Which is better Ethereum or Bitcoin?

Posted by Sajan Agrawal 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

Image source : pngimg.com

-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 algorithm Consensus reached by POS algorithm
Slower computational time Faster 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.

About Blockchain Simplified

Blockchain Simplified is a Top blockchain development company in Pune - India which works on all major Blockchain requirements. We specialise in Blockchain, Web and Mobile development (One Stop Shop for all technology development needs).
Our clientele includes Multiple Funded Start - Ups, SMBs and few MNCs few of which are NASDAQ and NSE listed.

Some of our work includes,

Blockchain based-

hubrisone.com - is a Live app with 100,000+ downloads, All-in-One Cryptocurrency current account. The entire development from scratch carried out by Blockchain Simplified.

All in one Platform - Complete responsibility of entire software development of the platform ,for a m funded blockchain start up, led by a team of serial entrepreneurs and tech veterans in Silicon Valley.

Well funded Blockchain startup - Blockchain Simplified helped a m funded American Blockchain startup to build the first blockchain protocol to leverage on-chain smart contracts to manage distributed storage of application data off-chain.

Multinational Bank - The company helped one of the top 3 ranking Multinational Banks to integrate various cryptocurrencies into their banking application.

and more…

Non-Blockchain-

SHC - Built entire platform and app from scratch for a m funded startup led by a team of Americans including PhD degree holders.

VMW - Developed app for a multi-national company providing mass factory-to-factory shipment services. App is being used by 53 of the Fortune 500 companies such as John Deere, Coca-Cola, Nissan.

and more…

Expertise

Blockchain Development : Bitcoin, Ethereum, Hyperledger, Corda, and more.
Mobile App Development : Android Native, iOS Native, React Native, Flutter, Xamarin.
UI/UX Design : Strategy, Planning, UI/UX Design, Wireframing, Visual Designs.
Web App Development : Node.JS, Angular, React.JS, PHP.
Backend Development : MongoDB, MySQL, AWS, Firebase.


Sajan Agrawal

About the Author

Sajan Agrawal
Joined: December 12th, 2019
Articles Posted: 19

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