While you may think that Bitcoin and Ethereum are exactly the same because they are both cryptocurrencies, you couldn’t be more wrong! While they are both cryptocurrencies, they are entirely different and even have different base values, so becoming aware of the differences is entirely in your best interest. While Bitcoin is the most popular at this current time, Ether is making its way up the chain very, very quickly and is a force to be reckoned with.
While they are different, they do become the same in some certain ways such as the fact that they are both digital currencies that are traded and used for transactions and that they are stored in wallets. They are also similar in the way that they are both decentralized which essentially means that they are not run by a government or financial institutions. However, while they may seem fairly similar to the untrained eyes, they actually differ a lot and we will show you exactly why they are entirely different.
Back in 2009, Bitcoin was released to the public for the first time and since then has seen a big battle of its own to get to where it is now. It was released by an anonymous entity that went by the name Satoshi Nakamoto whose identity is still a secret to this very day. Bitcoins also aren’t physical coins, instead, they are stored within a wallet and are entirely a digital currency.
Other currencies of this type came far before Bitcoin; however, Bitcoin was the very first to achieve success to this extent and continue to succeed. For more on Bitcoin or to join the community, open an account with Bitcoin Prime and access the financial markets immediately.
Ether is sometimes considered the younger sister of Bitcoin and it is very quickly rising in the ranks. It could very well be the next big thing like Bitcoin, but we will see how that pans out as the economy changes. The small Ether that was released to the public in July of 2015 has far outgrown its own guidelines and limits. The small digital cryptocurrency it once was has been outgrown and left behind and Ether is completely transforming.
Ether is predominantly used for two purposes. One being traded and used as a digital currency and the other as being used on the Ethereum platform to run different applications. It came straight from Ethereum when they said, “people all over the world use ETH to make payments, as a store of value, or as collateral.”
The bottom line of it all is that while they make share some similarities, Ether and Bitcoin are entirely different and should most likely be treated as such. I wouldn’t necessarily say one is better than the other as they both definitely hold their own place in this world and the world of cryptocurrencies so saying one is better than the other would be silly, to say the least. They both have different pros and cons that appeal to different people, so the perfect choice could differ greatly between people.