Bitcoin vs Ethereum- What’s the Difference?

Many people often highlight it as Bitcoin vs. Ethereum. However, it is originally bitcoin and Ethereum. If you go deeper, you find out that bitcoin is the best digital gold, but Ethereum is an open-source and distributed computing platform.

These cryptos are secured by the decentralized group of people called miners who are paid to do their job in securing the network.

For new investors, it’s important to know that decentralization is the primary principle associated with blockchain technologies. It makes bitcoin a prioritized source over a digital dollar, which is mainly under control by the U.S. government.

However, you don’t need to understand the complex concepts of decentralization. If you are planning to buy bitcoin in Istanbul, then learning the difference between bitcoin and Ethereum is good enough to understand what makes them different, special, and highly valuable.

What is Bitcoin?

An enigmatic and mystifying personality Satoshi Nakamoto proposed a concept laid out in a white paper in 2009. The idea was based on a peer-to-peer electronic cash system. He proposed that this system will operate securely and smoothly without the involvement of any central government or authorities.

And after detailed research and analysis, the idea of bitcoin or other cryptocurrencies evolved.

Though it wasn’t the first time when someone proposed an idea about making decentralized digital money. But yes, it was probably the first time when the idea turned into reality. After that, the value of other cryptos moved in tandem with Bitcoin which is still the most traded crypto than others in Istanbul and other parts of the world.

The primary objective of Bitcoin was to maintain its position as a viable alternative to fiat currencies.

What is Ethereum?

Ethereum is also one of the widely used cryptos in Istanbul. It's a global computing platform that is mainly powered by the native cryptocurrency called Ether (ETH).

This cryptocurrency was first developed in 2015 by Vitalik Buterin. He invented the solution as an upgrade so he can manage the weaknesses and flaws in Bitcoin.

And surprisingly, its constant use offered a lot of wonderful opportunities to developers for making new apps. So eventually it has now become a separate as well as a very competitive entity. Ethereum is also considered the most actively developed blockchain technology existing in the world.

What are the similarities between Ethereum and Bitcoin?

You will find a lot of similar elements when compare bitcoin and ether.

Both of these are decentralized products. These are not controlled by any central authority. Ether and bitcoin are built by distributed ledgers called a blockchain, and they are also extremely tamper-proof.

Blockchain technologies are primarily controlled by a decentralized group of people who are responsible to take good care of the network and do not allow any disturbances or problems. The miners are paid well to validate all the information stored on these blockchain technologies.

What are the differences between Ethereum and Bitcoin?

Bitcoin was created to manage one thing most efficiently- providing a solution to people so they can anonymously transfer money without the involvement of any central authority.

However, Ethereum was created as a simple and general blockchain technology that is open to performing unlimited functions using smart contracts. Eventually, Ethereum can do a lot of things more effectively rather than only serving its value as digital money.

Ether is also a powerful digital currency, however, it’s not the entire purpose of ether. The platform was developed to monetize Ether smart contract operations and dApps.

There is no comparison between Ethereum and Bitcoin

In the end, we must conclude that Ethereum and Bitcoin are fundamentally different technologies and there is no such comparison between the two.

Bitcoin has a lot of value as digital cash while Ethereum is a decentralized solution that is responsible to host decentralized apps.

Ether is basically a currency as well as a programmable value responsible to run Ethereum. However, the backends of Ethereum and Bitcoin are probably not much different. Both of the technologies are running on blockchain technology to secure the network.

So, if you are an investor and thinking about the ways to buy bitcoin in Istanbul, make sure you know all the elements about bitcoin and ether so you can decide what’s the better option.