If you’re new to cryptocurrency, you’re probably trying to figure out which coin is best for investing. Of course, Bitcoin (BTC) is the most prominent coin and one of the few you’ve heard of. Although it is still a good crypto coin to invest in, you should aim to create a varied crypto portfolio full of various coin types.
MultiversX (EGLD) has been a good up-and-coming coin of recent years, which, although valued less than Bitcoin, is still a worthwhile investment.
In this guide, we’ll do a comparative study of these two cryptocurrencies to help you figure out which one to invest in.
History
Bitcoin has a richer history than MultiversX since it started nearly a decade before the latter.
Bitcoin
Bitcoin’s whitepaper was published in 2008, and crypto collectors have been able to invest in the currency since 2009. This made it the first-ever decentralized cryptocurrency available online. It rose to prominence in the proceeding years partially thanks to the fallout of the 2007-2009 global financial crises, which put many off traditional banks.
On May 22, 2010, the first-ever cryptocurrency exchange was made for physical goods when two pizzas were bought using Bitcoin in Florida.
Bitcoin continued to push the cryptocurrency envelope in the preceding years, culminating in a major boom in 2017. This was followed by a major crash in 2018, when it fell by 65%. It fully recovered by 2021 and remains today as the most prominent cryptocurrency.
MultiversX
MultiversX was launched as Elrond in 2017 by Lucian Todea, Beniamin Mincu, and Lucian Mincu on the Binance Launchpad. Since 2019, MultiversX has become a dominant crypto coin thanks to several angel investors and backing from GapMinder Electric Capital, Venture Partners, Binance Labs, Maven 11 Capital, and Brilliance Venture.
Since setting out, MultiversX has striven to make a cryptocurrency platform that can support fast transactions. Today, the platform can deliver thousands of transactions per second.
The MultiversX network has been considered secure since its beginnings, although it was hacked in June 2022.
What Are They, And Why Were They Created?
Being almost a decade apart in terms of history, it’s safe to assume that Bitcoin and MultiversX hold very different characteristics and were introduced for different reasons. Bitcoin may have started the cryptocurrency trading boom, but MultiversX helped move it forward.
Bitcoin
Bitcoin (BTC) is a peer-to-peer lending cryptocurrency. It is a virtual currency that can be bought, traded, and exchanged online. Bitcoin does not have its own trading platform, but investors can obtain it on almost all leading crypto exchange sites.
Bitcoin remains one of the purest examples of cryptocurrency today, and its primary use is to make it easier for people to buy and sell things online. While the cryptocurrencies that have been issued since then have a range of purposes, Bitcoin delivers the same functions today as it did in 2009.
Bitcoin was started by a figure called Satoshi Nakamoto. This may be the pseudonym of a single person or several people. The person or people behind Bitcoin and what they intended for it remain unclear. We can assume that the developer created the coin to fit the fast-paced development of the online world and secure wealth back from the financial elites at the time.
MultiversX
The MultiversX network is a blockchain-based platform that allows users to build their own cryptocurrencies, decentralized applications, and customizable programs (on the MultiversX Integrated Development Environment). The MultiversX blockchain is fueled by the EGLD (MultiversX EGold) coin, which gives investors validator and staking rewards.
MultiversX was created to solve the issue of scalability in the crypto investment game. The blockchain infrastructure faces many issues, but one of the most prominent is the limited size of blocks. These blocks can only handle a limited amount of transactions in a specified timeframe, limiting the amount of scalability they can perform.
MultiversX is unique because it uses a Secure Proof-of-Stake (SPoS) consensus mechanism and an Adaptive State Sharding to allow scalability in cryptocurrency.
The platform can currently support 15,000 transactions per second, and this record makes it one of the fastest crypto exchange platforms in the world.
Price History
Bitcoin and MultiversX have experienced highs and lows in terms of price history.
Bitcoin
As of October 2022, the price of one Bitcoin is 19,361.5 USD. This is much lower than Bitcoin’s price peak, which the coin experienced in November 2021.
At the end of 2021, Bitcoin’s value was upwards of 65,000 USD.
The lowest value that Bitcoin has ever sold for was $0.003 in October 2011. Since 2011, Bitcoin has had a very rocky road in terms of price history. The coin slumped again in 2014, began to rise again from 2016 through to 2019, and fell again in 2020.
MultiversX
Today, MultiversX is worth $57.44. In October 2020, MultiversX sunk to its lowest price when a coin was worth $6.54.
This is markedly different from the all-time high that MultiversX experienced just over a year later. In November of 2021, MultiversX reached a peak value of $541.18.
The MultiversX price has been sharply declining since the end of 2021. This is partially due to the platform getting hacked when around $113M worth of MultiversX was lost.
Market Cap
Bitcoin remains the coin with the highest market capitalization, while MultiversX is still a relatively new coin. The market cap reflects the total value of each cryptocurrency company.
Bitcoin
The market cap of Bitcoin is currently set at $371,958,453,547.
MultiversX
The market cap of MultiversX (EGLD) coins is currently at $1,368,066,117.
Daily Transactions
The daily transactions of a cryptocurrency reflect how many people are trading the coin daily. The higher the daily transactions, the more interest and faith the crypto market has in the coin on that particular day.
Bitcoin
As of October 2022, Bitcoin has a daily transaction rate of 217872.0.
MultiversX
MultiversX has a daily transaction rate of 136,127 and a total transaction count of 60,436,745. This is based on statistics from the MultiversX Blockchain Explorer.
Block Size
Block size is one area in which MultiversX excels, given that the company aimed to create bigger blocks to increase the number of transactions that could occur.
Bitcoin
The Bitcoin block has a capacity of 1 MB, which is relatively small for crypto. Still, this small block size has enough to store over 2,000 transactions.
MultiversX
The MultiversX has a total block size of 36 bytes which is enough for 27,000 transactions.
Similarities
There are many similarities between Bitcoin and MultiversX crypto, including the following:
- Both Bitcoin and MultiversX can be found on major trading platforms, including Binance and Crypto.com.
- Low transaction fees are available for both on specific exchange platforms.
- Smart contracts are available on the Bitcoin network (called Taproot) and the Elron network.
- The EGLD price and BTC price have fluctuated over the years and have been in decline since 2021.
Differences
The key differences between the crypto types include the following:
- Bitcoin uses proof of work, while MultiversX operates on a proof of stake. Proof of work means that competitive validation transactions are used, while proof of stake means randomly selected validators are used.
- The Elrod platform allows decentralized applications to be built on top of it, while Bitcoin is decentralized.
- Bitcoin is available on Coinbase, while MultiversX isn’t.
Risks
All cryptocurrencies come with some degree of investment risk. Cryptocurrency is volatile, to say the least, and the value of your crypto can change dramatically overnight.
Bitcoin
- The Bitcoin blockchain has never been hacked, while the MultiversX has.
- Bitcoin has been in decline throughout 2022.
- Bitcoin has limited scalability.
MultiversX
- MultiversX has been hacked before.
- A low volume ratio impacts both the coin’s absolute and relative prices.
- MultiversX has been in decline since 2022.
Where To Buy
You can buy Bitcoin and EGLD tokens on the following platforms:
Bitcoin
You’ll find Bitcoin on all major crypto exchange platforms, including the following:
- Kraken.
- Binance
- Crypto.com
- Coinbase.
- BlockFi
- FTX
MultiversX
You can find MultiversX held on the following platforms:
- Uphold
- Binance
- Huobi Global
- KuCoin
- Gate.io
Exchanging Bitcoin For MultiversX
It’s possible to exchange Bitcoin for MultiversX on platforms such as HitBTC and Binance.
Future Plans
The future plans of BTC and EGLD are as follows:
Bitcoin (BTC)
Bitcoin is expected to continue to decline over the next year, with the potential to increase in value eventually.
In terms of plans for the future, Bitcoin is yet to announce any major planned developments.
MultiversX (EGLD)
MultiversX (EGLD) is predicted to continue its decline over the next year but will likely make a comeback at some point.
In terms of what the future holds for the platform, MultiversX looks to expand into NFTs, MultiversX Gamify, and Multisig DAOs. It also wants to accept web3 payments in the future.
https://u.today/elrond-l1-network-hacked-with-165-million-egld-stolen
https://www.quora.com/What-was-the-lowest-value-of-bitcoin
https://www.bitdegree.org/cryptocurrency-prices/elrond-egld-egld-price
https://walletinvestor.com/compare/bitcoin-vs-elrond-2
https://crypto.com/price/elrond-egld
https://coinswitch.co/coins/elrond/
https://walletinvestor.com/compare/bitcoin-vs-elrond-2
https://www.bittsanalytics.com/which-is-better-Elrond-vs-Bitcoin-comparison-EGLD/BTC
https://kriptomat.io/cryptocurrencies/elrond/what-is-elrond/
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