Since the establishment of Ethereum in 2014, countless experts questioned, “Is Ethereum better than Bitcoin?” With a little bit of digging, anyone can easily understand some pretty vicious arguments on either side. We are here to guide you on one thing – it is no contest.
However, one is significantly better than the other, and you will understand which and why by the time you finish reading this blog.
What is Bitcoin?
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Bitcoin is a prominent digital payment system worldwide. It is the first cryptocurrency and also the most popular. There is no moderating authority in Bitcoin, and all transactions directly peer to peer are made on a system called a “blockchain ledger.” In addition, Bitcoin is commonly referred to as “digital gold.”
What is Ethereum?
Briefly, Ethereum is a global supercomputer developed on a blockchain. It has all of the transactional and financial specifications of bitcoin and much more. On the lid of just being a digital payment facility to transfer and store money, Ethereum is also a platform that can operate applications known as DApps (Decentralized Applications).
Is Ethereum better than Bitcoin?
The straight answer is yes, Ethereum is slightly better than bitcoin. However, there are multiple reasons why Ethereum is more significant than Bitcoin, and we will help you understand why.
First reason – Development Team
Overall, the Ethereum development community generally acknowledges each other, and they all convey a similar view of where they see the technology going.
Moreover, the founder of the technology, Vitalik Buterin, has thoughtfully proven his ability to lead the development in this direction on multiple occasions.
Comparatively, Bitcoin has no core development community. The development community constantly disagrees with each other and has, on several occasions, halved up, resulting in entirely new currencies.
See Bitcoin Cash, LiteCoin, and more. The lack of a cooperative development team will constantly be there to stagnate the accumulation of Bitcoin while Ethereum keeps on paving its way forward.
The second reason – Technical Capabilities
As we discussed earlier, Bitcoin is a digital transaction system while Ethereum is a worldwide supercomputer. A metaphor is very popular in this context: Bitcoin is a 2001 Nokia flip phone.
It is developed, for one thing, to make phone calls. Simply, it’s too good to make phone calls but not anything else. On the flip side, Ethereum is like a modern smartphone. It does not just make calls, but it also has many other features through downloadable applications.
Where Bitcoin is a transactional system, it makes transactions and can store value. Ethereum is a supercomputer designed on a blockchain -it is a transactional system like bitcoin, but it also has other capabilities.
The third reason – Transaction speed and cost
If one wants to transfer money in Bitcoin and Ethereum, the user has to pay a “gas” fee. And this fee goes for the payment of computing power for sending your currency from X to Y.
As we saw here, Bitcoin transactions cost significantly more than Ethereum transactions. Sometimes, Bitcoin is 75x more expensive to utilize.
Moreover, Ethereum is also significantly faster than Bitcoin. As we can see here, Ethereum transactions tend to be 20-40x faster than Bitcoin.
The fourth reason – Institutional Investment and Support
If a friend asks you, “Is Ethereum better than bitcoin,” then take no further than reason 4. The Ethereum Enterprise Alliance collaborates with dozens of Fortune 500 companies, investing resources into interpreting and developing Ethereum-related projects.
The Ethereum Enterprise Alliance collaborates with dozens of Fortune 500 companies investing resources into understanding and developing Ethereum-related projects.
Final Verdict
Finally, is Ethereum better than Bitcoin? Yes! Ethereum is more promising than Bitcoin. We have already given you four reasons to trust our verdict. However, you can also check things from your end.
Stockative could not be more excited for the future of this technology. We don’t just see it as an investment but also as a driver into the future. Thank you for reading.
