When it comes to digital currencies, there are a lot of different options to choose from. Bitcoin (BTC) and Axie Infinity (AXS) are two popular cryptocurrencies. Both have pros and cons, and potential investors must have enough details to make an informed choice. This article will take a closer look at the volume, prices, and historical data of the two currencies – among other things.
History
In order to understand the future, we must first understand the past.
Bitcoin
It was the first and most well-known cryptocurrency, created anonymously in 2009 by a person or persons using the name Satoshi Nakamoto. Since then, Bitcoin has become the largest and most well-known crypto.
Axie Infinity
Axie Infinity, conceptualized by Sky Mavis (a Vietnamese studio) and co-founded by Trung Nguyen and Aleksander Larsen, is a relatively new project launched in 2018. There were originally only 15 people part of the team, and they now have over 185 members. Axie Infinity is now the most successful NFT collection of all time.
The Axie Infinity ecosystem (with the Mavis Hub as the center) is a digital pet universe where players can collect, breed, and battle their Axies, digital creatures that exist on the blockchain. AXS stands for Axie Infinity Shards, an NFT gaming platform.
Unlike Bitcoin, which is focused on being a store of value, Axie Infinity is focused on being a fun and interactive game with digital pets that can be collected and traded.
What Are They And Why Were They Created?
Bitcoin is a digital currency belonging to no particular country or person and can be sent from person to person over the internet without needing a third party. Network nodes verify transactions, and the public ledger they’re stored in is called the blockchain. Bitcoin Cash was created to increase the block size and improve scalability.
Axie Infinity was created to show people what blockchain is all about in a fun way. Axie Infinity is a game that allows you to breed (each Axie can be bred to produce more Axies), train, and battle your own digital monsters (Axies).
These creatures can be used in PvP matches, as well as in PvE co-op missions. The in-game P2P Axie marketplace is where users can make their trades. The Axie Infinity network features an ever-expanding world, storyline, and a growing community of players.
Axie Infinity Shards
Axie Infinity was created to provide a solution to the Ethereum scalability issues. The developers believe using sidechains and sharding can make Axie Infinity much more scalable than Ethereum.
In the Axie Infinity Universe, users can battle against one another and their tools and experiences. Users can own, buy, sell and trade different resources or Axies. Users can earn income in the form of Smooth Love Potions. (SLP).
Price History
Bitcoin
Bitcoin’s price history is fairly well-known. The asset was created in 2009 and didn’t start gaining traction until 2013. That’s when the famous “bull run” began, taking BTC from around $100 to its all-time high of nearly $20,000 in December 2017. Since then, BTC has seen a few significant price swings but generally trended downward. As of July 2020, BTC is trading at around $9,000.
Axie Infinity
The Axie Infinity price history is much shorter than BTC’s, but that doesn’t mean it hasn’t been eventful. The asset was created in January 2018 and started trading at around $0.03 per AXS.
The AXS Infinity price remained relatively stable throughout 2018 before beginning a bull run in early 2019 that took it to an all-time high of $0.24 by June 2019. Since then, the AXS price has fluctuated quite a bit but has generally remained above $0.10 per AXS. As of July 2020, AXS is trading at around $0.16.
Market Cap
BTC
Bitcoin’s market cap is around 367.96 billion dollars (24 October 2022).
AXS
The market capitalization of Axie Infinity (AXS) is $17,328,037. However, it’s important to remember that this is not the only factor to consider when investing in crypto.
Main Similarities Between Bitcoin & Axie Infinity
- Bitcoin and Axie Infinity are decentralized, meaning they are not subject to government or financial institution control.
- Both use blockchain technology to record and verify transactions.
- Both have a limited supply. There will only ever be 21 million Bitcoin and 50,000 Axie Infinity.
- Transactions on both platforms are fast and inexpensive.
- Investors and traders can use both Bitcoin and Axie Infinity to purchase goods and services online.
Main Differences Between Bitcoin & Axie Infinity
- For one, BTC is a cryptocurrency that uses a proof-of-work consensus algorithm, while AXS is a digital asset built on the Ethereum blockchain that uses a proof-of-stake consensus algorithm.
- BTC also has a limited supply of 21 million, while AXS has an unlimited supply.
- BTC is also much more widely adopted than AXS. People can use it to purchase goods and services at a growing number of businesses worldwide, while AXS is mainly used for playing games (Axie Infinity game) and trading on decentralized exchanges.
- BTC is much more volatile than AXS. The value of BTC can go up or down by large amounts in a single day, while AXS is much more stable.
Risks
When it comes to investing in crypto assets, there are always dangers involved. However, the risks associated with each project can vary greatly. Below, we look at the risks of investing in Bitcoin (BTC) and Axie Infinity.
Bitcoin
The most significant risk when investing in Bitcoin is its volatility. The price of BTC can fluctuate wildly, and this can make it difficult to predict what your return on investment will be. In addition, BTC is still a relatively new asset class, and it is not yet clear how it will behave in different market conditions.
Another risk to consider when investing in Bitcoin is the possibility of a hard fork. A hard fork is when the underlying blockchain of an asset splits into two separate chains, potentially caused by disagreement amongst the developers or miners about how the asset functions. If this happens, your BTC could become worthless if it is on the wrong side of the fork.
Axie Infinity
The biggest risk when investing in Axie Infinity is that it is still a relatively new project. While the team behind AXS has a lot of experience in game development, there is still some uncertainty about how successful the project will be.
In addition, as with any other crypto asset, the Axie Infinity price could fluctuate wildly, and this could impact your return on investment.
Where To Buy
There are a few different exchanges that you can use to buy either BTC or AXS.
BTC
For BTC, Coinbase or Binance are often recommended for exchanges.
AXS
If you want to buy or sell Axie Infinity, two suitable options are Uniswap and Gate.io.
How To Exchange BTC For AXS
If you want to trade BTC for AXS, you’ll need to find a crypto exchange platform that supports this trading pair. Once you’ve found an exchange that supports BTC/AXS trading, you’ll need to create an account and deposit BTC into your account balance. Once your BTC has been deposited, you can place an order to sell your BTC for AXS.
Future Plans
BTC
One way Bitcoin is trying to improve is by exploring new technologies that have the potential to make the digital currency even more secure and efficient.
One such technology is called the Lightning Network. The Lightning Network is a second-layer payment protocol that runs on the Bitcoin blockchain, and it’s the reason for the fast, cheap, and scalable transactions between participating nodes.
Bitcoin is currently working on implementing the Lightning Network into its system to allow faster, cheaper transactions and increased security. Experts are also investigating other potential uses for the Lightning Network, such as smart contracts and micropayments.
The Bitcoin team is confident that these improvements will make the cryptocurrency even more powerful and useful for people worldwide.
AXS
So far, Axie Infinity has been reasonably successful. The game has managed to attract a lot of attention and has even generated some mainstream media coverage.
The team behind Axie Infinity is planning on introducing a Land Alpha for landholders. Scaling solutions are also coming in the future. It’s good to note that the Ronin Bridge is back open, so all users’ funds are fully backed. Internal and external audits were done.
This new design of the bridge has a circuit breaker system which is good for the future of this company and the AXS tokens (or AXS coins). The Ronin Network is being upgraded, and six more independent games are potentially being launched.
The team is also working on several other smaller features and improvements that should make the game even more fun to play. These plans are inspiring and should help to keep Axie Infinity growing strong in the months and years to come.
References:
https://medium.com/axie-infinity/community-alpha-gameplay-guide-83dc9934243
https://messari.io/asset/axie-infinity/profile
https://www.bitstamp.net/learn/cryptocurrency-guide/what-is-axie-infinity-axs/
https://www.youtube.com/watch?v=kke9oXz_6XU
https://www.investopedia.com/terms/h/hard-fork.asp
https://dappradar.com/blog/6-things-you-need-to-know-about-axie-infinity-land-alpha