Bitcoin Vs Ethereum
Presently, most view Bitcoin and Ethereum as similar to each other, when in fact they are very different. They do share some similarities such as they are both distributed on a public blockchain network, but they do differ in capability and purpose.
The purpose of Bitcoin is to offer a peer-to-peer electronic cash payment system, which makes it one of the best cryptocurrency service providers.
Benefits of Bitcoin
The developers made it convenient to use bitcoin since the transactions are discrete and there is no tax applicable on the transactions. You do not have to worry about third party interruptions, and users have greater freedoms than using national currencies when making transactions.
Users also get very low transaction fees compared to the fees payable on the standard wire transfers and exchange costs for foreign purchases using national currencies. You can make bitcoin transactions from a mobile device; given you have an internet connection.
Disadvantages of Using Bitcoins
One of the biggest drawbacks is the fact that only a few merchants recognize Bitcoin as an acceptable mode of payment. This is stemming from the fact that the transactions can take longer before they find the destination block chain and are untraceable. You store bitcoins in e-wallets, and you can lose them all if a virus infects your hard drive or crushes. Bitcoin scaling is another major issue for long-term clients and since its infrastructure has not seen any significant improvements, and it could lead to a crush once more people adopts it as a convenient payment method.
Its anonymity proved to be a disadvantage in the recent WannaCrypt ransomware attack on systems in over 150 countries, and there is no way to trace who was responsible.
This is an open software based on the blockchain technology that allows developers to build as well as to deploy any of their decentralized applications. On this block chain, miners work to earn Ether. App developers also use Ether to pay for transaction fees, products, and service on the Ethereum network.
Benefits of Ethereum
Some corporates have backed it, and this increased user confidence, leading to the skyrocketing of its cryptocurrency. It also has a roadmap for the next five years, and this shows investors and users that this platform can give value for their money now and in the future.
Disadvantages of Ethereum
The roadmap suggests to a significant upgrade from the current proof of work platform to a proof of stake platform, and this can be a chance for rogue hackers to attack the block chain. There also lack enough documentation to help individuals become Ethereum developers and the information found online is not up to date.
Cryptocurrency analysts foresee a day when Ethereum become bigger than bitcoin. It is already giving bitcoin a run for its money. You can be able to host a crowdfunding campaign on the Ethereum platform through simple and complex contract features.
As the world continues to see an increase in demand for virtual products such as apps, systems, programs, et al. Ethereum will pave the way for developer, sellers, and buyers to make safe and easy transactions.