Cryptocurrency is highly in trend nowadays, but when we hear the term digital currency, bitcoin is the first name that comes into our minds. But there are several other cryptocurrencies that have been launched in the market and are doing pretty well. One of such cryptocurrencies is Ethereum. If you want to make quick profits, you must use the bitcoins-era.io. Ethereum and Bitcoin are quite similar as well as different at the same time. You can read below to know some of their differences and similarities.
Let’s compare both
Before you choose between Bitcoin and Ethereum, you need to learn about them so that you can make the right decision. There are several features that make them different, which is why it is important to compare Ethereum and bitcoin. Bitcoin was created in January 2009, whereas Ethereum was introduced to the world for the first time in July 2015. Both of them are based on blockchain technology. Blockchain is a public ledger that records all the transactions and keeps them safe. Transactions are put into groups termed blocks and are added to the blockchain. It is kept public to minimize the risk of duplicate transactions or any kind of fraud. Both of these cryptocurrencies are based on the blockchain, but the uses and applications are different.
The traditional payment system is quite slow, expensive, and inefficient. So, there was a need for a better payment system which is why Bitcoin was designed. It provided a decentralized payment method to the users, which allows them to make transactions at minimum cost and effort. Bitcoin is based on C++ programming, which makes its transactions highly encrypted and offers maximum safety to the users. There is no institution that controls or manages bitcoins, so new bitcoins are created and issued through bitcoin mining.
Ethereum is way more than being a payment method as it is a complete platform that offers a wide range of features to the users. You can run smart contracts and develop applications on this platform. The best part about running apps on Ethereum is that there is no risk of fraud, downtime, censorship, etc. It is a decentralized platform designed to make it easier to program a wide range of smart contracts, and it is developed using seven different programming languages. It makes it a lot different than bitcoin as it is written using only the C++ language. The cryptocurrency used by Ethereum is Ethe, and when it was launched, the platform was able to raise over $18 million by selling 60 million ether. An Ethereum transaction takes around 14 seconds to get completed, whereas Bitcoin transactions take over 10 minutes to get approved. So, if we talk about speed, Ethereum is better than bitcoin, but the latter offers better security to the users.
Future scope of bitcoin and Ethereum
The future of bitcoin is quite bright as it is already the most popular cryptocurrency, and it is expected that it will start to get accepted more widely in the next few years. The popularity of bitcoin is increasing at a rapid pace, and it will not be a surprise if it replaces fiat currencies in the future. Bitcoins are accepted by a massive number of businesses and online stores all over the world, which makes it easier for users to spend them. So, if you use bitcoins, you can make smoother and quicker transactions at minimum cost. Moreover, it is also receiving support from a government institution, which makes it more beneficial for the users.
What about Ethereum?
If we talk about the future of Ethereum, it highly depends on its technology and its application. Microsoft chose Ethereum over bitcoin, which made the technology reach a wider audience. It has also boosted the popularity of Ethereum, which will help in its further development in the future. Almost everyone is using the internet nowadays, and Ethereum allows them to connect and interact through smart contracts. If we talk about the technology, Ethereum is technically better than bitcoin, but it is of no use until people identify and start using it. It has several applications in the financial industry, but it takes someone who can use the technology offered by Ethereum and make the best use of it.