2023 Bitcoin vs. Ethereum Prediction
Bitcoin and Ethereum remain the world’s most popular and utilized cryptocurrencies. Both have resurged in 2023 after falling in 2022.
But which of the two has the better odds of succeeding this year and beyond? See below for reasons why Bitcoin is a better choice for sports bettors than Ethereum.
Why Bitcoin is a better cryptocurrency for sports bettors than Ethereum
First, understand the difference between proof of stake and proof of work
Proof of work (PoW) involves miners competing to create hashes and building blocks they then put onto the Bitcoin chain. By doing so, miners receive rewards in the form of a coin. Proof of work also requires a ton of electrical energy.
Ethereum used to be PoW. Instead of receiving a coin, Ethereum miners charged gas fees. In 2022, Ethereum decided to merge their PoW protocol with a proof of stake (PoS) system.
Proof of stake requires much less energy. In proof of stake, miners don’t create hashes, or solve puzzles, and then create blocks. Instead, validators with a lot of Ethereum stake their ETH to secure the PoS protocol.
The PoS system requires much less energy. So, from an environmentalist point of view, proof of stake is better than proof of work.
But there is an issue with the proof of stake system
Saving energy is never a bad thing, but doing so comes with a cost. First, validators must stake their ETH to secure the Ethereum blockchain. Sounds great, but what if like what happened on April 20 with Kraken, happens more and more?
When validators decided to stake their ETH in 2022, the protocol placed a withdrawing hold. That hold has since been lifted for most staked ETH. Kraken, because of an issue with the SEC, pulled out $1 billion worth of ETH on April 20.
The move caused the value of ETH to fall by more than $100. If validators on a PoS blockchain have the right to pull their ETH, the chain itself will never be as secure as the Bitcoin blockchain because staked ETH secures the chain.
Also, the price of a single Ethereum will become much more volatile than the price of a single Bitcoin once more validators pull their ETH.
Bitcoin proof of work means more security
Proof of work is a more secure system than proof of stake, which means Bitcoin is the better way to go if you’re a sports bettor.
In addition, BTC has become a store of value, which means traditional investors see Bitcoin as a place to put their money. Institutional investors have caught on to Bitcoins’ advantages.
Goldman Sachs, JP Morgan Chase, and Morgan Stanley have opened BTC investment firms. By getting Goldman, JP Morgan, and Morgan Stanley on board, the Bitcoin blockchain has become accepted by the top financial institutions in the world.
Don’t get us wrong, Ethereum has many uses. But when it comes to sports betting and other things that involve financial transactions, BTC is by far the winner over ETH in 2023 and will be the winner beyond 2023.
Where to Bet with Bitcoin
Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.
This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.
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