Bitcoin is also considered as a synonym for cryptocurrencies by many. Such is the popularity of Bitcoin worldwide. While Ethereum price, Tron price, EOS price and more are trying to match up with the pace of bitcoin, IOTA is one of them. Limitation in scaling and higher fees for transactions are major setbacks for the successful cryptocurrency till date known as Bitcoin.
Let us examine as to which is more promising blockchain IOTA or BitCoin
IOTA aims to eliminate third-party interference for any transactions. Synchronising ledgers of data and securing money in an open-source, decentralized format is powered by IOTA. Creating permissionless economies between machines and humans is the motive of IOTA. IOTA looks to revolutionize Internet of Things with its payment system.
Bitcoin is a peer-to-peer system wherein transactions are stored in a distributed ledger system on a blockchain. Bitcoins are mined through a hashing algorithm. Bitcoin is a digital currency and an innovative model of payment instead of fiat currencies.
Price of Bitcoin is set to witness a whopping 482% increase in the next five years. IOTA price prediction suggests an increase in its price and can reach more than USD 4 in one year. In spite of such high price prediction for IOTA, it will take decades for IOTA to stand close to Bitcoin when it comes to coin price. IOTA has certainly surpassed Verge price prediction, Digibyte price prediction and more to gain the 9th spot in the crypto rankings.
Some points for comparing IOTA vs Bitcoin:
- IOTA uses a tangle technology whereas; Bitcoin uses blockchain technology.
- IOTA uses DAS Directed acyclic graph, but Bitcoin uses a decentralized ledger.
- Increase in the number of transactions in IOTA increases the speed and security of the network whereas in Bitcoin due to scalability issues increase in transaction leads to an increase in time and cost.
- Bitcoin takes nearly 10 minutes for a single block which wastes more power, unlike IOTA.
- In IOTA the sender performs POW for two transactions thereby eliminating dedicated mining system like Bitcoin.
Bitcoin is the first crypto that helped in the evolution of many other cryptocurrencies. The strong team behind Bitcoin including its founder Satoshi Nakamoto who is the backbone for the success of Bitcoin. Having said that one could not deny the legitimate revolution that IOTA is making to overcome the drawbacks of Bitcoin. Bitcoin is a well-established platform whereas it requires more time for IOTA to build its network strong and secure. This gives Bitcoin an edge over IOTA anytime.
According to CoinSwitch, current Bitcoin Price is USD 7239.23 with a market cap of USD 0.128 trillion; these are commendable figures for any cryptocurrency to beat. IOTA is in its beta stage with its price as of today is USD 0.99821 and has a market capitalization of USD 2,774,577,160.
IOTA’s support for microtransactions has been an attention seeker these days. Strength and market capitalization of Bitcoin has been tremendous. There has never been any coin so far to give Bitcoin a tough fight. Bitcoin has been a dominant player in the crypto market with its prices sky-rocketing every time. Hence we can say that Bitcoin is by far the most promising blockchain and will retain its 1st spot in the crypto ranking chart for a long time.