Bitcoin vs. Ethereum 2019 Review: Two Generation of Cryptocurrency

However, even today, there are two most talked coins that represent the first and second generation of crypto-bitcoin (BTC) and ethereum (ETH). We have more than 2,000 digital currencies. They are all struggling to attract attention, develop their technique slightly better and faster than the opposition, and establish dominance in the crypto market. It both is not actually rivals, because they do not aim to do the same thing. Bitcoin is still the number one digital currency, which took place after 10 years. Ethereum is less than four years old, but seeing a cryptocurrency and blockchain in its form there is a big difference in its presence. However, one of the biggest questions regarding these two coins still remains: Which is better? Let's compare and find them.  Bitcoin (BTC) We actually compare two; let's look at each coin individually. For example, Bitcoin represents a distributed P2P digital currency whose purpose is to provide immediate and secure payment to its holders anywhere in the world. It was introduced by an unknown person or group, which is known only by alias Satoshi Nakamoto. In this white paper, Bitcoin was described as P2P electronic cash system based on blockchain technology. This Nakamoto published the white paper of Bitcoin on October 31, 2008, and has described it as a way for people to withdraw power, which is misusing the bank and other financial institutions. This Blockchain technology represents a public account holder who records all the transactions executed and prevents data manipulation. This makes an excellent way of tracking history of the transaction, but there are many other usage cases, which will be discussed later. Blockchains, as the name suggests, contain blocks, which are basically groups of transactions that come together, and are verified by bitcoin miners. Miners get reward in the form of new BTC coins for "Resolve" blocks, thus the system can work without any form of central authority. Ethereum This Ethereum is the representative of the second generation of cryptocurrency, and for years, it was the second largest coin by market cap. It recently lost that rank, but many people believe that it will eventually take it back. The launch of this Altcoin represents Blockchain and Crypto, a major turning point in the world, because it introduces additional use cases for blockchain technology. Due to its nature, it can prevent things like fraud, censorship or downtime. It is also resistant to third party interference, and therefore, the possibility of the next generation of the Internet was born. This is also the biggest difference between bitcoin and Ethereum. While bitcoin is a cryptocurrency which is a form of online cash used to pay, Ethereum is a platform, which uses its own coin, ether. Until it ETH happened, blockchains only purpose was to support cryptocurrency. However, Ethereum stated that their technique can be used in many different ways, such as decentralized applications, smart contracts and evenly. It was just a beginning, however, now developers have realized that there are new ways to use blockchain. Bitcoin vs. Ethereum As we have already seen, it is difficult to keep these differences in mind without any difference. These are considered cryptocurrency, despite the fact that the Ethereum is just a cryptocurrency other than being larger. This is another big difference between the two, just as mining works for them. As mentioned above, the blockchain technology is at the core of these two projects. However, the difference lies in their consensus algorithm, because they use differently. Bitcoin uses a POW algorithm, where the rewards of the miners are based on the amount of computing power used to solve the block. The more computing power provided is a big reward, but there is also high resource consumption, which leads to large bills. Another difference to mention this is the speed of both. It cans double the amount of transactions per second compared to Ethereum bitcoin, but it also makes it very fast. This Ethereum separates things, and it uses POS algorithms. Here, the probability of verifying the block is not dependent on the user's computer power, but depends on the size of the share they hold. In other words, it all depends on how many ETH coins you have. They do not get block rewards, but instead, they get the network fee in the form of their reward, and this reward is called gas. Due to the bear market continuously, both the coins suffered heavy losses in 2018, and ETH had lost its position as the second largest coin by the market cap a few days ago. However, none of these coins are dead, and they are hoping to return to some point in the near future. However, Bitcoin started the 2017 with a value of $ 9007, which means that it managed to grow 20 x by the end of the year. However, the ETH started at only $ 10, which meant that there was an increase of 140 x. When it comes to their prices, there is a huge difference too. Bitcoin's all-time high per coin was more than $ 20,000, while ETH's highest price was $ 1,400. Both of these prices were delivered at the end of 2017. Bitcoin vs. ethereum findings However, it should be noted that bitcoin has grown in size of 10 years, while only 3 in the ETH. It is possible that both coins will be replaced by small, more advanced currencies at some points. However, for now, bitcoin and Ethereum are one of the biggest and most popular coins in space. And all obviously, both are very different to directly compare, and they cannot even be considered rivals. They have different goals in their minds, and they serve different purposes. In a way, both of them are number one, only big in terms of bitcoin value and market cap.