Bitcoin Or Ethereum
Which One Is Better? An Overview
All of you must be familiar with cryptocurrencies. If not, then this article is going to be a great help to gain basic know-how about this updated form of currency and its functions. Bitcoin and Ethereum both are the shining stars of the crypto world. Both are in comparison because of several differences and similarities however both are assests based on technology. Bitcoin is symbolised as BTC and Ethereum is Ether or ETH.
Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. – Nassim Taleb
In 2017, Bitcoin’s market value was approximately 87% of the total cryptocurrency market however presently it has declined to 42% due to the emergence of other currencies.
Fiat and Cryptocurrency
As we all are familiar with fiat currency which is backed by government authority and is a legal tender however cryptocurrencies are decentralized, as cryptocurrencies don’t have a central authority, like a bank or government, to control them. They are based on blockchain technology.
Bitcoin
Bitcoin is a shield against inflation as its value is not affected by any other factor. Its values varies approximately between $30,000-$60,0000 and is one of the most valuable currencies in the market. Digital wallets store Bitcoins. Bitcoin is digital gold as it is scarce and durable like a precious metal, we can easily store and divide it.
Every informed person needs to know about Bitcoin because it might be one of the world’s most important developments. Leon Louw
Ethereum
It was conceived in 2013 by programmer Vitalik Buterin. It is next to Bitcoin in capitalization.
Ethereum is not just limited to payment systems only it encompasses a vast variety of financial and App services. It is a decentralized computing platform that builds automated financial applications to connect the global economy.
Main Differences
1. Difference In Functionality:
Bitcoin is basically for decentralized transactions, where no intermediary is required, and is digital gold. Ethereum can do more than just send or receive money and is also called digital silver.
2. Difference Of Algorithm
Bitcoin has Hashing Algorithm however Ethereum uses a cryptography algorithm.
3. Energy Requirement:
Bitcoin has proof of work consensus which needs huge energy and specialized computers for mining transactions however Ethereum works on proof of stake consensus algorithms that limit the energy usage by attributing mining power to the proportion of the token value of validators instead of having miners with specialized computers.
4. Time Taken To Process Transactions:
Another difference is of the time to add new data in the blockchain, which determines the time it takes to confirm transactions. Bitcoin takes 10 minutes however Ethereum system takes 15 seconds.
Which One Is Better
Bitcoin is a digital currency however Ethereum is a technology-based ledger to create and maintain new programs. Simultaneously they both operate on blockchain technology. Ethereum is robust and faster having an updated version to build decentralized applications. So it depends on you to choose one according to your requirement.
Conclusion
In conclusion, I would like to reiterate that both cryptocurrencies have their own scope and limitations however it is a big step forward towards a decentralized payment system. Bitcoin and Ethereum have digitized the economic world and are the leaders of the crypto universe too. In a nutshell, it’s a great innovation.
About the Creator
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