Despite Bitcoin and Ethereum both being the front-runners in the world of cryptocurrency, they are incredibly different from each other. With thousands of cryptocurrencies in existence, there are many which are remarkably similar to ETH and BTC than they are to each other!
Bitcoin is the first cryptocurrency to come into existence in 2009. The coin was created to serve as a ‘bank for the people’ by eliminating the need for government intervention, the involvement of a central bank, or any other middle man. 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.
All payments and transactions made through Bitcoin are secured using cryptography, and you can send money to anyone without reveal who you are!
Like Bitcoin, Ether is a ledger technology that companies use to build new programs. Launched in 2015, most people know Ethereum as ‘Blockchain 2.0’. For this reason, it is often called a second-generation cryptocurrency. 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 is the creation of smart contracts which 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.
ETH vs BTC: key differences
Despite doing different things, there are other key differences between Ether and Bitcoin:
- Block time. 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, rare code changes and backwards compatibility. With these features Bitcoin 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, then, the Bitcoin protocol will be adjusted. Meanwhile, Ether has no such upper bound on its capacity.
- Block limit. For Bitcoin, the block limit (the number of transactions in each block) is set at 1 MB. Meanwhile, 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 find 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.
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. However, the choice is quite simple on the platforms that offer both Bitcoin and Ethereum to have a good time. Where to find them?
BTC, ETH and Fun at 1xBit
Several online websites such as 1xBit let you enjoy numerous gambling options with BTC, ETH and 25+ other altcoins as currency options. Users can use Ethereum (ETH) or Bitcoin Cash just switching between them at any moment in their multicurrency account. Moreover, the crypto casino offers up to 7 BTC as a welcome bonus to its new users for their first four deposits. There are no withdrawal fees, so your crypto is entirely yours to take. Plus, there are a variety of games that you can play, which means there is no dull moment in the casino. VIP gamblers can enjoy an 11% cashback on their bets. The registration is very simple, as 1xBit requires no personal data so no one can violate your privacy by accessing unauthorized information about you.
Most cryptocurrency enthusiasts see Bitcoin and Ethereum as the most promising investment options when it comes to digital currency – we can clearly see their growing usability nowadays. Whether you’re a fan of Bitcoin or Ethereum there is a chance to make a real profit from both of them!