Bitcoin Vs Ethereum

Bitcoin and other crypto currencies were designed to exclusively to operate as peer-to-peer digital currencies except for ethereum. Below are some the differences between bitcoin and ethereum. This will give you a summarized package about bitcoin and ethereum.

In the ethereum blockchain instead of mining for bitcoin, miners work to earn ether, a type of crypto token that fuels the network. Beyond a tradable cryptocurrency, ether is also used by application developers to pay transaction fees and services on the ethereum network.

Bitcoin blockchain is mainly used to track ownership of digital currency (bitcoins). On the other hand Ethereum blockchain focuses on running the programing code of any decentralized application.

Ethereum aims at 12 seconds average blocktime while bitcoin’s average blocktime is about 10 minutes making ethereum is quicker in confirming transactions.

More than 2/3 of all available bitcoin have been mined, with the majority going to early miners. Ethereum raised its launch capital with a presale and only about ½ of its coins will be mined by its fifth year of existence.

The reward for mining bitcoin halves about every 4 years and is currently valued at 12.5 bitcoins. Ethereum rewards miners based on its proof of work algorithm called Ethash, with 5 ether given for each block.

In ethereum the costing of transactions depends on their storage needs, complexity and band width usage. In bitcoin the transactions depend on the block size and they compete equally.

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