The Major Takeaways – Ethereum vs. Bitcoin
- Bitcoin is a type of Cryptocurrency while Ethereum is a platform for trading
- Ethereum transactions are primarily like executable code, and Bitcoin transactions are mainly monetary
- The transaction process is faster on the Ethereum platform than Bitocin’s platform
- Ethereum is designed as a complement to Bitcoin, but it emerged as a competitor to Bitcoin
- Bitcoin is considered to be the store of value or a medium of exchange, but it is not possible with Ethereum
Similarities Between Ethereum and Bitcoin
Both Ethereum and Bitcoin are decentralized, and hence they don’t issue stores of value via any central authority. Both the Cryptocurrencies are created on a unique and distributed ledger blockchain that is tamper-proof.
Traders working with a reputable and well established Crypto trading platform are likely to trade both in Ether and Bitcoin. Both the concepts are quite popular as they are always singled out for use in the fiat Crypto exchanges to the segregation of smaller coins. It is extremely important to note that Cryptocurrency Bitcoin Price varies from the Ether price, and it is necessary to compare it before buying.
Differences Between Ethereum and Bitcoin
Bitcoin is the Cryptocurrency created to perform one thing well and offer traders a way to transfer value anonymously from one account to another without a central banker. However, Ethereum is created with blockchain’s basic concept more than copied Bitcoin as a digital currency. So, Ether can do many things rather than simply serve you with a platform to offer a store of value token.
Ether is also used as digital currency, but it can’t be considered the primary purpose. The platform of Ethereum is created to monetize operations of Ether Smart Contracts and dApps. Both Ether and Ethereum platforms are well received and established. But traders have started using it as Cryptocurrency outside its core function.
Bitcoin’s market cap at the beginning of 2020 was around $150 billion, while for Ether, it is about 1/10 of that size, making it around $16 billion. It is estimated that traders hold digital wallets as Bitcoin or Ether in their portfolio, around 3 million. Millions of people worldwide use Bitcoin as a digital currency, and there are over 42 million Bitcoin wallets alone in the USA. However, Ether is gradually getting popular and may stack up Bitcoin in terms of volume very soon.
Traders in the emerging market often overlook these statistics, and hence they are likely to inflate the numbers quickly. Many traders are still focused on Bitcoin. But, they must now focus more on Ether after considering the Ethereum Price Live Chart available for free on the platform.
Ethereum is the flexible platform that gives the traders with the option to hold their Bitcoin on it rather than holding it on Bitcoin Blockchain. It is called as tokenized Bitcoin. Ether can’t be held on Bitcoin Blockchain. Bitcoin is very popular today and accepted as a cash replacement in many nations. There are Bitcoin search engines where you will find products and services to buy using Bitcoin. So, before investing in Bitcoin or Ether, visit the website to check the live price chart online to make a wise decision.