Ethereum vs Bitcoin

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Ethereum vs Bitcoin

Technology is changing the world in a lot of ways, which includes how money and assets can be stored. One of the most interesting ways to store wealth is through cryptocurrencies, while Bitcoin is undoubtedly at the top, other cryptocurrencies such as Ethereum offer the same or even better funcionality.

Cryptocurrency?

Cryptocurrency is one of the forms of currency apart from the money that can be used through technology. Bitcoin is one of the widely known kinds of cryptocurrency followed by ethereum. One can transact using cryptocurrency instantly, and at any time provided they have the currency in their accounts. A lot of people are venturing into this field as it has proved to be profitable. Also, since the world is changing, people need to change with it too.

Ethereum is just like bitcoin only that it is of a different kind. The main point to have in mind is they are both types of cryptocurrencies. Most people prefer ethereum as ether in short and is written as (ETH). Ethereum can be generated by an etheruem miner, and it is done online through the ethereum platform. The etheruem platform was launched in 2015, and it is used specifically for its currency. The best thing about using ether is that it is very open, which deters any fraudulent dealings. Its nature makes it hard for any third party to interfere with it.

Let’s compare them

Bitcoin and Ethereum have a lot of similarities and differences. Although it should be noted that they are different platforms but with the same purpose. Some of the similarities are as follows. The two currencies operate under the same basic principles that deal with cryptography and ledgers. The two types of currencies are digital currencies meaning that they can be used mostly through technology or digitally. Ethereum was created or invented to act as a complementary currency to bitcoin. Most people think that it was developed to compete with bitcoin. The logic behind etheruem supports the existence of bitcoin currency.

Many differences crop up when the two currencies bitcoin and ether are analyzed thoroughly. Bitcoin was created mainly to be a monetary platform, which is not the case when it comes to ethereum. Ethereum was created primarily to act as a platform whereby monetization would be decentralized through an application known as (dapp). Bitcoin was created as a medium of exchange that would be independent of forces like governments and so much more. On the other hand, for Ethereum is was designed to enhance contracts that are programmatic and immutable. Another difference is that ethereum as a network has codes that can be executed while the ones found on the bitcoin network is used purposely for note-taking.

The Verdict

Cryptocurrency has taken the world by storm, and some of the currencies or networks used are like bitcoin and ethereum. Bitcoin was created first, then the creation of ethereum followed later. The two coins are similar in some ways but have a lot of differences too. One of the most significant differences that people need to understand is that ethereum was created to support or complement bitcoin. The two currencies are substantial when one needs to transact anything digitally.

So in conclusion, there is no better or worse, Bitcoin and Ethereum can work together and should compliment each other. It’s up to you to decide to support one of them or both, in any case, helping cryptocurrencies to become a part of our everyday lives is the main goal that all traders or holders aspire to.

 

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