Since cryptocurrencies burst onto the mainstream trading scene, many new names have thrown their hat in the ring, LEO Token being one of those names. The following article will explain how Bitcoin compares to LEO Token to help your trading endeavors.
History
Bitcoin
As you may already know, Bitcoin was the first digital currency to come into existence. It was created in 2009 by an individual or collective under the pseudonym Satoshi Nakamoto. This is the same name that appeared on the 2008 Bitcoin whitepaper outlining the blockchain system that would function as the foundation for the entire crypto market.
During the first seven months after Bitcoin’s launch, Satoshi reportedly mined 1.1 million Bitcoins, which would be worth around $2.2 billion in today’s market. The first real-world Bitcoin transaction took place in 2010 when a Florida man paid 10 000 BTC for two pizzas.
LEO Token
In May 2019, UNUS SED LEO was launched via an initial exchange offering. It’s the latest cryptocurrency project of iFinex, the parent company of Bitfinex. The token was launched after the US government seized funds held by Bitfinex’s former payment processor, Crypto Capital.
Unbeknownst to many, LEO Token is not the first digital currency to be launched throughout iFinex’s history, and it’s one of the few cryptocurrencies to have a limited lifecycle built into its protocols.
What Are They, And Why Were They Created?
Bitcoin
Besides being the original crypto coin, Bitcoin, often abbreviated to BTC, is a decentralized digital currency transferred on a peer-to-peer network. Transactions are confirmed by network nodes and documented on a public ledger referred to as the blockchain.
It was created as a response to the 2007-2009 global financial crisis as a means for people to send money over the internet – effectively an alternative payment system that would function without central control. The idea was to avoid the complications associated with transactions with fiat currencies.
LEO Token
LEO Token is a utility token at the heart of the iFinex ecosystem. A utility token is a crypto asset that allows users to fulfill a specific function on the network. It gets its unique name from a Latin citation.
It was designed to be used on the Bitfinex exchange to reduce trading and lending fees. In other words, it offers taker and lending fee reductions for all trading platforms, products, and services provided by iFinex.
Price History
Bitcoin
Bitcoin is currently priced at $20 734.41. It reached an all-time high of $69 044.77 in 2021 and experienced its lowest price in 2013 when a single Bitcoin cost $67.81. Between 2013 and today, Bitcoin’s value has grown by 30 470.8 percent.
Because its value primarily depends on feelings and projections, Bitcoin can be highly volatile.
LEO Token
During the IEO, LEO Token made history by raising $1 billion. When it launched in 2019, LEO Tokens were priced at $0.799859. Since then, the price has grown in value by around 427 percent. It reached an all-time high of $8.14 in February 2022 but, at the time of writing, is currently priced $4.22. Bitfinex’s native token is moderate in terms of its volatility.
Market Cap
Bitcoin
At the time of writing, Bitcoins are currently at $379.94 billion; this is a change of -67.94 percent from last year. For comparison, Bitcoin had a market cap of $1.2 billion in May 2013.
LEO Token
The current market cap of LEO Token is $4.02 billion, with a market cap dominance of 0.388 percent.
Daily Transactions
Bitcoin
Bitcoin currently has a daily transaction level of 248 540.0, down -12.69 percent from last year. In early 2021, it reached around 400 000 daily transactions.
LEO Token
There isn’t much data on how many LEO Token transactions are made daily.
Block Size
Bitcoin
This currency’s block size is limited to 1 MB; while this is small, it’s enough for more than 2000 transactions.
LEO Token
When it comes to LEO, Bitfinex’s native token, there isn’t much public information indicating its block size.
Similarities
- LEO Token and BTC were created in response to government-related issues.
- Both UNUS SED LEO and Bitcoin can be traded on major trading platforms.
Differences
- Investors can mine Bitcoin but LEO holders cannot mine LEO Tokens.
- Bitcoin is a native asset of the blockchain, whereas UNUS SED LEO was created as part of a platform built on an existing blockchain.
- LEO Token has more clarity around the identity of its creators than Bitcoin.
- Bitcoin has a total circulating supply of 19 188 275, whereas 953 954 130 LEO Tokens are in circulation.
Risks
Bitcoin
As far as Bitcoin is concerned, it faces three main risks: the threat of regulation, complications related to scaling, and volatility.
The most significant risk that most cryptocurrencies face is regulation, particularly given that they’re meant to be mostly unregulated. In recent years, governments, most notably in China and India, have clamped down on the exchange of Bitcoin, putting a significant dent in market capitalization.
In terms of scaling, as Bitcoin grows in prevalence, the mechanisms required to validate transactions have to work even more complicated. This proves to be an expensive and time-consuming process. Lastly, some don’t view volatility as a risk, but others feel that fluctuations in the market don’t do much as far as elongating the utility of the crypto coin is concerned.
It’s also worth mentioning that there have been numerous reports of Bitcoin being stolen from customer accounts, but this is a risk for most cryptocurrencies.
LEO Token
According to the risk gauge rank, LEO Token is currently a risky investment. The price fluctuations in relation to the changes in volume are potentially a sign of the coin’s current manipulability.
Unlike Bitcoin, LEO Token hasn’t been on the market for very long, so many potential investors may have difficulty trusting it.
Where To Buy
Bitcoin
Since Bitcoin has been in use for over ten years, there are plenty of places to use and purchase it. However, your ability to buy Bitcoin may be limited, depending on your location, as some countries have stringent laws regarding cryptocurrencies. Nevertheless, here are a few of the places where you can buy Bitcoin:
- eToro
- CoinMama
- Bisq
- Pionex
- Luno
- Bitcoin.com
- Coinbase
- Crypto.com
- Binance
LEO Token
Given that it’s a relatively new cryptocurrency, there are fewer exchanges from which you can purchase LEO Token. Here are some exchanges that have LEO Token:
Exchanging Bitcoin For LEO Token
You can indeed exchange Bitcoin for LEO Token, and doing so is typically a matter of following the same process you would if you were looking to exchange Bitcoin for Ethereum, for example.
You have to navigate to a platform such as Atomic Wallet; once there, you have to signup and verify your account, and purchase Bitcoin with a supported fiat currency, after which you can exchange the purchased Bitcoin for LEO Token. You can also make this exchange on HitBTC.
On most trading platforms, LEO holders are entitled to a fee discount for keeping the crypto in their account.
Future Plans
Bitcoin
Bitcoin typically serves as a good indicator of where the crypto market is going in general, given that it’s the largest cryptocurrency in terms of market capitalization. Crypto experts are seemingly divided as to whether the coin has reached its peak or not.
We’ve already seen Bitcoin being used for offline transactions; however, it’s yet to be widely used in this manner. Some argue that Bitcoin won’t become a mainstream payment mechanism soon, as the blockchain must handle millions of concurrent transactions.
Innovations such as Lighting Network could make Bitcoin transactions much more seamless and challenge that notion.
Additionally, Citi has said that Bitcoin could be the currency of choice for international trading, primarily due to large-scale companies such as Tesla and PayPal making crypto investments in early 2021.
LEO Token
Following iFinex’s release of a whitepaper, experts found data suggesting they plan to issue up to one billion LEO Tokens. iFinex also has plans to repurchase and burn outstanding LEO Tokens. The repurchases will proceed across multiple transactions as long as they are deemed necessary.
A fair number of people are starting to see LEO Tokens as a potentially worthwhile long-term investment, with WalletInvestor predicting that it could reach an average price of $5.69 in a year. Other than that, there aren’t many sources that mention any plans that iFinex or other trading platforms have for LEO Token. As a relative newcomer to the crypto scene, it’s unsurprising that LEO is still finding its feet.
FAQs
What are the benefits for LEO holders?
On the Bitfinex exchange, LEO holders are entitled to a fee discount of 0.05 percent for every 10 000 USDt they have of the utility token in their account. Lending and trading fees are an important consideration for potential investors.
Why does Bitfinex want to repurchase outstanding LEO Tokens?
They plan to do this so that they can burn them and inflate the price over time.
What is Wrapped Bitcoin?
This is a project created by various developers and entities to facilitate interaction across the blockchains.
Sources:
https://www.thebalancemoney.com/best-places-to-buy-bitcoin-4170081
https://www.softwaretestinghelp.com/how-to-buy-bitcoin/
https://www.cryptotoolset.com/where-to-buy-leo-leo-token-online/
https://time.com/nextadvisor/investing/cryptocurrency/future-of-cryptocurrency/
https://www.investopedia.com/tech/what-will-happen-bitcoin-next-decade/
https://www.statista.com/statistics/730806/daily-number-of-bitcoin-transactions/
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