The recent rise, fall and then slow rise in the value of cryptocurrencies, have led to the increased debate on which of the two leading cryptocurrencies -Bitcoin and Ethereum- seems better. Without trying to lead you on to preferring one crypto to another, I'll love that you weigh the pros and cons and then decide.
Here, are a few differences between Bitcoin and Ethereum:
- First and foremost, Bitcoin was introduced into circulation in 2009, while Ethereum, got developed and introduced into the crpto-market in 2015.
- Generally,bitcoin is often labelled, "digital gold" owing mainly to it's "holding value". On the other hand, Ehereum is mostly opined as the "digital currency" as a result of it's "spending value".
- Bitcoin blockchain is best described as a database of accounts with specified electronic currency stored in each, while Ethereum blockchain runs on an even more sophisticated construction and it also makes use of computer codes, that can use the CPU power going into the market to execute.
- Bitcoin, as you know, is a digital powered currency that ensures;
-Transparency
-Decentralization of the creation and flow of the currency
-Anonymity
While Ethereum, is simply a massive worldwide network that incorporates blockchain technology but expands upon it way more than bitcoin does.
- Ethereum, is best mined using G.P.Us()- of which going by observtion, is readily available- while, Bitcoin, is best minedusing ASICs(Application-Specific Intergrated Circuit)- these are dedicated machines that are better at mining than regular computers.
- Bitcoin being the first cryptocurrency notwithstanding, Ethereum supportersstill see ethereum as the future of cryptocurrency. Bitcoin can be slow in carrying out changes. In addition, Ethereum is easily programmable.
- It's important to note that Ethereum, places a cost -known as gas- on every operation on the blockchain, while Bitcoin transactions costs are based on size.
- Bitcoin creates a new block every 10minutes , while Ethereum, a new b lock every 15seconds.
- Ethereum, has plans in line to move frommining altogether by changing the alogrithm from Proof-of-work(PoW) system to Proof-of-Stake(PoS). PoS, creates blocks based on th token holdings of the nodesrather than computational power. Ethereum, also plans to tackle scalability by"sharding". Sharding, breaks up the blockchain into many interconnectes sub-blockchains. Bitcoin currently has none of such plans.
These are but a few differences between the aforementioned cryptocurrencies.The judgement for which is better, I leave to you
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