If you’re new to the world of cryptocurrency, you may have heard about bitcoin and etherium, but not know how they are different. Bitcoin and eth are both cryptocurrencies that can be traded for goods or services. So what’s the difference between them? To answer this question, we need to look at their history first!
Bitcoin was developed in 2009 by a person or group using the name Satoshi Nakamoto. It was released as an open-source project with no one controlling it other than its users. A few years later, Ethereum emerged on the scene as a more advanced version of bitcoin with some significant differences:
– Ethereum has a more complex programming language than bitcoin, which allows for the creation of many different types of contracts.
– Bitcoin is meant to be used as a currency; etherium was developed as an alternative to bitcoin when it became clear that people wanted more than just money from their transactions. Ether can also be invested in and traded through the as a commodity.
– Bitcoin is priced at $39,087 as of this writing; etherium’s price ranges between $14 and $17 per unit, making it the more expensive option.
Bitcoin vs Ethereum: What You Need to Know!
Ethereum has emerged on the scene as an alternative to bitcoin with some significant changes and advancements…
Who founded Etherium?
Ethereum was founded by Vitalik Buterin, who is a Russian-Canadian programmer and writer primarily known for creating Ethereum.
What is the major difference between bitcoin and etherium?
Bitcoin has been in use since 2009 as “a decentralized peer-to-peer electronic cash system” with an open source protocol that allows users to make transactions without any fees being charged… Etherum functions similarly to bitcoin but offers more complex programming language which gives developers the ability to create a variety of contracts beyond simply currency. The price of one ETH ranges from $14-$17; Bitcoin currently costs around $39,000 per coin making it far more expensive option than Etherum.
What are some pro’s/con’s of etherium versus bitcoin?
Some benefits of Etherium are:
– the ability to create other contracts beyond currency (ie. if you sell a car, then etherum can be used for escrow)
– transactions take less time than bitcoin (~14 seconds vs ~40 minutes) and Ethereum doesn’t require any fees at all… Some cons of Etherium are that it’s not as widely accepted or traded yet; many people think Bitcoin is easier to understand because it functions more like our traditional currencies.
Another difference between bitcoin and eth is what they’re actually made of. Mining bitcoins requires expensive mining rigs which consume an immense amount energy, whereas mining Ethereum only needs regular computers running the network software in order to obtain coins–this makes them much cheaper on average per coin mined.
The benefit of Bitcoin are that it’s more widely accepted and traded.
The cons for Bitcoin is that transactions take longer than Etherium (~40 minutes vs ~14 seconds) and it requires fees in order to use. The con for Ethereum is that not as many people accept or trade them yet; they also think bitcoin might be easier because like traditional currencies, it functions much differently from etherum–despite eth being an entirely digital currency.
-I personally don’t really see too big of a difference between the two so far but one thing I would say about both cryptocurrencies is that they definitely seem here for the long run.