When considering what cryptocurrency to invest in, it’s important to contrast it with other options. While Bitcoin has been around for a long time, there are more viable investments. In this article, we will compare Bitcoin and VeChain to give you a good picture of where they were, where they’re currently, and where they’re going.
History
It’s essential to think about the history of a cryptocurrency as it gives you an idea of how far it’s come and helps you interpret what the future might hold.
Bitcoin (BTC)
Bitcoin was created during the global financial crisis by a developer or a group of developers known as Satoshi Nakamoto. And although many believe it to be the first cryptocurrency invented, it isn’t. The idea of cryptocurrency dates back to 1983.
Bitcoin was inspired by its less successful predecessors, such as DigiCash, which released a currency known as eCash.
VeChain (VET)
VeChain was created in 2015 as a subsidiary of Bitse, among China’s most prominent blockchain companies. Sunny Lu, the previous CIO of Louis Vuitton in China, founded the VEN token, and it worked on the Ethereum blockchain. This was before 2018, when the company created its own blockchain.
What Are They, And Why Were They Created?
Curiously, not all cryptocurrency is made for the same reason. You might think that all cryptocurrencies were made to create an alternative currency. But some were made for alternative reasons. Let’s explore this:
Bitcoin (BTC)
Satoshi Nakomoto released Bitcoin’s whitepaper during and in response to the global financial crisis, where trust in financial institutions was dwindling. It was made as a decentralized currency free from the regulation of the financial elite.
It was an independent form of exchange. And although we’re seeing now that it’s hard to avoid regulation, it was the intention at the time.
VeChain (VET)
Vechain, on the other hand, has a very different primary function from Bitcoin. VeChain was made to improve business processes and supply chain management, and using distributed ledger technology aims to streamline these processes.
VeChain coins (or VET for short) transfer value across VeChain’s network.
Price History
Considering Bitcoin (BTC) vs. VeChain (VET) requires you to analyze the price history. And although not entirely accurate, the price history of a coin can give you a rough idea of how its price will likely behave in the future.
Bitcoin (BTC)
While at the time of writing this, Bitcoin is valued at nearly $17,000, it wasn’t always this way. One of the earliest transactions involved negotiation, which led to a Florida man paying 10,000 Bitcoins for two Papa John’s pizzas. Today, 10,000 Bitcoins are worth almost $170,000,000.
A few years after this, in 2013, Bitcoin was worth just about $100 per coin. Although in that same year, the currency spiked almost to a value of $1,000. Bitcoin’s value would remain relatively consistent in this way over the next few years until 2017, when it’d increase drastically in value, peaking at over $17,000 at one point.
A decline and inconsistencies would follow this. However, it did remain well into the thousands of dollars until 2020.
In late 2020 Bitcoin would experience a massive spike, a mild decline in early 2021, and another huge spike during the 2021 bull market (when there’s increased investor activity and better investor attitudes).
It’d fall and rise a few times, peaking at about $67,000 per coin. There’d be short and long declines and rises, inevitably leading to where it is today at less than $17,000.
VeChain (VET)
VET coins aren’t priced nearly as highly as BTC coins. While writing this, a single BET token is worth $0.01901. However, in 2019, you could purchase a single VET token for $ 0.007369. In late 2010, the price of these coins would rise slightly to about $0.02, but nothing dramatic until 2021’s bull market.
At their peak, investors valued these coins at $0.25. However, throughout 2021 up until now, they’ve declined in price, falling to the value they hold today.
Market Cap
When evaluating a cryptocurrency, you should also consider its market cap; this is where BTC and VET stand:
Bitcoin (BTC)
Bitcoin is at position number one of cryptocurrencies globally, with a market cap of $324,366,671,065.
VeChain (VET)
At this moment, VeChain has a market cap of $1,381,431,833. While this may seem low compared to Bitcoin, this places the token at position 36 out of the world’s traded cryptocurrencies.
Daily Transactions
When contemplating Bitcoin (BTC) vs. VeChain (VET), another significant variable to think about is the number of daily transactions that occur; these are the current figures for Bitcoin and VeChain:
Bitcoin (BTC)
Bitcoin boasts a full-day trading volume of $26,242,556,795. This volume is attributed not to the number of Bitcoin out there but to the value.
VeChain (VET)
VeChain has a full-day trading volume of $34,571,721, which is low compared to BTC.
What’s interesting to note is that VeChain has a much higher circulating supply than Bitcoin at 72.51 billion. Bitcoin only has 19,220,781, but it has a much higher volume.
Block Size
Block size affects the amount of data a block on a blockchain can hold. Bigger block sizes allow for faster transactions per second, and larger block sizes also allow for lower transaction fees.
Bitcoin (BTC)
Bitcoin’s block size was limited to 1 MB for a long time. However, this has changed, and now, Bitcoin blocks can technically be as large as 4 MBs.
VeChain (VET)
VeChain uses a proof of authority algorithm which sets the block size in the VeChain network.
Similarities
Bitcoin, like VET coins, is traded on open markets and has been for some time (although Bitcoin has been exchanged for a bit longer). Investors can freely put their money into whichever coin they think will likely be successful.
Differences
VeChain, unlike Bitcoin, is not a currency; it’s a value-creating token. VeChain is very unlike most cryptocurrencies and is not even decentralized.
Risks
Are there any risks to Bitcoin and VeChain that investors should look out for? Let’s explore this question next.
Bitcoin (BTC)
You should never position any cryptocurrency as your sole investment. While many have made a lot of money, a likely equally large number of people have lost small fortunes. Cryptocurrency should always form part of a balanced portfolio of investments.
Bitcoin is no exception, as the high volatility brought on by uncertainty regarding regulation and general investor unpredictability makes it risky. In addition, it’s known that a small portion of investors owns a large portion of Bitcoin.
This makes it all the riskier as just a few people can influence the price in a significant way.
VeChain (VET)
One of the main risks with VeChain is centralization. It’s not your typical cryptocurrency that’s decentralized and pseudonymous. It’s closed-off and made for highly compliant enterprises.
Where to Buy
So, where can you buy BTC and VET? This is what we’ll cover in detail next.
Bitcoin (BTC)
Bitcoin can be purchased on most cryptocurrency exchanges, including but not limited to Coinbase, CoinSmart, Binance, Gemini, and Kraken. You can also purchase it on financial apps such as PayPal, traditional brokers, and special Bitcoin ATMs.
You can even buy Bitcoin at select CVS and 7-Elven locations across the United States.
VeChain (VET)
VeChain, unlike Bitcoin, has a limited number of places you can buy it from. However, it’s still available on many crypto exchanges, such as Coinmama and Coinbase.
Exchanging Bitcoin (BTC) for VeChain (VET)
You can exchange your Bitcoin for VET coins on cryptocurrency exchanges such as Change Now. Currently, you can get over 875,000 BET coins for a single Bitcoin. You can also convert VET for BTC.
To start the conversion process on Change Now and similar platforms, you’ll have to select first that you want to exchange Bitcoin for VeChain. Then enter the wallet you’d like to send it to and confirm the transaction. It’s as simple as that.
Future Plans
So, what does the future look like for Bitcoin and VeChain? Let’s explore this in a bit of detail:
Bitcoin (BTC)
We can always expect volatility when it comes to Bitcoin, that’s what the past has shown, and there’s no indication of that changing. Every cryptocurrency is subject to this inconsistency, primarily because of fluctuating investor behavior. Remember, the value of a cryptocurrency is determined by how much people are willing to pay for it.
We should expect that cryptocurrencies, and Bitcoin specifically as the most common crypto, will be subject to further governmental regulation. China has even implemented a complete ban on all cryptocurrency transactions, stripping the rights of people to trade crypto.
In addition, Bitcoin will mainly be picked up by an increasing amount of companies. You can even use Bitcoin to top up your Microsoft account.
As long as this continues and Bitcoin is continually supported, investors will continue to purchase Bitcoin, and developers will continue contributing to the open-source project. However, information regarding the future of BTC is liable to change.
VeChain (VET)
While it’s unclear what the future holds for VET coins, several price predictions have been made. It’s predicted that by 2024, VET will rise to anywhere between $0.039996 and $ 0.0459954. But by 2028, it will likely return to nearly its peak trading value at $0.189981. This may seem relatively low when compared to BTC.
It’s worth noting that given China’s ban on crypto transactions, it comes as a surprise that VeChain has nevertheless remained popular.
Sources:
https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-history/
https://coinmarketcap.com/currencies/bitcoin/historical-data/
https://vechainofficial.medium.com/vechain-technical-ama-software-questions-part-2-294a5c58044c
https://seekingalpha.com/article/4415383-vechain-is-blockchain-investment-for-next-decade
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