Bitcoin vs Solana: Advantages of using Solana
Every investor that has an interest in digital and online trading has surely heard about Bitcoin and other cryptocurrencies. Bitcoin in itself needs no introduction as every user across the world that has approached digital gadgets has heard about the term Bitcoin.
A decade earlier when bitcoin was invented, it was not thought that bitcoin would go this far. Satoshi Nakamoto who is an anonymous entity when came up with the concept of bitcoin, it was believed that this will fail at some point in time. As time progressed, the digital age started making advances in its field.
The growth of the internet and networking allowed the digital platform to grow fully by ultimately making bitcoin the most popular digital currency in the entire world. The regular use of bitcoin made people think that bitcoin is a cryptocurrency and vice-versa. But surely it was just a beginning. The world of bitcoin has seen many ups and downs in recent times. So it is a burning topic nowadays whether it is good to continue with bitcoin or one has to find an alternative to bitcoin to survive in the digital market.
Bitcoin vs Solana
Just like any other crypto coin, Solana is another crypto asset that is based on decentralized blockchain technology. Speaking of which, there are articles that discuss how technology influenced bitcoin trading. On the other hand, Solana is a young entry in the field of cryptocurrency finding its way into the digital market in the year 2020. It was march 2020 that came up with another crypto asset named Solana. Solana is the name of a city in Southern California and was created by a programmer named Anatoly Yakovenko.
The popularity of Solana can be estimated from the fact that within a few days of its listing on the digital market it was among the top ten cryptocurrencies in the world at that time. It is a public blockchain-supported platform that has the capability of smart contracts and many smart functionalities that are helping it to grow in the market. Solana is the number one cryptocurrency in terms of growth but bitcoin is an old currency that is quite established. As far as competition is involved, Solana’s biggest competitor is Ethereum whose competition is with bitcoin.
So, in short, the ultimate competitor of Solana is Bitcoin. Solana can operate decentralized applications along with smart contracts and other applications. Being a programmable blockchain asset can be programmed in a better update. It is home to nonfungible tokens and other decentralized finance projects and many more. Bitcoin is a wider accepted crypto payment method but Solana being new in the market is making its place in the market but steadily. There are many places where investors use Solana rather than volatile Bitcoin. The price of Solana is steady and as a result, bitcoin is lagging in reliability over Solana. Thus, it can be seen that Solana has a brighter future if similar rates and market stability continues.
Advantages of using Solana
- It has the capacity of supporting a whopping 50,000 transactions per second and the charges that have to be paid as a fee are also very low.
- Solana has managed to gain popularity by the updates that are far better than bitcoin. These updates have increased the scope and innovative skills of the network.
- Keeping the fee low as discussed is economic as far as customer implication is involved, thus is becoming more popular.
- Users do not feel stuck while operating this currency. The layers to deal with are limited and there are no strict and complex protocols that need to be followed.
- The security that is a major concern is also of no question regarding Solana