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Cryptocurrency, Mining and Trading

What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

 

What is Ethereum?

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.

These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.

 

Ether vs. Bitcoin: Main differences

Ether was not created to replace currencies: While Bitcoin was conceived as a form of alternative payment, the Ether currency was initially created to serve the users of the platform, as an Ethereum wallet to use with the apps they develop.

Ether’s supply is infinite: While the supply of Bitcoin is finite (scheduled to cease in the year 2140), Ether has no top limit, and currency supply is driven by its creators and miners.

Bitcoin is slower: A Bitcoin transaction takes some 10 minutes to complete, and Ether transactions are processed within approx. 15 seconds, contributing to its liquidity and volatility.

Ownership: While almost all of the Bitcoin in existence was mined by early adopters, Ether’s launch was crowdfunded, meaning most of the currency is owned by people who purchased it. It is predicted that the balance will shift in favor of the Ethereum miners within five years.