Bitcoin vs Ethereum
Bitcoin vs ethereum is the question from those who would like to know the differences to invest in better. Here we will list goods and bad for bitcoin and ethereum cryptocurrency. We will also talk about which one to invest regarding to their nature.
Bitcoin
Bitcoin is a cryptocurrency that was announced by a anonymous software developer or group named themselves as Satoshi Nakamoto. The token bitcoin was used to reward networks provider, miners, as the value of transferred information. Bitcoin is also called Money 2.0 as an alternative to fiat currencies. The idea behind bitcoin to be secure, anonymous, reliable, open source, and more importantly decentralized unlike current banking system. As the leader of cryptocurrency world, it has a limited number of coin ever to be available, 21.000.000 btc. And its major attraction is mass adoption and security of blockchain that is supplied by miner around the world. Bitcoin uses SHA-256 algorithm for its blockchain. On October 2011, bitcoin was forked for the first time to create Litecoin. Then, on August 1, 2017, bitcoin forks again to form Bitcoin Cash, BCH.
Bitcoin has introduced a digital era of payment and named itself as the store of value that can be moved to anywhere without any other 3rd party involvement. It is most supported cryptocurrency and any wallet comes out will have bitcoin transaction support even before their own token.
Ethereum
Ethereum defines itself as the foundation for a new era of the internet. And it is launched in 2015 by Vitalik Buterin , and indeed Ethereum is the world’s leading programmable blockchain for developers. Ethereum (ETH) is a smart contract platform that enables developers to build decentralized applications (dapps). What can be done using ethereum blockchain;
- Cryptocurrency wallets
- Financial applications
- Decentralized markets
- Games ad many more
Ethereum uses ethash and offers building apps, programs, games, events, and even elections using ETH token. Even though there are many good things about ethereum coin, quantity in circulation and total number of coin is going up everyday. There is no certain number of coin that ethereum platform will release. Its founder Vitalik Buterin predicted, in 2016, circulating coin is not to pass 100M but this prediction was too low. There is a new organization which aims to keep circulating coins under 120M in order to provide economic sustainability.
Ethereum token is used in either trading on exchanges or running application on ethereum blockchain. That is why it is also called internet 3.0 among community.
There are four main ways to get Bitcoin or Ethereum.
- You can buy Bitcoin Ethereum using fiat money.
- You can sell things and let people pay you with Bitcoins.
- Bitcoin can be created using a computer.
- Or earn it for free via cryptocurrency faucets.
Investing in Bitcoin vs Ethereum
| Bitcoin | Ethereum | |
| Year | 2008 | 2015 |
| Algorithm | SHA-252 | ethash |
| Devoloper | S. Nakamoto (Unknown) | Vitalik Buterin |
| Price (March 2020) | $5600 | $120 |
| Volume/24h | 10x | 1x |
| Quantity | 21.000.000 | >100M counting |
| Blockchain | yes | yes |
| Minable | yes | yes |
| Hard Forks | LTC, BCH, BTG, BTD | Ethereum Classic (DAO fork 2016) |
| Dapp | Not yet | Yes |
| Popularity | High | High |
| POS (Proof of Stake) | NO | ETH 2.0 (Planning) |
| Halving | 3rd one in 2020 6 btc per block | Unstable – Depends on Supply and block reward |
| Wallets | Available | Available |
| Centralization | No | No |
| Usage | Payment/Reward System | Payment & Programmable |
| Buy/Sell/Trade | Yes | Yes |
Here we write about Bitcoin vs Ethereum in a short post. Please let us know if you have anything to say/ask in comments.
