Community post
Bitcoin vs. Ethereum
Can we know who's going to be the winner ?
What factors play role in this war ?
Or maybe just time will tell ?
Below is a brief on each, and then I leave the space for you to decide.
Bitcoin
- Bitcoin has emerged as a relatively stable digital currency.
- Bitcoin has a lot of infighting over scaling vs. security.
- Bitcoin is a more proven store of value, has more proven security, has the benefit of being around longer and is more stable and reliable.
- Founder not known to date
Ethereum
- Ethereum aims to encompass more than just a digital currency, with ether just a component of its smart contract applications.
- Ethereum so far has a better community, better smart contract platform, is more focused on scaling and partnerships with industry and is better as a launching pad for ICOs.
- Ethereum may go through the same thing as bitcoin soon as transactions grow to a volume higher than the system can handle. Transactions may go unconfirmed and get backlogged.
- Founder known.
In the end, both are important but different people weigh each differently.
So now I will leave it for you to decide.
Also I would really appreciate your support in following me if interested in future posts
Please leave a comment on what you would like the next post to be about.
Best Regards,
Saifi
Replies (4)
There are some very core differences here. The key though is what Bitcoin and Ethereum stand for.
Bitcoin wants to be a currency, plain and simple. Its protocols are as Plain Jane as they should be for allowing for the transaction of funds back and forth. And for that reason it is also pretty battle tested.
However, it is certainly NOT a stable currency in the least. No true currency can have volatility like Bitcoin. Comparatively Bitcoin is a "safer" bet than the other alt coins, but that's like saying eating 50 Habenero peppers is safer and milder than eating 50 Ghost Peppers. Sure the latter is twice as hot, but does that really say anything about Habanero's potency to bust a hole straight through your gut? :)
Ethereum is a platform, not a cryptocurrency like Bitcoin. As a platform it opens developers up to so many options to build on top of it in areas that can, but are not limited to currencies exclusively. And that means that there is more breadth for Ethereum to spread its wings, which is why the valuation of it has been increasing so rapidly. With major MNCs joining the Enterprise Ethereum Alliance and so many ICOs building off of it, it won't be surprising for the Flippening to occur sooner rather than later.
With that said, because Ethereum can do so much, it is also prone to bigger bugs and possibly harder scaling issues with the blockchain being taxed like we have seen recently. Plus, there is concern whether it truly is decentralized since Vitalik really has a strong say in terms of the direction the platform takes. This is partly why Ethereum Classic exists, to truly allow it to be decentralized.
There is so much more that could be said here, but that's the gist at a high level.
Thank you for your explanation :)
Comparing coins can be hard for some to wrap their minds around the concepts.
In my opinion it apple and oranges.
BTC is store of value
ETH is a financial utility (smart contracts, fuel for automation)
Steem is defiantly Social media.
The Coins that are not cloned, not pre-mined and have a "use" will be around for a long time.
Yeah that is true, you raised valid points.