Bitcoin and Ethereum are the two most sought-after cryptocurrencies in the world and dominates the market with its unbelievable swings.
The value of other cryptos generally move in tandem with BTC and ETH’s rise and fall. The two coins are the most traded in the market.
BTC launched on January 3, 2009 and ETH hit the market six and a half years later on July 30, 2015.
What Is Bitcoin?
The purpose of Bitcoin was to establish itself as a valuable alternate to the traditional fiat currency. It succeeded in its goal. It has become the top decentralized currency in the market.
Bitcoin is primarily a store of value. It is a medium of exchange. The high volatility it produces makes or breaks an investor but mostly takes them on a ride of financial fortunes.
What is Ethereum?
Ethereum, launched by Vitalik Buterin is a global computing platform powered by its native cryptocurrency. The demand for computing power from other cryptos increased and in return Ethereum provided them with a platform to run on.
Ethereum’s unique programming language creates smart contracts that are deployed on the blockchain. Developers build their apps and programs on this decentralized platform.
Similarities Between Bitcoin & Ethereum
Bitcoin and Ethereum are decentralized products and are not controlled by the government or other central agencies. They are independent from all authority and are built with tamper-proof technology. It thus safeguards its users from scams.
It is practically impossible to hack Bitcoin and Ethereum as an attempt would cost billions of dollars and a large coordination. A decentralized network of individuals control these blockchains.
Bitcoin and Ethereum pay the miners to validate data stored on the blockchain. The miners can spot those attempting to pull off a scam and can quickly expel them from the network.
Differences Between Bitcoin & Ethereum
Bitcoin was launched to transfer value from one to another without the interference of the Government or the Central Bank.
Moreover, Ethereum is built to allow limitless functioning through smart contracts. It thus serves as a store of value.
BTC and ETH don’t compete with each other and provide users with different functionalities and establishes itself as an alternative monetary system.
Bitcoin or Ethereum – Which one is Better?
There can be no comparison with Bitcoin and Ethereum as the two are main power-houses in the crypto market.
Both BTC and ETH have different ideas and solve different problems adding value to its users.
Both of these cryptos run on the blockchain technology and safeguards users from a hack. BTC and ETH have equally gained mainstream acceptance.
In conclusion, both Bitcoin and Ethereum are a good investment and a comparison between the two will prove to be futile.