While cryptocurrency has taken the world by storm over the past years, many still have reservations about its utility and long-term prospects. This is understandable, but being informed about the different crypto coins will help investors and those interested in finance better understand their role in the financial market today.
In this article, we’ll be exploring two significant coins today, Bitcoin and Shiba Inu. We’ll look at their history, utility, characteristics, and where they can be purchased, among other things. Let’s get started with Shiba Inu vs. Bitcoin.
History
While cryptocurrencies haven’t been around that long, they’ve been around long enough to have relatively rich and interesting backgrounds.
Bitcoin (BTC)
Bitcoin has likely one of the richest backgrounds of all cryptocurrencies. While not technically the oldest, this coin has become, over a decade, the most well-known cryptocurrency in the world.
Bitcoin was created, and the official whitepaper was released in 2008 by a developer known as Satoshi Nakamoto. The coin found its way to the public in 2009, and since then, Bitcoin has been the subject of both lavish praise and harsh criticism.
The most well-noted criticism was from American business magnate Warren Buffet, who essentially stated that he believes the cryptocurrency is worthless and has no intrinsic value.
Shiba Inu (SHIB)
The Shiba Inu project is a decentralized cryptocurrency made back in August 2020 and developed by someone under the pseudonym Ryoshi.
The Shiba Inu coin is inspired by the well-known Dogecoin and the first of the “meme coin.” Dogecoin and Shiba Inu have different images of a breed of dog originating from Japan.
The cryptocurrency considers itself to be a “Dogecoin killer.”
What It Does & Why It Was Created
So, why do these cryptocurrencies exist in the first place? What purpose do they serve in the financial market? We’re going to explore these questions, and others, in the following sections.
Bitcoin (BTC)
The Bitcoin network was created as a decentralized currency to challenge the authority of the central bank and the general financial authorities as the sole means of transferring money. The Bitcoin Blockchain allows internet users to make exchanges online, independent of traditional financial authorities.
One issue Bitcoin faces is that a tiny percentage of its investors hoards a disproportionately large share of coins. It has achieved its purpose to some extent, though, and, in a much more significant way, has shaken up the crypto market as a whole.
Bitcoin has inspired the invention of other cryptocurrencies, known as altcoins.
Shiba Inu (SHIB)
The Shiba coin was launched solely as a direct competitor of the infamous Dogecoin. This, of course, was meant as a joke. However, both currencies have continued to succeed and are listed well in the world’s cryptocurrency rankings.
It also fulfills the same purpose as Bitcoin; it acts as a digital currency that you can use to exchange value online, outside any centralized governmental control.
Price History
BTC and SHIB have both been extremely volatile on the cryptocurrency market, like many cryptocurrencies, with prices rising dramatically during financial prosperity (known as bull markets), then dropping steadily and for a long time after the fact.
Bitcoin (BTC)
Bitcoin has had a very inconsistent price history, and it’s been hard to tell which way it will go for a while – its current value is $ 19 137.70. As with many crypto coins, Bitcoin saw great success during the 2021 bull market and rose to well over 60 thousand dollars, only to fall back to less than a third of what it momentarily achieved.
Bitcoin also stagnated for a long time but remained worth just hundreds of dollars in 2015 and 2016. However, late 2017 saw a frantic and rapid climb in the coin’s value.
It would then drop again but remained worth thousands of dollars, with spikes here and there until the next climb in value in 2021.
Shiba Inu (SHIB)
After its release, Shiba Inu’s value stagnated for a while before peaking in mid-2021 and again in late 2021. After this point, as with Bitcoin, Shiba Inu dropped steadily downwards to where it is now, at $ 0.000009886.
Market Cap
Market capitalization can be determined by multiplying the number of coins in circulation by the market price of a coin, giving you the total value of all the mined coins.
Bitcoin (BTC)
As the most invested crypto in the world, Bitcoin’s market capitalization is very high: it’s currently $ 367 318 957 210. It also boasts a 24-hour volume of $ 33 252 418 584.
Shiba Inu (SHIB)
Compared to Bitcoin, the Shiba Inu market capitalization can seem quite low. But considering the low price of the coin, it’s still relatively high relative to that. Currently, Shiba Inu boasts a market capitalization of $ 5 428 706 219 and a 24-hour volume of $ 195 427 184.
Main Similarities
Shiba Inu and Bitcoin are both cryptocurrencies that can be used as a means of making transfers of value over the internet; they both can fill the original intention of a digital currency.
Main Differences
Having been made on the Ethereum network, Shiba Inu is more adaptable than BTC and can be used in other DeFi projects. In addition, it’s a lot faster than Bitcoin, building a block in 15 minutes, whereas it takes 10 minutes for Bitcoin.
In addition, Shiba Inu is not a deflationary coin with a cap set at a quadrillion. On the other hand, Bitcoin has a supply cap of 21 million; it’ll increasingly become more scarce.
Risks
Investing always has inherent risk, but traditional investment experts have generally been able to steer us into the level of risk we’re willing to take. Cryptocurrency does not have that level of security, despite the efforts of crypto experts to chart the coins’ futures. Many potential investors feel in the dark about the level of risk we assume when purchasing a currency.
Let’s analyze what this might look like for Bitcoin and Shiba Inu.
Bitcoin (BTC)
Bitcoin is at risk in several ways because it may become subject to government regulation. In fact, in China, all cryptocurrency has been banned outright. This puts investors in a bit of a predicament as nobody knows what to expect from the government.
In addition, Bitcoin has always been a volatile currency, and being controlled by a small percentage of investors does not put it in a better way. The expensive hardware required to mine BTC creates a barrier to entry for the average person, and just 0.01% of Bitcoin holders own 27% of all Bitcoin in circulation.
Why is this a problem? Well, it means that a small percentage of people have the power to control the price of Bitcoin.
Shiba Inu (SHIB)
Investments in Shiba Inu work in much the same way as other cryptos: it should be seen as a high-risk, high-reward investment. Invest at the wrong time, and you could stand to lose quite a bit of money, but invest at the right time, and you could make quite a fortune.
Ultimately, the coin entirely depends on its “meme factor” and whether it’s able to retain its popularity or not. In addition, the supply of coins locked into ShibaSwap (a decentralized exchange launched in mid-2021) will influence the price further.
Where You Can Buy It
Nowadays, there are so many crypto exchange platforms that you’ll have no issue buying (and selling) cryptocurrency. But where can you find Bitcoin and Shiba Inu, specifically? Let’s explore this question:
Bitcoin (BTC)
You can buy Bitcoin on an exchange platform, on a finance platform such as PayPal, in a crypto ATM, and from many major brokers. However, most traders buy Bitcoin from a crypto platform such as Crypto.com, Gemini, Bisq, eToro, or Luno.
Shiba Inu (SHIB)
You can buy Shiba Inu coins, like Bitcoin, at places such as Binance, Kraken, Gemini, and Coinbase. It’s a top-rated coin that’s relatively easy to acquire.
How You Can Exchange Bitcoin for Shiba Inu
You can exchange Bitcoin for Shiba Inu on various exchanges, such as Atomic Wallet, which allows you to convert your BTC to SHIB (and vice versa) for low fees.
Future Plans
So what does the future hold for these two cryptocurrencies? Let’s take a look.
Bitcoin (BTC)
Predictions put Bitcoin at anywhere from $ 100 000 to a few million by 2030. In short, things are looking positive for the cryptocurrency, but this is still subject to change. We can also expect that even more retailers will accept Bitcoin in the future.
The developers continue to support its growth, and we’re curious about the future of the crypto giant.
Shiba Inu (SHIB)
Shib coin predictions vary, but many potential investors still grapple with the question: “will Shiba Inu ever reach $1?” According to predictions, it’s entirely possible, although more conservative/pessimistic predictions put it at $ 0.00015 to $ 0.00017 by 2030.
Sources:
https://trading-education.com/bitcoin-vs-shiba-which-crypto-should-you-buy
https://www.benzinga.com/money/is-shiba-inu-a-good-investment
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