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Bitcoin and Ethereum are the two most widely known and used cryptocurrencies existing in the World Wide Web. They both rely on blockchain but have a different functionality and provide different solutions. This article has aimed at comparing the two most popular cryptocurrencies to allow investors, traders, and other people interested in the crypto market to make the correct choices.
Cryptocurrency, developed in 2009 by a person or a group known as Satoshi Nakamoto, is the very first digital currency called Bitcoin. It was designed as a peer-to-peer electronic cash system for the exchange of funds heavily decentralized by design. The Bitcoin uses a comparatively easy and reliable proof of work consensus model and refers to as “digital gold” dominating as the store of value within the crypto sphere.
For Bitcoin that is its main function, it serves as a store of value, a unit of account. It is mainly for purchase and purchase of securities and is gradually becoming popular with many traders and merchants across the world. For this reason, it has been widely accepted as an inflation hedge instrument because there are only 21 million bitcoins in the world.
Ethereum which started in 2015 by Vitalik Buterin and other is currently considered and tagged as being more than just a digital currency. The Ethereum blockchain also consists of smart contracts – automated contracts with specific conditions for their implementation. These smart contracts mean that Ethereum can be more flexible then Bitcoin, as they allow developers to construct Decentralised Applications (dApps) on the Ethereum platform.
Ether (ETH) is the digital currency associated with Ethereum and is used for paying transaction and computation fees on Ethereum. It’s still simple to understand why Ethereum has grown and continues to be adopted at a very fast speed through hosting decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), and other related blockchain applications.
Bitcoin: Mainly used as a value counterpart and a means of payment.
Ethereum: Serves as a base for decentralized applications and is suitable for hosting smart contracts, definations, Defi projects, non-urgent financial tokens.
Yet, Bitcoin and Ethereum are two of the largest cryptocurrencies but they are used for various reasons and in different capacities. Although there is only one Bitcoin that operates as a store of value and digital currency, Ethereum is the foundation for many dApps and financial solutions. Each has its strengths and positive impact on the world of crypt, and it is important for any person who decided to invest or participate in the crypto space to consider such differences.
Disclaimer: The content provided reflects the authors personal opinions and is influenced by current market conditions. Conduct thorough research before making any cryptocurrency investments. The author and the publication are not liable for any financial losses you may incur.
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