There are almost 1000 kinds of cryptocurrencies all over the world.
2 of most popular cryptocurrencies are: Bitcoin and Ethereum each one of these 2 cryptocurrencies has its particular functions and targets.
Since they are getting more and more popular among a majority of people and, they are being used for: making purchases, online gambling, charity dominates, buying and selling products and services… there are some important factors which they need to have or improve in order not to eliminate in this competition.
The most important factors are:
1. Privacy and security
2.Speed of the transaction
3.Cost of using and earning
We will compare the concepts and functions of Bitcoin and Ethereum then, consider above-mentioned aspects of these …show more content…
Miners should Prepare these kind of computer facilities and spend a lot of time and electricity on mining.
While the number of miners and blocks is growing, the amount of time and money that should be spent, are also increasing, and the amount of reward is declining. Moreover, there is risk that the value of bitcoine comes down. They are the reasons that make bitcoin mining a time and money consuming process for some people.
Ethereum
Ethereum is a platform, Ethereum blockchain targets are more than just allowing users to do decentralized transactions, the Ethereum main focus is to eliminate internet third parties (Internet Big company servers that keep their user's data. Such as: Google, Facebook, and …) that means it is decentralized internet and payment system.
Ethereum platform uses smart contracts to achieve this goal.
Smart contracts are programs and application which are running and using without controlling by third parties.
The currency of Ethereum is ether which is introduced as a fuel to run applications on this platform.
How to earn Ether
1.Buying …show more content…
so, more people can join and start mining.
Conclusion
Consequently, the main difference between Bitcoin and Ethereum is their main purpose and function, Bitcoin is following the decentralized payment aim, while the Ethereum main goal is not only the decentralized payment system but also the decentralized internet.
In addition, the speed of transaction in the Ethereum blockchain is faster than Bitcoin blockchain, also after introducing the proof of stake in the Ethereum mining process, this speed will be even higher which will be led to more safety in the system. Moreover, the proof of stake will encourage more people to be concerned about mining, because it does not need to expend a lot of money, energy and time, they are the reasons that may cause a huge rise in Ethereum price, so it seems that Bitcoin needs to offer more and better factors in order not to fail in this
2 of most popular cryptocurrencies are: Bitcoin and Ethereum each one of these 2 cryptocurrencies has its particular functions and targets.
Since they are getting more and more popular among a majority of people and, they are being used for: making purchases, online gambling, charity dominates, buying and selling products and services… there are some important factors which they need to have or improve in order not to eliminate in this competition.
The most important factors are:
1. Privacy and security
2.Speed of the transaction
3.Cost of using and earning
We will compare the concepts and functions of Bitcoin and Ethereum then, consider above-mentioned aspects of these …show more content…
Miners should Prepare these kind of computer facilities and spend a lot of time and electricity on mining.
While the number of miners and blocks is growing, the amount of time and money that should be spent, are also increasing, and the amount of reward is declining. Moreover, there is risk that the value of bitcoine comes down. They are the reasons that make bitcoin mining a time and money consuming process for some people.
Ethereum
Ethereum is a platform, Ethereum blockchain targets are more than just allowing users to do decentralized transactions, the Ethereum main focus is to eliminate internet third parties (Internet Big company servers that keep their user's data. Such as: Google, Facebook, and …) that means it is decentralized internet and payment system.
Ethereum platform uses smart contracts to achieve this goal.
Smart contracts are programs and application which are running and using without controlling by third parties.
The currency of Ethereum is ether which is introduced as a fuel to run applications on this platform.
How to earn Ether
1.Buying …show more content…
so, more people can join and start mining.
Conclusion
Consequently, the main difference between Bitcoin and Ethereum is their main purpose and function, Bitcoin is following the decentralized payment aim, while the Ethereum main goal is not only the decentralized payment system but also the decentralized internet.
In addition, the speed of transaction in the Ethereum blockchain is faster than Bitcoin blockchain, also after introducing the proof of stake in the Ethereum mining process, this speed will be even higher which will be led to more safety in the system. Moreover, the proof of stake will encourage more people to be concerned about mining, because it does not need to expend a lot of money, energy and time, they are the reasons that may cause a huge rise in Ethereum price, so it seems that Bitcoin needs to offer more and better factors in order not to fail in this