Bitcoin and Ethereum are the Coca-Cola and Pepsi of the cryptocurrency space. As the number one and two biggest names in the market, they’re often compared against one another. From premise to prices, the two concepts are very different. However, there are many similarities to be found. Here’s a look at how the two systems compare. Bitcoin and Ethereum are systems, whereas bitcoin (lower case b) and Ether are the cryptocurrencies used by those systems. When comparing the two ecosystems, we need to be clear whether we’re comparing the technology, the assets or both. In this article, we will refer to the systems by name and the currencies by their stock symbols. For bitcoin, that’s BTC. For Ether, it’s ETH. Bitcoin and Ethereum are fundamentally different because the former was designed to enable decentralised finance while the latter was designed to also enable apps and contracts. While Ethereum does enable payments using its internal ETH cryptocurrency, its scope is much broader than Bitcoin’s – by design. Both systems use blockchain technology to validate and record transactions, but the way in which they do it is different, with consequences for speed, sustainability and accessibility. The difference lies in what’s known as a ‘consensus mechanism’.
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