Most cryptocurrency enthusiasts see Bitcoin and Ethereum as the most promising investment options when it comes to digital currency.
However, both Bitcoin and Ethereum are incredibly different from each other. With more than 4000 cryptocurrencies in existence (as of March 2021), there are many which are remarkably similar to ETH and BTC than they are to each other!
ETH Vs BTC
Bitcoin
Let’s take a look at Bitcoin first.
Bitcoin is the first cryptocurrency to come into existence in 2009. The objective of creating Bitcoin was to serve as a ‘bank for the people’ by eliminating the need for government intervention, the involvement of a central bank, or any other middleman. Bitcoin is thought to be a ‘digital dollar’ that serves as both a store of value and lets you purchase goods and services, only without all the formal regulations that come with a standard currency backed by banking systems. There is no business, company, or government that acts as the ‘face of the Bitcoin system’. It is your money in digital form!
Bitcoin is an effective store of value, you can invest in it if you believe its price will be substantially higher months from now, and you can send it to others to pay for goods and services. All payments and transactions made through Bitcoin are secured using cryptography, and you can send money to anyone without revealing who you are!
Ethereum & Ether
Then what is Ether? Is it not a cryptocurrency like Bitcoin?
Like Bitcoin, Ether is a competing cryptocurrency that is almost equally dominant (if not more) in the cryptocurrency market. Unlike Bitcoin, Ethereum is a ledger technology that companies use to build new programs. Launched in 2015 (years after Bitcoin first entered and created the market), most people know Ethereum as ‘Blockchain 2.0’. For this reason, it is often called a second-generation cryptocurrency because it followed the initial footsteps of Bitcoin. However, what makes it different is how Ethereum is used by programmers and developers to create applications that take advantage of this blockchain platform.
The focus of Ethereum and its associated coin (Ether) is the creation of smart contracts. Much like how a vending machine eliminates the need for a shopkeeper to be physically present to allow the transaction between a customer and the service they are interested in, smart contracts do not require an intermediary. These self-executing contracts contain terms and conditions (expressed through code) of an agreement made between peers, and the corresponding transaction is triggered when these conditions are met. High-level programming languages (for example, Solidity) are used to write programs that allow the implementation of smart contracts on the Ethereum blockchain platform. So it is clear to see that the creation of Ethereum is application-oriented where it facilitates condition-based transactions. See more information about smart contracts here.
Key differences between both ETH and BTC
So are they both cryptocurrencies that do different things?
Yes, but that’s not the whole story. There are other key differences between Ether and Bitcoin:
- Block time. The block time is the time duration it takes to create a new block or file in a cryptocurrency chain. Once a block is verified, miners compete against each other to solve mathematical problems attached to a block. The block time for Ethereum is in seconds, whereas the block time for Bitcoin goes up to several minutes.
- Stability. Among all cryptocurrencies, Bitcoin is considered as the most stable one with its security and predictability. Its backwards compatibility and rare code changes within the second layer development are loyal companions of the crypto economy stability. With all the above-mentioned and Bitcoin’s growing usability, its increasing purchasing power may become even more stable.
- Coin supply. Both Bitcoin and Ether have different coin supplies. For Bitcoin, this limit is set to 21 million coins that can be mined. After all are mined, the Bitcoin protocol will need to be adjusted to allow for more. Meanwhile, Ether has no such upper bound on its capacity. It is constantly being produced, but the rate will eventually slow down.
- Block limit. The number of transactions that can fit into each block is called the block limit for a cryptocurrency blockchain. For Bitcoin, this limit is set at 1 MB. Meanwhile, the Ethereum blockchain does not have a limit because the number of transactions that are put into a block are decided by the miners within this platform’s landscape.
- Functionalities. Bitcoin’s purpose is to exclusively serve as a classic decentralized digital currency that most people will find uncomplicated and easy to understand. Meanwhile, Ethereum opens a whole new world of possibilities to write code (smart contracts) to handle practical agreements in an immutable ledger.
What’s the Verdict?
It should now be becoming clearer how it is tricky to compare these two cryptocurrencies to establish which is superior to the other. Both emerged during different decades, are powered by distinct concepts, and serve different purposes. It goes without saying that Ethereum could not have successfully emerged as a second-generation digital currency without having Bitcoin go first and lay the tracks to set up the cryptocurrency landscape. However, it is worth noting that Bitcoin is more liquid than Ethereum, whereas Ethereum has better technology that can be used in a long list of innovative ways. The bottom line is that, as the two dominating giants in the cryptocurrency realm, it is difficult to go wrong with investing in either of them.
However, the choice is quite simple on the platforms that offer both Bitcoin and Ethereum along with 25+ other cryptocurrencies to have a good time. Where to find them?
Cryptocurrency and Gambling at 1xBit
One of the most popular uses for cryptocurrency is sports betting and live games where you get to win big and double or triple your coin stash within minutes.
Several online websites such as 1xBit let you play games with live dealers that accept BTC and ETH as viable currency options. Bet on whatever you want from football to weather forecast!
Why 1xBit?
- Welcoming bonus. All newcomers can collect up to a 7 BTC welcome bonus for the first 4 deposits.
- Bet insurance & VIP cashback. Didn’t win? No problem! You can still count on the 1xBit cashback that goes up to 11% or simply insure your bet in full or in part.
- Multi-currency account. Enjoy a multi-currency account! Whether you have Ethereum (ETH) or Bitcoin Cash, you will appreciate that you can just switch between them at any moment!
- Anonymous. You do not have to input any personal information to get started on 1xBit. Enjoy 100% anonymity!
- Instant payouts. You don’t have to worry about waiting around to have your money on you. 1xBit payouts are instantaneous.
Whether you’re a fan of Bitcoin or Ethereum there is a chance to make a real profit from both of them on 1xBit!