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Which is better Ethereum or Bitcoin?

Posted by SajanAgrawal on January 2nd, 2020

Which is better Ethereum or Bitcoin

Image source : techstartups.com

Now that we have a fair idea about what is blockchain technology, types of blockchain ledgers,crypto-wallets,different types of blockchain platform like Ethereum, let us dig deeper and explore the first popular cryptocurrency Bitcoin. We will understand the difference between the two and identify which is better Bitcoin or Ethereum?

Ethereum or Bitcoin which is better? is the question doing the rounds in industry verticals for years now, yet there is no specific answer to it. Although there have been numerous comparisons between the two, the purpose with which both of them were invented are altogether different. This article will assist you in comprehending the dissimilarities between them and help make you an informed decision of which is better Ethereum or Bitcoin, for your project.

Which is better Ethereum or Bitcoin?

Before studying the differences to know Ethereum or Bitcoin which is better?, lets take a look at both of them seperately.

1.Bitcoin

Which is better Ethereum or Bitcoin - Bitcoin

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-Bitcoin is a cryptocurrency, which simply means money stored in digital form.

-Bitcoin is based on blockchain technology and was developed with the sole intention of enabling bitcoin users from different parts of the world to trade bitcoins instantaneously on a secure network.

-Bitcoin blockchain is a public, decentralized, peer-to-peer blockchain ledger.

-It is open to all and any users who wish to trade bitcoins, can participate in the network, regardless of their identity.

-The public blockchain ensures that every transaction is approved and verified by every user and only then places the block on the blockchain.

-It works on the Proof of Work (POW) algorithm, where a user, who manages to solve a cryptographic puzzle in less computational time, is given the mining reward.

-Data once stored on the block cannot be altered or modified, thus protecting it from manipulations and tampering.

2.Ethereum

Which is better Ethereum or Bitcoin - Ethereum

Image source : medium.com

-Ethereum is also a publicly available blockchain platform, which can be accessed by any user.

-Ethereum serves two purposes: a) It allows the trading of cryptocurrencies between network users from around the world. Ether is Ethereum’s native cryptocurrency.
b) It is additionally intended to execute codes, called smart contracts, of different decentralized applications (DApps), hosted on the platform.

-Multiple DApps, irrespective of the programming language they are created in, can be executed on Ethereum.

-Smart contracts are pre-conditioned, self-triggered programs of code, that help execute the DApps on the Ethereum network.

-The Ethereum Virtual Machine (EVM) enables the processing and execution of DApps on the Ethereum platform.

Which is better Ethereum or Bitcoin?

BitcoinEthereum
It is the first cryptocurrency created and enables the exchange of bitcoins between multiple users.It is not a cryptocurrency, but a blockchain platform, which facilitates trading of Ether.
Created with the objective of only allowing trading of bitcoins.Created with the further motive of executing decentralized applications on the platform.
Consensus reached by POW algorithmConsensus reached by POS algorithm
Slower computational timeFaster computational time

Bitcoin has been in the market for a longer timeframe and thus has consistently topped the list with respect to being the most stable cryptocurrency. However, its functionality is limited only to trading cryptocurrencies, since it was created with this only motive.

On the other hand, Ethereum is a more robust and advanced ledger technology that not only enables cryptocurrency exchange but also allows you to build complex applications and execute them, which was the very basis of its creation.

To conclude, in this battle of Which is better Ethereum or Bitcoin - Ethereum, undoubtedly emerges the winner, but bear in mind that it was not created to compete with Bitcoin, but as an improvement to the Blockchain theory.

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Also See: Better Ethereum, Blockchain Simplified, Smart Contracts, M Funded, Platform, Ethereum, Development

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