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What is the difference between Bitcoin and Davies?
Written by Davies on / Reading time: 5 minutes.
Between one cryptocurrency and another, we have decided to stop to tell you what the differences between Davies and Bitcoin are, but this process would not make much sense if before we didn't tell you what characterizes them.
What can we say about Davies? It was born in April 2018 based on an existing cryptocurrency (Litecoin) and it aims to create a smart, powerful and easy-to-use payment system, allowing its access and use to anyone on the planet.
Bitcoin, on the other hand, is the most popular currency in history. It was launched in 2009 to create a transparent, instant, secure and powerful enough payment platform to free the world's poorest from the oppression of fiat currencies.
It has been 10 years since the creation of the first virtual currency, and although many people and companies already use it as a payment method and have broken the cycle of financial dependence on the banks, Satoshi Nakamoto's dream has not been achieved completely.
Is Daviescoin the future of payments and microcredits? It is still too early to answer this question, but its evolution is showing significant growth that leaves no one indifferent.
Our journey through Davies and Bitcoin begins here!
Differences between Bitcoin & Davies
Who is behind the cryptocurrencies?
While most virtual currencies, including Bitcoin, are supported by teams of altruistic people without a company backing the coin, Davies is a cryptocurrency backed by an Estonian institution. The choice of this country is because Estonia is a country where the crypto world is regulated, so there is no risk of a retroactive law being introduced that could harm it. The aim of this initiative is to think of a product that works with Davies, that can serve as a payment method to make transactions with this cryptocurrency, buy it and sell it with your credit card, among other things.
The identity of its creators
Almost everyone knows that Bitcoin was created by Satoshi Nakamoto, but who is he? Is this his real name? Has anyone ever seen him? There is widespread ignorance and serious doubts about the true creator of the first cryptocurrency. On the contrary, Davies has made a clear identity since its inception. Daniel García has been the driver of the project and he has shared it with society through its participation in events, such as CriptoMad 2018, and newspapers such as Retina (El País), which endows personalization, humanity and trust to the currency.
The ambitions of Davies and Bitcoin
Since its birth, Davies focused on the possibility of making loans between individuals, considering those societies with the greatest difficulty in accessing financial resources, as is the case with some Latin American countries (Colombia, Dominican Republic...). They are marked by the precariousness of financial services, so that "about 30% of the world's population does not have a bank account" and "in 25 developing countries studied by the World Bank, about 73% of people live without access to banks."
In fact, most cryptocurrencies carry similar implicit goals, and Bitcoin was born in order to serve as digital cash, replace physical money and become a real alternative to the traditional financial system. In February 2019, Davies launched an application that allows to make loans between individuals internationally, and these operations have been shielded because they automatically generate a contract with electronic and biometric signature valid anywhere in the world.
Although both virtual currencies are based on cryptographic technology, Bitcoin has its own blockchain, while Davies has been created as a hard fork of Litecoin, characterized by its security and speed in transactions. Broadly speaking, we could say that Bitcoin marked a turning point, and the rest of cryptocurrencies are the evolution and continuity of Satoshi Nakamoto's dream. Davies escapes cumulative concepts and does not seek a business model that would involve a high cost of responsibility.
Since its birth, the Davies mining has to be carried out with graphics cards, which allows its democratization. However, the beginnings of Bitcoin marked its mining from the computer processor by the few miners at the time. Over the years and with the addition of Bitcoin miners, more computing power was needed on the network, so they took the leap to graphics cards.
Buying Davies and Bitcoin
Both currencies are available to any adult with a current account, a computer and an internet connection. Before buying bitcoins, an e-wallet, such as Electrum, is essential. In Davies' case, the possibilities don't change too much. This cryptocurrency could be soon purchased by SEPA bank transfer, PayPal or credit card, through its App.
In it, you can also have a wallet of euros to buy and sell in real time. The platform will allow you to make loans to other users of it, so that you can collect the interest you set, and it will be backed by a completely legal contract. Thanks to the financial institution license you will be able to provide your users with financial services.
Davies, the continuation of Bitcoin's dream
Bitcoin took the first step to help the world improve its access and use of financial services. Since then, thousands of cryptocurrencies have been creating their initiatives to complete Satoshi Nakamoto's dream. Davies is one of them, and its evolution has been significant: it has gone from being an idea to a settled reality to buy and sell coins, make loans, etc., through a platform available for Android, iOS and web.
Its team is helping to change the way money is transferred and lent in the world, but without Nakamoto's initiative and the team that made real Bitcoin, as well as their constant work, Davies would not exist. Today, we can already say it's an official cryptobank.