JagranJosh Education Awards 2022 - Nominations Open!
Next

Shiba Inu vs Bitcoin: Which is the Better Cryptocurrency?

Tulika Tandon

Shiba Inu has surged nearly 40 per cent in the previous month. Shiba Inu has risen to record highs over the previous weekend. It has become the 11th biggest cryptocurrency by market value. The US-based coin-based said its customers can trade, send and store SHIB on its platform. Take a look at the difference between the two cryptocurrencies, Bitcoin and Shiba Inu below. 

Shiba Inu is also known as SHIB. It was up by 50% in 24 hours. It is also on top of the WazirX exchange in India. Tether and Bitcoin are trailing on second and third respectively. 

UPPSC PCS Prelims 2021: Paper Analysis, Expected Cut-Off, Subject-wise Questions, Answer Key here

Don’t Wait for UPSC Prelims Result! Start Your Preparation for UPSC Mains 2021 Today- Experts Suggest Strategy

Shiba Inu vs Bitcoin: Details 

Shiba Inu:

Its website refers to it as a decentralised meme token that evolved into a vibrant ecosystem. It was founded in the year 2020 by an anonymous person called Ryoshi. It was created as a joke in 2013. It also has a Shiba Inu theme after a Japanese dog breed of a similar name. 

Shiba Inu is more than just a Dodge coin clone. SHIB has been built on the Ethereum network which makes it more adaptable than Bitcoin. Shiba Inu also launched Shibswap, a proprietary DEX. SHIB gives incentives to its users using DEX. People using this can sell numerous ERC 20 tokens. 

Bitcoin: 

Bitcoin is an original cryptocurrency and is the most famous cryptocurrency worldwide. It has dominated the market since this white paper authored by Satoshi Nakamoto appeared in 2009. Bitcoin put blockchain on the map. Bitcoin aimed to provide a decentralised payment system that could operate securely, without a third party involvement required.

At its initiation Bitcoin was nothing but by 2013, one Bitcoin was trading at over 1000 dollars. Now in 2021, one Bitcoin is costing 55000 dollars. 

READ| Global Multidimensional Poverty Index 2021: What is Multidimensional Poverty and India's Rank?

Bitcoin vs Shiba Inu: Key Differences

Know the major differences between the two cryptocurrencies below. 

Bitcoin

Shiba Inu

Bitcoin is still holding the top spot in the cryptocurrency world

Shiba Inu has recently gained popularity

It can build a bock in 10 minutes

It can build a block in 15 seconds.

Bitcoin isn’t fast enough to support everyday retail transactions

SHIB is much faster than Bitcoin

Bitcoin is a deflationary cryptocurrency. It would effectively become more scarce as time goes on. Bitcoin has a supply cap of 21 million coins. This means that BTC automatically creates scarcity.

Shiba Inu developers earlier outlined that there was a cap set at 1 quadrillion.SHIB is currently having a circulating supply of 500 trillion and is not a deflationary coin like Bitcoin.

Shiba Inu vs Bitcoin: Which is a Better Investment?

On the face it may look like Shiba Inu may grow in future more than Bitcoin, but the latter is much more widely known and still dominates the cryptocurrency market. Thus at this level, there still isn’t a sure reason as to why one must not invest in Bitcoin. 

Bitcoin has had many prices runs over the past years as it started with trade for pennies in 2009 and had reached $1242 per coin by 2013. This figure is still the highest of all cryptocurrencies of all time. 

Shiba Inu has recently turned the market upside down with a sudden hike over this weekend. One never knows how long will it last. So it is way better for one to check the latest trends and previous investments as well. 

Also Read| Below Poverty Line (BPL): Role of Gram Panchayat in reducing poverty in India

Difference between Capitalism and Socialism

Take Free Online UPSC Prelims Mock Test

Start Now
रोमांचक गेम्स खेलें और जीतें एक लाख रुपए तक कैश

Related Categories

Live users reading now