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Ethereum vs Bitcoin: What is the right Alternative?

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Vandana Mrigwani Follow

INDIA

Dec, 28 2020

Dec, 28 2020

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Since you will be entering the world of crypto very soon, there are few things that you need to ask yourself. Talking of which whether you know the difference between Bitcoin and Ethereum is one of them. And if you have been baffling about it, then this post can surely be of great help to you. You may think that Bitcoin and Ethereum have many common things. It can be more like a Microsoft and Apple of Crypto work. However, unlike these two software’s, they are quite different from each other especially keeping their objectives in mind. Let us explore how.


Understanding The Basics

Bitcoin:

Bitcoin was launched in the year 2009 when it was having a value of $0. But later its lowly gained good demand in the market. It is now considered to be the first blockchain technology that has been used. This is also a digital currency that focuses on fixing the issues associated with global finance which often people refer to as the bank of the people. It is also considered to be an alternative for EUR and USD. It does not take much time to complete the Bitcoin transaction.


Ethereum:

Ethereum was launched in the year 2015 and is also called blockchain 2.0. The use of the smart contracts program is done to make the transactions. Besides, it also offers smart contracts services that eliminate the requirement of the third party while it offers a better way to create smart contract apps. It also offers a programming language called solidity for creating the dApps. Ether is a currency and is quite liquid too.


Key Differences

· Their Concepts: If you consider Bitcoin, it is a digital currency. But if you consider Ethereum, it is more like a smart contract that makes both of them different from one another.

· Their aim: Bitcoin is used for strengthening the value and even sending the money to someone. You can use Ethereum for sending the money however only when there is a specific situation.

· Their Transactions: The transaction of Bitcoin looks like this: Ela sends 20BTC(Bitcoin) to Pam. While the transaction of the Ethereum is noted in this manner: Send 20ETH from Ela to Pam if the balance of Ela is 15 ETH and the date is 11.08.2020. In short, the transaction of Bitcoin is manual while those of Ethereum is automatic.

Ideally, if you have closer look, you shall see many cryptocurrencies compare a lot close to Ethereum and Bitcoin rather than they both compare themselves. The trust remains the same that both are the best exchanges and you will of course always see the difference in the price at

a significant rate. Once you may your mind about the cryptocurrency you want to choose, select the reliable wallet to avoid any confusion in the future.


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Vandana Mrigwani

CBW - External Analyst

INDIA

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