Firebase allows for realtime updates without having to perform http calls to check for updates, i.e. as soon as your database is updated i.e. with a new message on chat your client side will update without the need for a interval http call to check. It falls down for things where you need server side security such as masking location etc, you could combine with parse.com to get the best of both worlds i.e. all secure business logic and secure functions done in parse cloud code and use firebase to take care of realtime data syncing which parse does not offer.
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