The following is a list of differences between Hawk Tuah Coin and Bitcoin:
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Just because I’m lazy and don’t have an hour.
First off, Hawk Tuah ran on the Solana network as a token. Bitcoin is the native coin of it’s own network. There’s a difference between a coin and a token.
here’s a better answer from Grok.
Here’s a summary of the differences between Bitcoin and Hawk Tuah “Coin”:
Bitcoin:
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Foundation and Security: Bitcoin operates on a robust, decentralized blockchain network secured by significant computational power, making it highly resistant to attacks and manipulation. It has a well-established security track record and is widely recognized for its integrity.
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Technology: It uses proof-of-work (PoW) for mining, ensuring the decentralization and security of transactions. Bitcoin has a fixed supply cap of 21 million coins, which contributes to its perceived value as a store of value or “digital gold.”
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Use and Market Perception: Bitcoin is considered a foundational cryptocurrency with widespread adoption for transactions, investment, and as a hedge against inflation. Its technology is well-documented, and it has a clear purpose in the financial ecosystem.
Hawk Tuah Coin:
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Nature and Purpose: Hawk Tuah Coin is a memecoin, which means it’s primarily inspired by internet memes or humor rather than technological innovation or utility. It lacks the extensive technological infrastructure and security features of Bitcoin.
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Market Dynamics: The Hawk Tuah Coin experienced extreme volatility upon launch, with a dramatic increase followed by a significant crash, suggesting speculative investment rather than long-term value. It has been associated with allegations of “pump and dump” schemes, where the coin’s value was artificially inflated for quick profit.
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Longevity and Trust: Unlike Bitcoin, Hawk Tuah Coin does not have the same level of trust, security, or a clear technological roadmap. Its creation was more of a novelty or cash-in on viral internet fame rather than a serious attempt at creating a sustainable cryptocurrency.
In essence, Bitcoin is established as a serious cryptocurrency with a focus on security, decentralization, and utility, whereas Hawk Tuah Coin represents the speculative, volatile, and often less serious side of the cryptocurrency market, known as memecoins.
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Both just digital piles of digital digits. Both will end up similarly. Even Microstrategy spent $90 billion of other people’s money to buy a whopping $60 billion of Bitcoin. All that capital is gone. Can’t create or build anything with it. It’s just digits owned by people hoping that someday someone will pay them more for those digits than than they paid for them…, just like the people who bought Hawk Tuah coins.
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There is utility in Bitcoin, secured by the most secure network on the planet. Nothing else even comes close. Do you think a central bank actually has anything physical other than some scraps of paper or “digitally signed certificates” that they have claim to some gold sitting in a vault somewhere? The difference is that the fed can just create new currency with a keyboard. Try as hard as they might, there’s not a network or group of computers on the planet that can create more BTC beyond what the network itself generates.
Each BTC represents work that was performed. Each bitcoin is unique. There can never be a duplicate. It can’t be cheated, it can’t be inflated, it can’t be appropriated by a government by fiat. King Canute could no more affect the tides than the most powerful governments in the world can inflate or stop bitcoin. “They can outlaw it”. Sure, they outlawed gold once too, how’d that work out for them?
This BTC cycle can see a top of around $350k per coin. While that probably won’t happen, I suspect $150k will be reached easily. That 90 billion will seem like a bargain.
What happens if the internet breaks/becomes broken?
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There is utility in being able to transfer large sums of money across national borders. That much is true. But I can do that with 20,000 other different crypto currencies, many of which are more anonymous. So Bitcoin’s utility isn’t unique. The reason it is expensive has nothing to do with having some unique utility. It’s expensive for the same reason tulips were in the 1600s. People are speculating that some bigger fool than them will one day pay more for their nothing.
Go somewhere the internet IS. If it’s down for good, nothing you have or do is going to make much difference unless you’re holed up in a fortress with several years of supplies.
That of course will mean your fortress will be assailed on all sides and someone will loot your fortress after they’ve handily dispatched you.
The reason it is expensive is because it is the only truly decentralized crypto secured on the largest network.
You’re correct that you can exchange funds cheaper, elsewhere. I do it with Litecoin. Much cheaper to transact. Litecoin is an early fork of Bitcoin.
Bitcoin is not and was never anonymous. You really should read the BTC whitepaper from Satoshi. There is however privacy. See the article below.
The difference between Tulips and BTC are stark. Tulips rot. A farmer somewhere else could have grown “fakes”, on and on. It’s no where near the same thing. Do people, speculate? Sure. Why are people in the stock market? Because they truly believe in the mission of The S&P 500 or because they expect it to be worth more tomorrow?
Why do you buy gold? You expect it to be worth more later and it will hold it’s value in a crash.
Understand, I’m not against gold/PMs. I think we should all have some. Limiting yourself to a heavy commodity that someone can point a gun at you can take, is a big downside. That it’s heavy doesn’t help. That it takes space doesn’t help. That it may be difficult to exchange, fairly, doesn’t help.
Did you know you can scribe an ordinal on a BTC block and have an immutable NFT title to something? Imagine a title that no one on the planet can steal from you? Sure, they could steal the asset, but they can do that now. They cannot force you to give up your asset and it’s visible for the entire world to see that YOU own it. It can’t be squirreled out in the middle of the night, or taken by a government. It’s yours, for all time. Try that with gold.
Good post Mark. Question for you: Does the federal government, looking at everything you type on your iPhone, know how much Bitcoin you have?
No, but a good chance that China is, knows and does exspecially for those that have TicTok!
Yes
And yes.
No. Is it knowable for them? Sure, because I haven’t taken any steps to obscure any crypto transactions I’ve made.
Is it possible? Sure. Just don’t transact with any wallet address associated to your name. This would require hitting a foreign node using a VPN. In the US, KYC pretty much gives Uncle Sam the keys to the kingdom.
I have purchased BTC on several foreign exchanges. I bought LTC on Coinbase, opened an account on both a Chinese and Singapore exchange, sent funds there and bought a coin that you couldn’t buy in the US. One appreciated a bit, I sold it and sent the BTC to my Coinbase account. The other was for OMI token on bitforex. LTC didn’t have a trading pair with OMI, So I bought BTC with LTC, then swapped BTC for about $250 OMI. Right about when I was going to cash it (About $500 OMI)out, some employees rugged the exchange. They’ve since been put in jail and most people have got their money back but the Chinese exchange wants KYC to get it. Pass. Keep my OMI.
The risk goes up with those foreign exchanges but many still don’t do KYC.
59% of financial advisors still say they would never use Bitcoin or cryptocurrency.
It’s just numbers on a computer, people.