Bitcoin & Bentley :)
We all use them. Everyone discusses them. But few individuals are genuinely aware of how they operate..
And in fact, it's not a problem because... Blockchains are similar to automobiles.
They are frequently used by people. They transport us between points A and B. However, nobody is truly aware of what happens within the car or what a catalytic converter performs.
There are many cars for various use cases, which is an important fact you should be aware of.
For your 8-person household, a Fiat automobile is not appropriate. Unless you're a show-stopper at the upcoming Cirque du Soleil.
Driving a Ford F-150 Raptor with a diesel engine is not recommended in New York City. Unless you want to appear on Villains of the Environment's cover.
Driving a Volkswagen Beetle in a forest is not something you want to do. Unless you want to wind up stranded and on an improvised Survivor episode. Different cars for different situations—you get the idea.
Blockchains operate similarly. The phrase "one blockchain fits all" is wrong. While one blockchain might be quicker, another might be more secure. A other one might be better for decentralized finance apps whereas the first one might be better for NFTs. Which is precisely why we firmly believe that multichain is the future of cryptocurrency. First, we have...
The pinnacle of cryptocurrencies is Bitcoin.
When you think about Bitcoin, you probably picture... luxury. Security. Durability. The „old school“ status is also obvious.
Therefore, comparing Bitcoin to...The Bentley, of course..
Here are some parallels between Bitcoin and Bentleys:
1 . Both take time to manufacture
Despite their reputation for speed, Bentley is one of the industry's slowest producers. One Bentley Mulsanne requires more than 400 hours to make in total. 136 hours are dedicated to the interior trim alone.
Similar to this, Bitcoin has the slowest blockchain available. Transactions can take up to 60 minutes. Why Every Bitcoin User Knows This Pain...It can only handle 7-10 transactions per second, with an average transaction time of about 10 minutes.
2. Both require a lot of energy and labor to produce
It takes about 45 people for him to assemble one Bentley W12 engine. And some of these lucky people need him to go through a 600-point checklist before final approval. In other words, it takes an insane amount of energy and effort to run a Bentley.
Bitcoin is the same. This is the so-called Proof of Work (PoW) blockchain. I won't go into the important details of what PoW is here, but what you need to know is... Maintaining the Bitcoin blockchain requires a lot of effort and energy.
• Uses 7x more energy than Google's global operations
• Consumes more energy than countries such as Denmark, Chile, Finland and the Netherlands
• 1 BTC transaction consumes 50 days of electricity in an average US household.
But it takes time and energy and it is….
3. Both are safe and durable
Blockchain has a trilemma between scalability, decentralization, or security. And I can only choose 2 out of those 3…
What Bitcoin lacks in scalability it makes up for in security and decentralization.It is one of the most secure and durable blockchains. It has been around for over 14 years and has yet to be removed by a massive hack.
Bentley is no different, it's all about durability and safety. About 80% of all Bentleys ever built are still in working order. And finally….
4. Both are symbols of luxury and have their own use cases
Bitcoin and Bentley are both expensive.
• BTC hits an all-time high of $69,000 and has the largest market capitalization of any cryptocurrency.
• Bentleys can cost up to $300,000
In other words, if someone owns a Bitcoin or a Bentley...you'll know. They'll be talking about it at your next country club or Soho home.
This makes Bentleys and Bitcoin superior in his one respect. The Bentley is the perfect weekend flex car. I don't use my Bentley for driving around town or to get around.
Bitcoin functions as a secure and decentralized financial asset. Love money but hate government? Bitcoin is your answer. However, we have no intention of actually using the Bitcoin blockchain for NFTs or decentralized applications.
before you invest in crypto – invest in yourself