Why is Bitcoin Better than Terra?
Terra is a relatively new cryptocurrency. It has only been around since June 2016, despite its popularity and market value that puts it on the same level as Bitcoin. Now, this isn’t to say it’s not a promising cryptocurrency – in fact, Terra has some advantages over Bitcoin!
Terra is a project that was created to be everything Bitcoin is not. Terra was designed to be faster, more secure, and more anonymous. Users may deposit money straight into the Terra platform without exchanging it for another crypto-like bitcoin. As you know Bitcoin is volatile so here you can check should you invest in Bitcoin today.
Seven Main Differences Between Bitcoin and Terra:
- Faster transactions: Terra transactions can be confirmed in 15 seconds. Contrast this with the ten minutes it takes to ensure a transaction with Bitcoin, and you’ve got one compelling reason to switch!
- More secure: The number of lines of code that must be written for every new bitcoin is staggering – it’s an incredibly daunting task. Bitcoin’s software is rife with security breaches and cyberattacks every year, making the system more vulnerable than it needs to be.
Conventional wisdom dictates that simpler is better for computer code, so Terra has Bitcoin outmatched in this regard.
- More anonymous: Bitcoin isn’t all that anonymous; transactions can be traced back to a single person or source. On the other hand, Terra offers true anonymity – every transaction is 100% untraceable and unknown to third parties!
- Regulation: Bitcoin’s volatility has made it difficult for government agencies to determine how they should handle it from a regulatory point of view. Regulating cryptocurrencies is challenging for central banks and other governmental organizations due to their decentralized structure.
On the other hand, Terra was explicitly created to regulate and control. This makes it easier for governments and agencies to get their heads around this new form of payment technology.
- Faster adoption: Bitcoin’s slow speed has hindered its ability to gain widespread adoption across the globe. On the other hand, Terra’s transaction speeds and anonymous features make it a financial tool that is primed for general use.
- Easier to acquire: Bitcoin’s value is through the roof at the moment, and that makes it cost-prohibitive for most people who want to invest in this cryptocurrency.
On the other hand, Terra is much more affordable – its market cap has recently surpassed $1 billion! This means investors can get involved with relatively small amounts of capital.
- More coins in circulation: Bitcoin has a finite number of coins, whereas Terra has an infinite amount! This means that when more and more people adopt this cryptocurrency, its value will increase exponentially.
4 Reasons why Bitcoin is Better than Terra:
- It has a track record: Bitcoin was the first cryptocurrency, and it has been used as such for nearly ten years now.
This makes it widely trusted and recognized by consumers across the globe. But, on the other hand, Terra is much younger – its recent debut to the world has left some people sceptical about this new form of money.
- It has a more robust platform: Bitcoin is coded using open-source software that’s been in use for nearly a decade.
On the other hand, Terra doesn’t have a platform per se – it runs on its blockchain technology! This means that no third parties are involved or any outside parties that can cause a breakdown in the technology.
- It has a proven value: As of 2015, Bitcoin’s market cap was more than ten times the size of Terra’s – this means it is currently worth more!
This is important because most forms of currency are valued relative to another – this makes Bitcoin a much safer investment than its new alternative.
- It is more scarce: Bitcoin has a finite number, whereas Terra’s supply is infinite – this means that as time goes on and more people adopt it as a form of payment, its value will increase exponentially!
From an investor’s point of view, Terra is nothing more than media hype that will eventually fade into obscurity. It just isn’t as trusted or widely used as Bitcoin, so it doesn’t make sense why people would want to invest in this new cryptocurrency.