Bitcoin vs Ethereum A Quick Comparison
Posted By : Mohd Adnan | 26-Sep-2017
Bitcoin and Etherum are the two cryptocurrencies that have grown in value considerably. Both of them have been rising and falling down dramatically in value to their respectable levels. Read on to know the various aspects that differentiates these blockchain-based projects from each other-
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Block Time
The average block time of Bitcoin ranges around 10 minutes, whereas its 12 seconds in case of Ethereum. So the former edges over the latter in terms of block time because the faster the block time the quicker are the confirmations.
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Monitory Supply
Over two-thirds of the total bitcoins have been mined already with the early miners enjoying the majority. On the other hand, only half of the Ethereum’s coins have been mined within fifth year of its existence. Hence, again this cryptocurrency loses here.
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Reward Value
Bitcoin’s mining reward halves within the period of four years and its current valuing is 12.5. Whereas, the rewards miners are rewarded on the basis of proof-of-work (Ethash) in case of Ethereum algorithm and each block gets 5 ethers.
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Costing of Transactions
Ethereum and Bitcoin use different methods for calculating the cost of their transactions. In case of the former cryptocurrency the transactions are valued according to their bandwidth usage, complexity and storage need. Whereas in case of Bitcoins, the transactions compete with each other and value is calculated according to the block size.
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Security Complications
Ethereum has its own internal code and can be calculated easily within short interval of time using the computing power. This is not the case with Bitcoin. However, note that having Turing-complete internal code has its own benefits but it also gives rise to complex security issues.
The Final Say
While both the cryptocurrencies have gained, enough popularity in the market but both the projects have vastly different intentions. Bitcoins are considered as a stable digital currency, which might not be the case with Ethereum as ether is a small part of its contract applications.
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About Author
Mohd Adnan
Adnan, an experienced Backend Developer, boasts a robust expertise spanning multiple technologies, prominently Java. He possesses an extensive grasp of cutting-edge technologies and boasts hands-on proficiency in Core Java, Spring Boot, Hibernate, Apache Kafka messaging queue, Redis, as well as relational databases such as MySQL and PostgreSQL. Adnan consistently delivers invaluable contributions to a variety of client projects, including Vision360 (UK) - Konfer, Bitsclan, Yogamu, Bill Barry DevOps support, enhedu.com, Noorisys, One Infinity- DevOps Setup, and more. He exhibits exceptional analytical skills alongside a creative mindset. Moreover, he possesses a fervent passion for reading books and exploring novel technologies and innovations.