Bitcoin arguably is the most popular cryptocurrency. However, there has been limited innovation to it since Satoshi Nakamoto launched it 9 years ago. As the oldest cryptocurrency around, it has definitely showed its age and its flaws are getting more exposed by newer altcoins such as TOA.
TOA is a cryptocurrency that was launched in 2017 to specifically cover the travel and remittance industries. Unlike bitcoin, TOA has a fast and efficient blockchain which is ideal for real world usage, specifically for remittance and payments.
Here are the advantages of using TOA over Bitcoin:
- Transaction fees. Bitcoin’s transaction fee at the moment is around $0.10 from a high of around $30 last January. There are times it goes up to more than a dollar. It might sound inexpensive, but it also means you will have to pay 50% more if you will buy a $2 cup of coffee using bitcoin. TOA, on the other hand, has a transaction fee of only $0.00001 which is a negligible amount and 100,000 x cheaper than bitcoin.
- Transaction speed. How would you feel if your payment takes an hour or more before the grocery cashier says it is valid? That can be a long and frustrating wait. Yet, that is how Bitcoin currently operates. Bitcoin transfers take hours which is not acceptable for daily activities such as shopping, paying for gas, dining out, etc. With TOA, transfers will only take a minute or two. A much better option is to use our TOA Mobile App to pay our partner merchants because validation will only be a couple of seconds.
- Mining. Most of you have heard about the bitcoin mining earnings, but it is no longer profitable as before. With stiff competition versus mining farms, high electricity cost, and expensive mining rigs, it would be difficult for an individual to see any profit with bitcoin mining. With TOA’s Proof of Stake, your desktop computer or laptop can already be a miner as long as you have your desktop wallet on and you have sufficient Toa Coins. POS is also better for the environment because it uses significantly less energy.