BITCOIN AND ETHEREUM

Bitcoin is a digital cryptocurrency used for electronic cash transactions on a peer-to-peer network, while Ethereum is a decentralized distributed computing platform for developing many applications. Bitcoin’s coin symbol is BTC, and Ethereum’s coin symbol is ETH.

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Ethereum is an open-source, public platform for computing and writing smart contracts. It is a blockchain that is distributed, not stored anywhere, i.e. publicly distributed. The digital currency system Bitcoin came to meet the challenge that was in the conventional currency system, which was completely decentralized, and its control was not with any central authority; the control was with the public. The technology behind Bitcoin is Bitcoin Blockchain.

A lot of research has been done on the Bitcoin blockchain, and its upgraded version is called the Ethereum blockchain. Ethereum is known as the second-generation blockchain. At first, blockchain was used only for cryptocurrency transactions, but with the Ethereum blockchain, many applications of blockchain have come. The core idea of the Ethereum blockchain is to create a decentralized computing system in the world where all resources can be shared, and at the same time, the effort required for computing can also be shared.

The Ethereum blockchain can also be called the world’s first decentralized distributed computing system. The Bitcoin blockchain was conceptualized in 2008, and Bitcoin was released in January 2009. But the conceptualization of the Ethereum blockchain took place in 2013, and its implementation was in July 2015.
The release methods of Bitcoin and Ethereum are also different. Bitcoin is released through Bitcoin Mining, whereas Ethereum is released through an Initial Coin Offering (ICO). The Bitcoin blockchain can process 3 to 4 transactions per second, while the Ethereum blockchain can process up to 15 transactions per second.

An average block takes 10 minutes to create on the Bitcoin blockchain, while it takes 10 to 15 seconds on the Ethereum blockchain. Ethereum’s cryptocurrency is Ether. Ether is a blockchain-based cryptocurrency. Smart contracts can be run on the Ethereum blockchain. Every time a transaction is made on the Ethereum network, a special type of token is consumed called “GAS”. If the Ethereum network is a machine, GAS is its fuel. GAS is required to carry out any kind of transaction on the Ethereum network. The higher the transaction fee, the faster the transaction is completed.

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