BOM, Bitcoin, and Ethereum are cryptocurrencies built on blockchain technology. Though these coins are popular, many people desire to know how they differ. Before investing in any of these cryptos, it’s worth learning about their uniqueness.
What is a cryptocurrency?
Crypto or cryptocurrency is decentralized virtual money pinned on the blockchain tech. As digital money, you can use cryptocurrency to pay for goods and services.
Meanwhile, the blockchain is like an open ledger that manages all transactions. It’s like a receipt that shows specific transaction data like currency type and partners’ identity.
Several decentralized computers monitor and verify each transaction to prevent fraud. Anyone with excellent blockchain technology skills can create a digital currency. That’s the reason we have more cryptos launched each year.
What are the essential differences between BOM, Bitcoin, and Ethereum
Cryptocurrencies are created for different reasons. Below is a table of the differences between these three cryptos.
Satoshi Nakamoto invented the first digital currency, Bitcoin, in 2009. As a peer-to-peer payment system, the control of Bitcoin is in the users’ hands. It completely takes regulatory power from the central authority to the internet users. Bitcoin was created to be a valuable asset for online payments. You can buy Bitcoin from licensed exchangers and use it for the vast majority of business transactions.
Among cryptos today, Bitcoin has an enormous market value. Just 21 million units of Bitcoin are available for issuance. The issuance restriction makes it attractive to investors, but the price keeps rising, making it hard to use as a currency. But individuals and firms can mine Bitcoin as an alternative to issuance.
Ethereum was created to solve some of the problems with Bitcoin. Ethereum allows you to send and receive digital currency for a fraction of the fee. It also hosts many applications that no single individual or organization can control. You can facilitate payments with Ethereum. Unlike Bitcoin, Ethereum doesn’t have a fixed number of coins for issuance. But it has a fixed schedule for issuing these coins.
BOM Coin is one of the most recent token systems today. It seeks to solve the problems that businesses and individuals’ problems when making online payments. BOM Coin is also a reward system. As such, it redistributes coins to NFT holders for each transaction. Users also receive tokens for downloading the BOM app and sharing them on social platforms.
BOM Coin is deployed in the Polygon network, making it accessible to all. You can exchange BOM for other cryptocurrencies like Ethereum and Bitcoin as a token system.
BOM Coin has a fixed issuance schedule, so the price is expected to rise steadily.
Cryptocurrency is no longer the money of the future. Instead, cryptocurrency is here with us. Besides being a means of exchange, cryptos have become a valuable and high-yielding investment. You can buy NFTs at presales and trade them when the price rises. However, digital currencies are different. For example, the scarcity of BOM Coin means its price will increase as interest rises. And as a rewarding system, more people will want to use BOM as a payment system.