Bitcoin vs Big Eyes Coin: The Race to Erase Cryptocurrency’s Gambling Stigma

by James · April 23, 2023

Berkshire Hathaway Chairman and CEO Warren Buffet declared that “Bitcoin is a gambling token with no intrinsic value”. Buffet refuses to accept crypto as a viable currency for the future, but financial experts disagree.

After Bitcoin’s price rose to $30k, ARK Invest ( ARKK ) CEO Cathie Wood doubled down by raising her Bitcoin price target. The fight between financial experts over cryptocurrency is on – but whose side are you on?

Table of Contents

Bitcoin: 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 features of cryptocurrency we know today.

These include:

Digital currency built for online communication
Stored/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, problems began to plague the cryptocurrency. Scalability issues arose. Mining Bitcoin uses excessive electricity. On a mass scale, Bitcoin miners released up to 200 million tons of carbon dioxide in the cryptocurrency’s short life.

These issues slowed the mass adoption of digital currencies, putting cryptocurrencies like Bitcoin in a position to be exploited by investors riding the volatile wave and continuing to pump and dump. Still, the new blockchain wave 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 main reason for energy inefficiency with blockchain. Because of this, Ethereum has to reduce its energy consumption by 99.5%, which prevents it from scaling up.

In response to this problem, Ethereum is in the process of updating to Ethereum 2.0, which re-hauls its infrastructure to use the Proof of Stake (PoS) mining protocol – the most energy-efficient mining method for scaling cryptocurrency.

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

Big Eyes Coin: Pro-Community and Long Term Viability

The altcoin landscape is a mixed bag of creations from trusted developers looking 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. First, BIG has been verified by Know Your Customer (KYC) and its smart contracts audited by Coin Sniper and Solidity Finance. The PoS consensus mechanism will also power BIG to ensure sustainable scalability.

Based on its sustainable goals, BIG will donate 5% of its total supply to charity, allowing society to choose environmentally friendly charities.

Conclusion: Sustainable Cryptocurrencies Lead to Mass Acceptance?

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