Are you a fan of cryptocurrencies? Do you love to collect them, or trade them? Either way it may be, there are loads of different kinds in the world, and each one is different and unique in its own way. Speaking of that, are you more-so a fan of Ethereum, or Bitcoin? Keep on reading and understand the difference, as well as pros & cons when it comes to both of these cryptos.
Which one is better: Ethereum, or Bitcoin?
ETH stands for Ethereum, and BTC stands for Bitcoin. The second most popular currency is ETH, right after BTC. You have probably heard of both of these, right? Well, both are good and popular, which makes it hard to make up your mind and stick to just one. They are both digital currencies that are traded via online exchanges. Once done, they are placed in the e-wallet that allows you to access them in many different ways, and whenever you need either a shopping solution or if you are saving your money.
Basics about Bitcoin that you should know
Bitcoin has been around for quite some time now. In fact, it was launched in January of 2009. It was presented and showed off in a mysterious way by Satoshi Nakamoto, who is thought to be the creator of this cryptocurrency. The whole point of this crypto was that it would promise an online transaction without needing any authority. This attempt was the best & most successful one in a while, despite the fact that there were loads of previous cryptocurrencies before BTC.
In time, this virtual decentralized currency has gained popularity as well as power, and it was recognized among people worldwide. At the moment, Bitcoin’s market value accounted for close to 87% of the total cryptocurrency market.
Basics about Ethereum that you should know
ETH was launched in 2015 and is the best known and most established decentralized software platform. People love it since it allows them to use it with ease and without a third party. There is no downtime or fraud when it comes to its use. There is even its own programming language. This application is powered by its native cryptographic token, ETH.
You will enjoy using it for one of the two main purposes: for trading digital currencies, or you can run it on the Ethereum network to work with different applications. Although not as big as Bitcoin, it truly does work and has its pros!
So, what are the key differences when it comes to these two?
There are loads of different technicalities that make them stand out. Some differences are:
- Transactions on ETH can have an executable code, but data affixed to BTC is for keeping notes
- Block time is different, where an ether transaction is confirmed in seconds, but it may take several minutes for BTC to do its thing
- BTC was invented and created as a back-up national currency, ETH was intended for immutable, programmatic contracts
- Their value is quite different. ETH has a market cap of $16 billion, where BTC is at $147 billion.
These differences are just some major ones that experts love to point out. Another factor that you should think about is how easy it is to get your hands onto any of these two cryptos, and how popular are they in your country? In India, BTC was banned, which does narrow down your choice. Ask yourself the right set of questions before making your purchase.
Most asked questions when it comes to BTC and ETH
Not too sure where to begin, and you feel as if you have loads of questions? Here are some that are common when it comes to both of these cryptos.
Q1: Where to buy BTC or Ether?
A1: There are loads of different sites nowadays, such as Coinbase or Kraken. However, you can also check out Bitcoinprimeapp.com. This app allows you to do new and advanced trades in the global market. Enjoy the software that is easy, fast, reliable, as well as perfect for beginners and professionals when it comes to cryptocurrencies.
Q2: How many tokes are available?
A2: BTC has a supply cap of 21 million. This supply is around 19 million at the moment. This means that there is a new BTC generated every 10 minutes or so. This is why you can expect to see deflation with BTC. On the other hand and when it comes to ETH, there is no cap set-up for their supply. They are circulating at 96 million at the moment.
Q3: What is their main purpose?
A3: BTC is used for receiving money or for exchanging goods. Some people prefer to use this crypto as an investment of a long-term goal. If you are an investor this use might suit you a bit better, and you should think about your long-term goals. Ether is used mostly by developers that are building applications on top of it.
Q4: How to store them?
A4: Digital currencies are all stored in cold storage or through a well-known e-wallet. You should set yourself an account that will manage all of your finances.
Q5: What are the transaction fees like?
A5: They are optional when it comes to Bitcoin. You can pay the miner more money and then he will pay attention to your transactions and wishes. You will get your transaction sorted out without even paying for a free. Ethereum, on the other hand, asks for some amount of ETH before doing a transaction, which makes them quite different in this aspect.
Ready to make up your mind?
So, are you ready to start mining? Are you a fan of Bitcoin or Ethereum? As you can see both are easy and practical to use. BTC is a lot more popular, while ETH has its good days. However, make sure that you equip yourself with the needed knowledge before you begin the trading process. We hope that we’ve answered some important questions throughout this article, so let us know your thoughts and where you stand!