If you have read the Ethereum (ETH) introductory article during the day, let's focus on the similarities and differences of ETH with Bitcoin (BTC)!
First of all, what are the similarities between the two major crypto assets of this world?
Both can be traded through online exchange platforms and can be stored in various types of crypto wallets. Not an ordinary wallet in your pocket!
Both of these tokens are not centralized. This means that ETH and BTC are not managed or held absolutely by any party including the central bank. Most importantly, both are produced through mining and use of blockchain technology.
Only, the blockchain technology used by Ethereum is far more powerful and best for innovation.
So, where is the difference?
ETHEREUM (ETH):
- Not just "Ether" currency but also used to develop and run applications.
- The currency does not have a limited amount.
- Algorithm: ethash
- The transaction duration is only a few seconds, about 12 seconds and can be done automatically or programmed!
- Allows both types of transactions, either with permission or without permission
- Using the ‘proof of stake’ security protocol
- Current market capitalization: $ 80.4 billion
BITCOIN (BTC):
- Simply a currency or asset that has the value of inflation-proof savings or as an alternative currency to replace the national currency.
- Has a limited amount, reaching a maximum of 21 million BTC.
- Algorithm: SHA-256
- The transaction duration is quite long, about 10 minutes and can only be done manually
- Only general transactions (without permission or censor proof) are performed
- Using the ‘proof of work’ security protocol
- Current market capitalization: $ 500 billion
At the time of writing, BTC is trading at $ 26,500, down 2.26% from its 24-hour high. While ETH recorded a price of $ 713, it declined from the highest price of $ 740 in 24 hours by 1.19%.
