Bitcoin Marxism vs Ethereum Marxism: The Good And Bad Of Crypto Community

Jyoti  |  Aug 20, 2020

In the crypto space, we can not define which exactly is a good or a bad community, because people supporting any specific crypto, sees profit in it that’s why they are loyal towards it.

Since the time, Ethereum has been launched in the market, we can see a tussle is going on between the Bitcoin and the Ethereum Community. 

Notably, Bitcoin and Ethereum are similar in many ways but there are also some crucial differences between them. Like when a transaction is processed on an Ethereum network it carries an executable code with it but on the Bitcoin network, the transaction contains the data just to keep notes. One of the main differences between both networks is that Bitcoin takes almost a minute to process the whole transaction, however, the Ethereum takes just a few seconds.

Supporting a particular cryptocurrency or blockchain network is not bad, but having blind faith in it could be dangerous. 

Having blind faith in Bitcoin or Ethereum could be referred to as Bitcoin Marxism and Ethereum Marxism, respectively.

How Bitcoin Marxism Affect Its Community?

Since the time, Bitcoin has been released in the market it has a very strong support base. Many times, Bitcoin has suffered a huge loss in the market, but its supporters have never left it. There is a huge Bitcoin community in the market that regularly invests, buys, and sells the token. Also, the community is interested in its spread and participate in the discussion about its future development. 

We can say that the community is purely dedicated towards Bitcoin, even if its market goes down the community still has their faith in Bitcoin.

Supporting Bitcoin blindly could be highly risky for the community, as investors might lose their funds because of their trust.

Nowadays we regularly notice, something fishy happening in the crypto industry, either the market collapses suddenly or the site gets compromised and hackers steal all the funds and many more things. 

We can take an example of this, in March Bitcoin price suddenly came down below $5,000 the community with immense trust and faith in it suffered a huge loss. Although the digital asset remained the world’s largest cryptocurrency, still its performance was down, which also affected its community.

In this situation, if an individual invests all of his funds in bitcoin, then he might lose it all.

I am not saying that people should not invest in it but they should invest a small amount of money so that if a situation occurs then they have something for themselves.

The community should support Bitcoin but in a fair manner so that none of the members have to face any kind of loss. But if the community continues following the Bitcoin Marxism then they might have to suffer from it. 

It’s not the Bitcoin Community only, but the Ethereum Community members have also become the Ethereum Marxist. 

Ethereum Community Members On Their Way To Ethereum Marxism 

Ethereum which has been launched as an altcoin in the market slowly is getting pace. However, it is the second-best crypto around the world, still, it did not gain much value in its starting days.

As it was developed as an alternative for Bitcoin, therefore, some of the Bitcoin supporters named it "shitcoin". The Bitcoin community believes that Etherum can never be compared with bitcoin. 

Earlier not many people were in favor of Ethereum, but gradually as its market started going up, people started investing in it too. Being an alternative for Bitcoin, Ethereum offered everything that the Bitcoin network does.

The Ethereum community is presently very happy as its market has reached an all-time high and now they believe that it would remain stable. But prediction always can go wrong. 

Since the time the second-largest digital asset has to gain some market value, the community members are flaunting about it. They have started showing their unquestionable belief in it.

Bitcoin Marxism vs Ethereum Marxism

As we discussed earlier, that Bitcoin and Ethereum are a bit similar, but they do have some differences. Like Bitcoin could be used as a bank vault that means, despite transferring the ownership of the vault, the individual can not do anything else with it. 

However, Ethereum is more like a data center that you can pack any kind of computer into to perform any kind of calculation, with some limits.

In my opinion, deeply supporting any of the cryptocurrency could be risky for anyone. Bitcoin Marxism vs Ethereum Marxism will have no result, and therefore, they should not follow it blindly. 

Conclusion

It is good that the Bitcoin and the Ethetreum Community are supporting their respective tokens and network, but their support should not turn into a blind trust in it. People following the Bitcoin Marxism and Ethereum Marxism might later have to deal with high risks.

Articles You May Read

    Related News