You’ve probably asked the question: «Why there are so many cryptocurrencies? And what should I choose?»
There are two the most famous and valuable cryptocurrencies: Bitcoin and Ethereum. But what the benefits and advantages each of them? Why one of them is considered better than other? And why Bitcoin is “heavier” than Ethereum?
Let’s figure it out!
When you look at Ethereum and Bitcoin, you can see that their goals are largely different. As well as their organization, transaction speed and fee, coin supply, etc.
Bitcoin:
◆ Launched in 2009, Bitcoin was the first cryptocurrency and the first use of blockchain technology
◆ Bitcoin is a digital currency
◆ It aims to fix the problems in global finance, often referred to as the “bank of the people”
◆ Bitcoin does not require a third party, such as PayPal or a bank
◆ Created as an alternative to regular/fiat currencies (i.e. USD, EUR, JPY etc.)
◆ Used for manual transactions, like purchasing goods/services or receiving money
◆ It is highly liquid (its trading volume is $8.9m in the last 24 hours), which means you can easily convert Bitcoin into cash
◆ It takes minutes to complete Bitcoin transactions
Ethereum:
◆ Launched in 2015, Ethereum’s blockchain widely known synonym is “Blockchain 2.0”
◆ Smart contracts program the transactions
◆ Its’ smart contracts eliminate the need for third parties in many systems, not just financial systems
◆ It provides a platform to build smart-contract apps (known as dApps)
◆ Ether is its currency; it powers transactions on the Ethereum
◆ Ethereum’s transactions take seconds to complete
Actually, summarizing the information, we could say that Bitcoin is primarily “digital money”, while Ethereum is a “Smart contract”.
Firstly, talking about their coin supply, we could say that the currencies are not limited. Bitcoin is limited to 21,000,000 coins. On the other side, the total number of Ethereum will not reach more than 100,000,000 ETH in the “foreseeable future”.
They also show differences in the speed of transaction. It would take a minute to make a transaction on Bitcoin network. But it would take only a second on the Ethereum network. It happens because Bitcoin’s transactions are rather manual and Ethereum’s transaction are automatic. Besides that, Ethereum’s transaction fees are cheaper than Bitcoin’s transaction fees.
Purpose of Bitcoin: “A new currency created to compete against the gold standard and fiat currencies.”
Purpose of Ethereum: “A token capable of facilitating Smart Contracts (For example: a lawyer’s contract, an exchange of ownership of property, and voting)”
It’s a quite controversial issue. Bitcoin has a lower coin supply and is more liquid than Ethereum, but Ethereum has better technology and provides more uses than Bitcoin does.
As you can see, our AIDUS project is based on Ethereum-network. We made our choice for the benefits of Smart-contract.
We supplied you the main information about Bitcoin and Ethereum’s benefits, so it ups to you what to choose!
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Further information you can find through AIDUS websites:
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