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Article of universal opinion, what differences can you find about petro and bitcoin?
7 differences between Petro and Bitcoin as Cryptocurrencies
In Venezuela it is essential to know the similarities and differences that exist between Bitcoin and Petro as cryptocurrencies.
Petro has been defined as a cryptoactive and cryptocurrency. It is a virtual asset that is generated through a computer code based on blockchain technology.
Unlike other cryptocurrencies, it is backed by a purchase-sale contract for a (01) barrel of oil from the Venezuelan crude oil or any commodities decided by the nation. That is to say, that the support can be extended to gold, diamonds, coltan and gas; it is issued by the Venezuelan State and its use will be regulated by the Superintendence of Cryptoactives as a financial instrument.
Here are some tips to learn more about Petro:
1.- The Petro is a sovereign currency modality backed by oil
2.- The Exchange Houses regulated by the Superintendence of Cryptoactives will be the infrastructure for the secondary negotiation of the cryptoactive Petro.
3.- It may be exchanged for its equivalent in other cryptocurrencies.
4.- With the issuance by the Venezuelan State of one hundred million units that the investors will dispute, the recovery of the cryptocurrency begins.
5.- In primary issue, the value in USD of each Petro will be around USD 55; value of 1 (one) barrel of the Venezuelan export oil basket.
6.- The initial issue will be equivalent to approximately USD 5.500 million.
7.- It is supported by the idea of strengthening the sovereign decision of the Venezuelan State to control its financial and commercial transactions before sanctions and the blockade of imperialism.
For its part, Bitcoin is an electronic cash system of Peer-to-Peer (computer network), based on digital technologies of cash, which became a virtual asset and cryptocurrency; it is issued by private individuals and is not subject to any regulation by the official financial authority.
Here are some tips to learn more about Bitcoin:
1.- In strict sense it is not a currency but a digital record of each transaction. It is an encrypted digital accounting entry, of a simple sale of a digital "object".
2.- Users attribute a virtual exchange value to it and it is used to accumulate and transfer value.
3.- Does not have any physical-material support.
4.- The base technology is the "chain of blocks", open source, applicable in anonymous systems of transactions with cryptography, for sending mail and electronic money.
5.- It is subject to speculation in the future markets of cryptocurrencies.
6.- Operates outside the formal financial system, the Central Banks and Commercial Banking.
7.- Its price is determined by the supply and demand of individuals who attribute credibility to it as a store of value. The underlying ideology of cryptocurrencies reinforces the value of privacy, the rejection of state control and feeds the world capitalist system.