We have been using both Bitcoin and Ethereum in our online activities daily. We use them to pay for goods and services, trade or hodl as a digital assets to gain profit but what are the differences between these two cryptocurrencies?
We all know to obtain Bitcoin, one needs to have a working PC and other technologies or websites to mine it. You can also obtain Bitcoins by purchasing it through dedicated websites and apps that sell it.
Ethereum Which is a Blockchain Technology is something which is not mineable. You can not mine it but can obtain Ethereum through trading or buying or via bounty as a reward.
Let me delve into the differences that will make us understand what these cryptocurrencies are.
These are the simple but major differences between Bitcoin and Ethereum;
Bitcoin was founded by Satoshi Nagatomo whiles Ethereum was founded by Vitalik Buterin.
BTC was released on January 9, 2018 through Genesis Block Mined whiles Ethereum (Eth) was released through pre-sale on July 30, 2015. Ethereum's pre-sale was $18 million in BTC.
Bitcoin is a digital currency but Ethereum is a smart contract digital currency.
Cryptocurrency used for Bitcoin is Satoshi where as Ethereums cryptocurrency use is Ether.
The algorithm for Bitcoin is SHA-256 with Ethereum being Ethash.
The block time for Bitcoin is 10 minutes, meanwhile the block time for Ethereum is 12-14 seconds.
Bitcoin is mined on ASIC miners whereas Ethereums is mined on GPUs.
Bitcoin is not scalable but Ethereum is.
Bitcoins market capitalization as of January 2017 was $18billion but Ethereums market capitalization is $1 billion.
Hope you enjoyed this little knowledge. Look forward to my next articles with one being differences between Ethereum and Ethereum Tokens.
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