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Bitcoin vs Big Eyes Coin: The race to erase Cryptocurrency’s Gambling Stigma

By Guest Writer • Published: 23 Apr 2023 • 11:00

Berkshire Hathaway Chairman and CEO Warren Buffet have gone on record to declare that ‘Bitcoin is a gambling token with no intrinsic value’. Buffet refuses to accept crypto as a viable currency of the future, but financial experts disagree.

After Bitcoin’s price surged to $30k, ARK Invest (ARKK) CEO Cathie Wood doubled by raising their Bitcoin price target. The battle between financial experts over cryptocurrency is on—but whose side do you take?

Bitcoin: The Coin people keep buying despite volatility and controversy

Founded in 2019 by an anonymous user known as Satoshi Nakamoto, Bitcoin (BTC) was the original cryptocurrency that introduced us to the many qualities of cryptocurrency we know today.

These include:

Digital currency built for online communication
Saved/Generated on your devices and not banks
Fast transaction speeds
Reduced chances of identity theft and protection against payment fraud

As Bitcoin grew in popularity, issues began to plague the cryptocurrency. Problems arose with scalability. Mining Bitcoin uses excessive electricity. On a mass scale, Bitcoin miners emitted up to 200 million tons of carbon dioxide in the cryptocurrency’s short lifespan.

These issues slowed down mass acceptance of digital currencies, placing cryptocurrencies like Bitcoin in a position to be taken advantage of by investors who ride the volatile wave and continue to pump and dump. Still, the new wave of blockchain is focused on long-term viability, aiming to make Warren Buffet eat his own words instead of the McDonald’s he infamously eats daily.

Ethereum: Creating a sustainable landscape in Blockchain

Ethereum (ETH) was one of the early cryptocurrencies on the market and used the same Proof of Work (PoW) mining protocol as Bitcoin, which is the root cause of energy inefficiency with blockchain. Due to this, Ethereum must reduce its energy consumption by 99.5%, which prevents it from scaling up.

In response to this issue, Ethereum is about to update to Ethereum 2.0, which re-hauls the infrastructure to use the Proof of Stake (PoS) mining protocol—the most energy-efficient mining means of scaling cryptocurrency.

Other emerging cryptos are deploying the PoS protocol. However, what makes Ethereum unique is that it’s an open-source blockchain-based platform for developers to launch decentralised applications upon. The platform’s economy uses ETH to incentivise the growth of business on the platform.

Big Eyes Coin: Pro-Community and long-term viability

The landscape of alt-coins is a mixed bag of creations from trusted developers wanting to innovate or shady characters looking to treat their projects as gambling scams.

Big Eyes Coin (BIG) is dedicated to being an ethical player in the game by taking the necessary steps to prove itself. For one, BIG has been verified by Know Your Customer (KYC) and audited its smart contracts by Coin Sniper and Solidity Finance. The PoS consensus mechanism will also power BIG to ensure sustainable scalability.

Building upon its sustainable goals, BIG will donate 5% of the total supply to charity, allowing the community to choose environmentally friendly charities.

Conclusion: Sustainable Cryptocurrencies lead to mass acceptance?

Coins like BIG and ETH acquire all the original qualities tied to BTC but reinvent themselves to include better scalability for the future that is achieved through promoting sustainability. This is why financial experts still see hope in the future of cryptocurrency despite being in this current limbo state of volatility and fears of government regulation.