Electroneum VS Bitcoin
At this point, it is inevitable that any new cryptocurrency launched is usually compared to bitcoin to determine its merits and demerits. Indeed, bitcoin is held as a sort of standard for cryptocurrencies to measure up to and if possible, exceed(with good reason). Well, seeing as we are all with the policy of being fair, electroneum shall be subjected to the same treatment. Let’s have us some good old-fashioned comparison of electroneum and bitcoin.
Bitcoin was the first cryptocurrency launched. It was launched in 2009 and spent a better part of its early years in obscurity. It was known back then only to the tech geeks and well, maybe the creators. Only in recent years has it gained the remarkable notoriety for which it is now known. With that said, it is indeed the pioneer of all cryptocurrencies. Electroneum is a cryptocurrency which was launched just a few days ago, on the first of November, 2017. It was first offered via an Initial Coin Offering(ICO) which ended on the 18th of October, 2017. It has been making waves in the cryptocurrency communities and indeed in the whole world due to its revolutionary introduction of its mobile phone platform which brings cryptocurrency use closer the billions of people using mobile phones in the world.
Since being launched in 2009, bitcoin has garnered a user base of 3-4 million people with majority of them being the tech savvy and the computer geeks and containing only a small minority of average people. Also, the propensity of growth of the user base is quite low as the exorbitant price of bitcoin now has made it harder for new people to join the user base. So the coins are mostly circulating through the same hands over and over again. Electroneum has garnered about 220,000 registered users in the days since the launch of its ICO on September 14, 2017. That amounts to about 4-7% of the bitcoin user base. Majority of these registered users are average people, regular joes, who are hoping to catch a very good thing while still in its early stages, and of course mobile phone users. Only a minority of these registered users are tech people or companies. Also, the electroneum user base has the potential to expand to up to 2.2 billion people, which is the number of people using smartphones in the world currently.
Mining bitcoin (bringing new coins into circulation) is an extremely tasking work that involves the use of expensive mining rigs and set ups and consumes a lot of power. It is almost a full time job and is not for the lazy or faint of heart. It is time-wasting, difficult and yields small rewards, especially if you are working on your own. Mining electroneum, as explained by the owners, will the easiest form of cryptocurrency mining ever, as it will be possible to do on your mobile phone. You can mine electroneum coins directly on your mobile phone using the electroneum mobile app. No special devices or rigs are needed. You earn coins playing fun, easy games on your mobile.
Bitcoin uses an eight decimal places format which makes the denominations really weird. This is because the total coins supply of bitcoin is only about 21 million coins. As such, it has to be divided into several decimal places to make for a maximum number of sub-denominations. This makes it feel less like a real currency and enhances its abstractness. Electroneum is putting out a total coin supply of 21 billion tokens starting from its ICO. This gives electroneum only two decimal places sub-denominations and makes it look more like FIAT currency than bitcoin ever will.
Bitcoin is currently priced at about $7000 which is a long way off from the $600 of last year. Indeed, bitcoin has made an extremely remarkable rise, increasing by several thousand percentages since last year. However, the price is fading causing speculation that perhaps, the cryptocurrency is showing signs of becoming a tired bull. Even if it is not, the price is now at a point where major increases are no longer happening. It is quite difficult to predict the direction of its fluctuation now. This is making bitcoin become less and less of an investment opportunity and more of a business tool, albeit one that is still quite sharp. Electroneum was priced at $0.01 during the ICO which lasted from September 14th to October 31st. However, as from the launch on November 1st, the coin is now priced at about $1 per coin. This is already a significant gain for those who were able to invest during the ICO period. However, more is coming. Electroneum is an incredible investment opportunity currently, and is steadily gaining more ground.
We could go on and on citing comparisons between electroneum and bitcoin but the truth is, electroneum is moving to outstrip bitcoin. The revolutionary approach to bring cryptocurrency closer to the people has garnered it a lot of love and the current minute price has made it even more accepted as it is quite easy for the common man to buy a reasonable amount of it. In a way, we might consider electroneum the successor of bitcoin. It is moving to fill all the gaps left by bitcoin and will probably end up pushing out the other.
So is electroneum better than bitcoin? I’d say yes, in the way a brilliant child will be better than his elders if he learns from the elders. Let’s hope electroneum learns from its elders.