Is Ethereum really better than Bitcoin?
Since the popularity of the crypto currencies, one question has become pretty common, and that is ‘What is the difference between Ethereum and BitCoin. The answer to the question is not quite simple because it is something like comparing Company A toaster to Company B car. In short, both of the terms are not similar to each other.
BitCoin is a crypto currency being used in the BlockChain environment while the Ethereum is a platform based in the BlockChain environment which is based upon something more advanced that BitCoin, i.e., the SMART Contracts. Although, Ethereum, being a platform, also a currency which is called Ether. BitCoin being currency itself does not have any sub-currency.
Thus, BitCoin gives you a currency to trade but does not define the reason for trade in the BlockChain environment. While, on the other hand, Ethereum is the first enhancement in the world of BlockChain which allows you to sign agreements and perform them on the BlockChain and then trade through ‘Ether,’ i.e., its currency.
Ethereum platform is more powerful and speedy. This is because of its nature of dealing in SMART Contracts which are understood by the BlockChain network. Although both Ethereum and BitC
oin have decentralized BlockChain based systems, still Ethereum transactions take place in seconds. While BitCoin transactions are reported to take more time because the basis of transactions, i.e. contracts is not understood by the system.
Interestingly, Ethereum platform also has its own language integrated with the BlockChain atmosphere. Its name is ‘Solidity’ through which you can create your own dAPPS or decentralized applications for various purposes.
Ethereum platform issues ‘Ether (currency)’ units and they are always available on the platform, and many people do not know that BitCoins are only available to be bought from previous buyers because the Coins are no more issued. On the other hand, Ether Coins are supplied not restricted and therefore the new recipients also get the same privileges.
Ethereum is sometimes referred to be like a powerhouse because the transactions are powered to happen on this platform or in other words the transactions are facilitated and designed on the platform but BitCoin, on the other hand, is thought to be only the medium of exchange.
One important beauty of Ethereum is that its platform won’t allow us to deal offline and therefore every deal which occurs between the parties is recorded and verified by the whole BlackChain environment. This is therefore considered to be a more reliable method of trading rather than the conventional contracts which are restricted at the discretion of two parties only without the direct involvement of the authorities.
It can be concluded that the Ethereum platform is actually the advanced form of the BlockChain based trade system and has presented to the world that the BlockChain and the decentralization of control is not meant for storing your value for future increase but the network can also be used for our daily trade activities.
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