When it comes to cryptocurrency, there are a lot of different options to choose from in the crypto market. But two of the most popular options are Bitcoin (BTC) and Theta Network (THETA).
So, which one should you choose? Ultimately, it depends on your own preferences and needs. Let’s take a look at both in detail. All we can say is that one is a dark horse.
History
Bitcoin: The cryptocurrency market is constantly evolving, with new projects and coins emerging all the time. Bitcoin, the first and most well-known cryptocurrency, has been around for over a decade now. In that time, it has seen a lot of competition from other coins and projects.
Bitcoin was created by an unknown person or group of people under the name Satoshi Nakamoto in 2008.
Theta Network: Theta cryptocurrency began as a project at the Samsung Electronics Media Solutions Center in San Francisco. A team of engineers and entrepreneurs with experience in video streaming, blockchains, and decentralization came together with the goal of improving the online video experience for everyone. The CEO, Mitch Liu, founded the Theta Edge Network.
After months of research and development, the Theta Network was launched in March 2019. The Theta Network mainnet went live in March 2019, bringing decentralized video streaming to the Theta community members. Theta token is manned by a validator and guardian nodes.
What Are They, And Why Were They Created?
Bitcoin and Theta Network are decentralized. They are also peer-to-peer networks that allow users to transact without needing a third party. Both networks use cryptography to secure their transactions and to control the creation of new units of their respective currencies.
The main difference between Bitcoin and Theta Network is their purpose. Bitcoin was created as a digital currency that could be used to buy and sell goods and services. Theta Network was created as a platform for decentralized video streaming. Users pay Edge Nodes to share a video stream. Edge nodes make Theta resistant to streaming.
Theta Fuel (TFUEL) is the operation token and is used for payments to edge node relayers.
Both Bitcoin and Theta Network have their own blockchain. This is a distributed ledger that records all transactions made on their respective networks. However, the way these two blockchain platforms work differs significantly.
Price History
Bitcoin: Bitcoin’s price has been on a roller coaster ride, reaching a high of over $19,000 in December 2017. It crashed to below $6,000 just a few months later. It has since recovered and is currently trading at around $16,847 at the time of writing.
Theta Network: The Theta price has also been volatile, but it has generally trended upwards since it launched in June 2017. It reached an all-time high of $0.30 in January 2018. Before falling back to its current price of around $0.15. At the time of writing, the price/value of THETA is $0.90 USD.
Market Cap
Bitcoin: Bitcoin (BTC) is the world’s largest cryptocurrency, with a market cap of $326.77 billion.
Theta Network: Theta Network (THETA) is a much smaller cryptocurrency with a market cap of $875.42 million. (at the time of writing)
Daily Transactions
Bitcoin: At the time of writing, it is at around 262438 transactions per day.
Theta Network: 24-hour THETA token volume is $27.94 million.
Block Size
Bitcoin: Bitcoin’s block size is fixed at 1 MB. Bitcoin’s block size limit has caused problems for the network in the past. Leading to congestion and high fees.
Theta Network: Theta Network’s block size is variable and depends on the number of transactions. Theta Network’s variable block size means that it can scale more easily to meet demand without running into the same problems.
The smaller block size also makes THETA more scalable than Bitcoin. This is because there are fewer nodes required to process a given number of transactions. Making it easier to add more users to the network without sacrificing speed or security.
Similarities
Bitcoin and Theta Network share several key similarities that make them both promising platforms in the cryptocurrency space.
- They are both decentralized applications. Meaning they are not controlled by any central authority. This makes both Bitcoin and Theta Network more resistant to censorship and manipulation than traditional fiat currencies or centralized platforms
- They both use blockchain technology. This makes blockchain-based platforms like Bitcoin and Theta Network ideal for handling sensitive data or high-value transactions.
- They both have active communities of developers and users that are constantly working to improve the platform. This ongoing development ensures that both Bitcoin and Theta Network will continue to evolve and meet the needs of their users.
Differences
- Bitcoin is the original cryptocurrency. It was created in 2009 and has the largest market share. Bitcoin is highly volatile, and its price has been known to fluctuate rapidly. It is still the most widely used cryptocurrency and is accepted by many businesses and individuals.
- Theta Network is a newer cryptocurrency that was founded in 2017. It focuses on providing a decentralized video streaming platform. Theta Network’s token can be used for staking or to purchase video content. Theta Network also allows people to use it to earn rewards for participating in its network. This is done by validating transactions and providing bandwidth.
- Bitcoin uses a proof-of-work system in order to verify transactions and add them to its blockchain. This means that miners on the network compete against each other to validate blocks of transactions.
- Theta Network uses a proof-of-stake system to verify transactions and add them to its blockchain. This means that instead of miners, there are validators on the network who stake their own THETA tokens in order to validate blocks of transactions.
- Theta employs enterprise validator nodes. Enterprise validator nodes are manned by Google and come with another layer of guardian nodes that produce blocks (new blocks) and seal blocks. These blocks get added to the chain. Validator and guardian nodes add a second layer of security.
Risks
Bitcoin: Bitcoin and other cryptocurrencies are often lauded for their decentralization. This can also be seen as a risk. Because there is no central authority governing bitcoin, it is more susceptible to fraud and manipulation than other asset classes.
The volatile nature of Bitcoin prices means that investors could lose a significant amount of money if they invest without doing their research.
Theta Network: When it comes to risks, the THETA token may be more susceptible to them than Bitcoin. For one, THETA is a far less established project than Bitcoin and thus may be more likely to face unforeseen challenges.
Theta Network’s decentralized nature means that there is no central entity responsible for its upkeep. This could lead to problems down the line. Finally, Theta Network’s reliance on video streaming data means that it could be adversely affected by changes in that industry.
Where To Buy
Bitcoin: Bitcoin can be bought on a number of exchanges and websites. Some popular places to buy Bitcoin are Coinbase, Binance, and Kraken.
Theta Network Token: Theta token can be bought on a variety of exchanges, including Binance, HTX, OKEx, Upbit, and Kucoin. You can also buy THETA directly from the Theta team through their website.
Exchanging Bitcoin For Theta Network
Assuming you already have Bitcoin and a Theta wallet set up, you can now exchange your Bitcoin for Theta Network. To do this, you’ll need to find a cryptocurrency exchange that supports Theta Network. Once you’ve found an exchange, you can create an account and deposit your Bitcoin into the exchange.
From there, you can trade your Bitcoin for Theta Network. Be sure to pay attention to the fees associated with each trade, as they can vary depending on the exchange.
Future Plans
Bitcoin: As Bitcoin continues to grow in popularity and value, there are many plans for its future. One plan is to increase the block size from 1 MB to 2 MB, which would allow for more transactions to be processed per second.
Another plan is to implement Lightning Network, which would allow for near-instantaneous transactions with very low fees. There are also plans to improve scalability by implementing sidechains and other technologies.
Theta Network: Theta Network has big plans for 2023. The team wants to release a major upgrade to the network that will improve its scalability and efficiency.
They also want to launch a new product, Theta Edge Cast, which will allow users to stream live video content directly to their devices. Lastly, Theta Network plans to expand its partnerships with major enterprises and continue building out the ecosystem around the platform.
FAQs
Does THETA coin have a future?
The company has strong fundamentals and is well-positioned to continue growing in the coming years. In addition, major investors such as Sequoia Capital, GGV Capital, and SV Angel have also invested in the Theta project. Due to its unique technology and strong partnerships, THETA is one of the most promising projects in the blockchain space.
Is THETA a good investment in 2022?
Of course, it is impossible to say for certain whether or not THETA will be a good investment in 2022. However, if you are considering investing in the company, it is important to do your own research and make an informed decision.
How does Bitcoin make money?
Bitcoin makes money through a process called “mining.” When computers solve complex math problems to verify Bitcoin transactions, they are rewarded with a certain number of Bitcoins. This provides an incentive for people to keep verifying transactions and helps ensure that the Bitcoin network remains secure.
References:
https://nomics.com/assets/theta-theta-token
https://www.bitstamp.net/learn/crypto-101/what-is-block-size/
https://kraken.pxf.io/B0Rny4learn/what-is-theta
https://kriptomat.io/cryptocurrencies/theta-network/what-is-theta-network/
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