In this tech-driven day and age, the trend of investing in Cryptocurrencies has never been more alive. Even the mainstream media has started covering Cryptocurrencies extensively. But which Cryptocurrency should you invest in?
Bitcoin is undoubtedly the most popular Cryptocurrency, but there are other lucrative cryptocurrency investment options as well, such as Ethereum, Litecoin, etc. I would strongly recommend you to visit Bitcoin Digital to know more.
I would suggest you read this article to the very end. In this article, I will be telling you the five reasons why you should prefer Bitcoin Over Ethereum. So without wasting any further time, lets us delve right into it.
5 Reasons Why You Should Prefer Bitcoin Over Ethereum
Below are the reasons why you should Prefer Bitcoin Over Ethereum.
#1: Cryptocurrency In The World
Bitcoin is not just the most popular Cryptocurrency, but it is also the number one Cryptocurrency in the world. When Bitcoin was first introduced, the value of one Bitcoin was $0.0008.
And now, as I am writing this blog, the price of one Bitcoin is a staggering 63,131.70 USD. The word Cryptocurrency is synonymous with Bitcoins. People who have no knowledge about other Cryptocurrencies have some knowledge about Bitcoins. Also the market capital value of Bitcoin is $1,178,578,508,820. All these factors make Bitcoins a lot preferable to Ethereum.
#2: Greater Liquidity Compared To Ethereum
Compared to most other Cryptocurrencies, Bitcoin is a lot more liquid. This feature allows its user to retain some of its inherent value while converting them into fiat currencies.
Furthermore, most Cryptocurrencies cannot be converted directly to fiat currencies, whereas Bitcoins can be converted directly to fiat currencies such as US Dollars and Euros.
Add to that the fact that most Western hemisphere nations are on the verge of making Bitcoin an alternative to fiat currencies. These are the reasons why you should Bitcoin Over Ethereum.
#3: Bull Run Amid Covid-19
The nationwide COVID-19 lockdown was announced, the investors got scared and started liquidating and selling off their Bitcoins. As a result, the Bitcoin market collapsed, and the price of Bitcoin fell to $3,000.
However, some of the big whales in the market saw this as an opportunity and held on to their Bitcoins. They took a step further and started buying more Bitcoins, which led to a bull run in the market, and not only did it stabilize the market but also made the price of Bitcoin soar through the roof.
And since then, the price of Bitcoins has kept rising and rising. This is another reason why you should prefer Bitcoin Over Ethereum.
#4: Stimulus Packages By US Government
Amid the COVID-19 pandemic, the US Government started to announce several stimulus packages; they were launched to aid the people that were affected the worst by The COVID-19 pandemic.
Even though it is a very good initiative on the Government’s part, it also meant that more fiat currencies had to be brought into circulation to fill the Stimulus Packages‘ void.
This leads to inflation and the hike in the prices of goods and services in the United States, which is why Americans are heavily investing in Bitcoins to escape inflation. According to financial experts, the price of one Bitcoin is going to reach $100K by the end of 2021.
#5: Deflationary In Nature
There is no scope for inflation in Bitcoins; since there is a market cap of 21 million set for Bitcoins, it makes it a scarce digital resource. The prices of Bitcoins are only going to go up, which makes it a suitable investment option and much preferable to Ethereum.
There you have it; those were the five reasons why you should prefer Bitcoin Over Ethereum. I hope you have found this article informative and that it has given you some valuable insights on the importance of Bitcoins and why you should choose it over Ethereum.