Bitcoin vs Ethereum: What is the difference?

For years, Bitcoin and Ethereum have been making headlines together. Both currencies and their ecosystems have significantly contributed to the crypto industry’s growth.

They are unique but also very different and we are not just talking about how they look.

In this article, We’ll go into their goals. We’ll find out what makes them unique and how they can make your life easier. This is what we do at ValorExchange; share relevant and smart ways you can get more value from your cryptocurrencies. You can join our community on Telegram to never miss an update.

There are a few notable similarities between the two cryptocurrencies, such as:

• They both operate in the blockchain.
• They both have fees taken when a transaction is made.

However, you won’t have to worry about this on ValorExchange. If you have an account with ValorExchange, you can make as many transfers as you like with no extra fees. We mean it when we say we want to give you more value.

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• They are decentralized: This means nobody controls or monitors them.

But what are they, and what makes them different?

This isn’t a history class, so we’ll make it easy by giving you the short version. Although, you’ll be missing out on some great gist on how these cryptocurrencies came to be. Check out our previous articles if you want to learn about the history of Bitcoin or Ethereum.

What is Bitcoin?

Bitcoin is a cryptocurrency created by someone or some people named Satoshi Nakamoto in January 2009. Satoshi wanted Bitcoin to be the currency of the free. So no one can control your funds but you. Bitcoin has grown so big now that countries have started adopting it as their legal currency. People shop online with it, and some even use Bitcoin to buy fast food and groceries.

On ValorExchange, you can use Bitcoin to transfer funds to loved ones nationally or internationally with zero bank charges. It’s all a part of your account package.

What is Ethereum?

A team of co-founders created Ethereum, but the group’s most famous founder is Vitalik Buterin. Vitalik started thinking about creating a better version of Bitcoin while still in his teens.

While some of us were getting our hearts broken for the first time, Vitalik was busy creating the Ethereum network. Currently, it’s one of the most prominent blockchains in the world. This is where you’ll see the most NFTs, DAPs, Defi projects, etc. It’s like the app store but for potentially life-changing decentralized projects.

If you’re using the Ethereum blockchain in general, you’ll need Ether. Ether (ETH) is the currency of the Ethereum network, i.e Argentine Pesos (ARS) is the currency of the country Argentina.

You can use Ether to create smart contracts, as a foundation of most DeFi or (decentralized finance) applications, buy goods and pay for services, e.t.c. If you like, you could get some Ether(ETH) for as low as N1,000 on ValorExchange. Create an account with us to join our waitlist to use this exclusive service.

Bitcoin vs Ethereum: 4 significant differences

Here are some significant differences between Bitcoin and Ether.

Stuff you can do with it: Bitcoin has grown in adoption far more than Ether. Although, Ether(ETH) has the superpower of being useful in real life and extremely useful in the blockchain. Creating NFTs with Ether(ETH) is just one of the many blockchain use cases. Seriously, you need to read our previous article on the history of Ethereum and Bitcoin. It gives a lot more light on this.

What people use them for: Although Bitcoin and Ether (Eth) can be used for nearly anything. Bitcoin is still the most widely accepted cryptocurrency in the world. This means there is more demand for it than any other cryptocurrency out there.

You can also exchange your Ether (ETH) for gift cards and shop online in stores like Amazon. If you don’t want to shop online, you can exchange the gift card for crypto or Fiat currency on ValorExchange. Click here to join the waitlist to try out this exclusive service.

Network speed: Once a transaction is being verified on the blockchain, that transaction’s information is recorded in a block and linked with previous blocks by the facilitators or miners.

This is done for permanent record-keeping on the blockchain. The process affects the time it takes to confirm a transaction. It takes minutes to do this on the Bitcoin blockchain, but it takes seconds on Ethereum.

Many banks take days to weeks to complete a single transaction, especially when it’s an international payment.

In conclusion

Cryptocurrencies are significant, and they serve different needs in the crypto community. You can learn all about them by joining us on Telegram.