promising cryptocurrency.
Cardano VS Bitcoin
A good way to consider the future potential of Cardano vs Bitcoin, is to imagine a parallel universe where things were the opposite. Imagine Bitcoin had released in 2009 with a proof of stake consensus as well as quick and cheap transactions. Now imagine 5 years later; Cardano is doing the same thing as Bitcoin but with $3 transaction fees that take 10 minutes to process, and a proof of work consensus that uses ridiculous amounts of electricity. I’m pretty sure Cardano would be obsolete within a month after proposing these features if this were the case.
Regardless, I believe it will be interesting to see if any other cryptocurrencies on the market will even make a dent in bitcoin’s lead in the long run. Cardano is a new idea with technology that could help Bitcoin and even other altcoins to scale better. The truth is, Bitcoin hasn’t been practical for over a year now. While you can purchase items for bitcoin, it takes far longer for transactions to process than coins like Cardano, Litecoin and Ethereum. At this point, people mainly trade Bitcoin for profit. Bitcoins functionality is almost obsolete when looking at other altcoins on the market, such as Cardano.
If anything, Cardano is more in competition with Ethereum (ETH) than it is with Bitcoin. Ethereum currently has a strong headstart when it comes to adoption, and that can be very difficult to overcome. Even with superior technology, high velocity is often too difficult to overcome. But both coins offer smart contracts and low fees paired with extremely fast transaction times. Cardano is definitely giving the cryptocurrency market a run for its money.
A Sidechain technology that allows different cryptocurrencies to interact with one another. Sidechains add flexibility and allow developers to experiment with beta versions of altcoins as well as new software updates before adding them to the main blockchain. Generally, traditional fiat banking functions issue and track ownership of shares. Devs can test this on sidechains before pushing them to the main blockchain. If the security measures in place for sidechains are able to become stronger, the sidechain technology will hold huge potential for vast blockchain scalability.
There are two current sidechain platforms. These are RSK (Rootstock) and Ardor’s Blockchain.
- RSK: Rootstock created an open-source testnet named Ginger for its sidechains. RSK has a two-way peg with Bitcoin’s blockchain and it rewards Bitcoin miners through merged mining. This is done to enable smart contract capabilities on the Bitcoin blockchain, consequently making payments much faster and possibly cheaper.
- Ardor’s Blockchain: This is a service platform for businesses. Using the proof-of-stake consensus mechanism, Ardor’s sidechains are ‘Childchains’, with tight integration onto the main blockchain. With Ardor, security is heightened as all transactions are processed and secured by forgers on the parentchain. As a result, most transactions are sent to the childchain, and the main chain retains minimal features. Users are also able to access Global entities (such as assets and currencies) through childchains.
Is Cardano worth investing in?
If you see me trying to boost the price of Ada, then I’ve been compromised and sell all your Ada. Cardano will be valuable based upon hard work, real world use and the utility of the platform. I’m not here to make day traders rich. I’m here to change the world. – Charles Hoskinson
Cardano brings many great features to the table. With a blockchain that offers better value pans and confidence; the Cardano team knows that all crypto investors are looking for great value, trustworthy crypto. Nobody wants to invest money into something only to be afraid of what could come next. Cardano could be a good crypto to invest in. With scientific procedures supporting it and futuristic goals, two main factors keep ADA going. The dedicated developer team behind it, and the loyal consultants on the open-source network that is Cardano.
The Cardano project is still under development. As it currently stands it’s already a viable bitcoin alternative, providing fast transaction speeds and secure transactions. We believe that Cardano could potentially become one of the top 5 cryptocurrencies once the development stage is complete. Will you be investing in Cardano? If so (or not) why? Let us know your thoughts in the comments below!
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