Nine Differences between Bitcoin and Ethereum
- Ethereum is faster than Bitcoin. In Bitcoin, it takes about 10 minutes to complete a transaction. In the case of Ethereum, it takes approximately 15 seconds.
- Bitcoin provides one blockchain application, through which Bitcoin is paid online, unlike Ethereum whose technology focuses on running code from any decentralized application.
- Bitcoin is a limited currency meaning that after the extraction of 21 million bitcoins in the year 2040, no new coin will be extracted from Bitcoin, unlike the ether that has no one, the supply of which is affected by the coin makers themselves.
- Bitcoin is associated with a specific amount of production, while ether has no limit to the amount of its production, and there are many prominent technical differences between the two. The most important and biggest difference between Bitcoin and ether is the purpose and efficiency of capabilities.
- Bitcoin applies the principle of smart contracts. Bitcoin imposes limits on the size of the physical block, which contains learning, including production and transmitted movements and the length of the block production period (equal to 10 minutes)
- Ether can accept any information that is incorporated into the blockchain of the Ethereum platform.
- Ether is much broader than the uses and capabilities of Bitcoin, as Ether can be used as a cryptocurrency just like Bitcoin. On the other hand, ether is linked to the decentralized Ethereum platform, which relies on smart contract technologies while Bitcoin can only be used as a cryptocurrency on the Internet.
- Bitcoin is owned by individuals who manufacture it, especially the first of them, except that the Ethereum coin is funded by collective bodies, which is something that serves the financiers and manufacturers of Ethereum in the short term (expected within 5 years).
- The availability of Ethereum is limitless and unaffected by individual use, while the Bitcoin supply is limited and influenced by currency makers themselves. Rather, Bitcoin manufacturing is supposed to end by 2140.
Related: Steps to Open a Bitcoin Account