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Differences between Bitcoin (BTC) and Ethereum (ETH)

Bitcoin is a decentralized digital currency and store of value designed for peer-to-peer transactions on a global cryptocurrency exchange platform.<br>

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Differences between Bitcoin (BTC) and Ethereum (ETH)

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  1. Differences between Bitcoin (BTC) and Ethereum (ETH) Bitcoin (BTC): Bitcoin is a decentralized digital currency and store of value designed for peer-to-peer transactions on a global cryptocurrency exchange platform. Ethereum (ETH): Ethereum is a decentralized blockchain platform that enables the creation and execution of smart contracts and decentralized applications (DApps), fostering a wide range of programmable and decentralized functionalities beyond traditional transactions. There are ?ve differences between Bitcoin and Ethereum.

  2. Intent and Operational Features: Bitcoin (BTC): ● Bitcoin is a decentralized, open-source digital currency with value storage. ● Its main objective is to operate as a peer-to-peer electronic cash system, eliminating the need for middlemen like banks and facilitating safe, open transactions. Ethereum (ETH): Ethereum is moving toward a proof-of-stake (PoS) method, which will improve scalability and energy efficiency. Currently, Ethereum uses a proof-of-work consensus, similar to Bitcoin. During this change, trades will be made using the cryptocurrency exchange app. ● ● Blockchain Technology: Bitcoin (BTC): The Bitcoin blockchain is a transaction recorder that is mostly used as a ledger for ?nancial transactions. Platforms and exchanges are available for cryptocurrency enthusiasts to buy BTC and track their transactions. ● ● Ethereum (ETH): Ethereum makes use of a blockchain, but a more ?exible one. Ethereum's blockchain is intended to record transactions as well as allow the execution of smart contracts, which are self-executing agreements with predetermined terms encoded into code. ● ● Smart Contracts: Bitcoin (BTC): The limited language of Bitcoin is designed for easy transactions. ●

  3. The sophisticated smart contracts that Ethereum supports are not supported by it. ● Ethereum (ETH): ● The ability of Ethereum to carry out smart contracts, which allow automated agreements with self-executing code, is a notable feature. ● By browsing and buy ETH on Koinpark, everyone can take part in the wide range of decentralized apps and use cases made possible by this functionality. Limit of Supply: Bitcoin (BTC): Because of its capped quantity of 21 million coins, Bitcoin is by nature a de?ationary asset. Given its scarcity, anyone can use a variety of cryptocurrency tools to track and convert BTC to INR. ● ● Ethereum (ETH): Ethereum does not have a ?xed supply limit. Ethereum is in the process of transitioning to Ethereum, which aims to implement a proof-of-stake consensus mechanism and potentially change the supply dynamics. ● ● Mechanism of Consensus: Bitcoin (BTC): Bitcoin uses a proof-of-work (PoW) consensus mechanism; miners will solve complex mathematical problems to validate transactions and add new blocks to the blockchain. ● Ethereum (ETH): Ethereum presently employs a proof-of-work consensus similar to Bitcoin but is moving towards a more scalable and energy-efficient proof-of-stake (PoS) mechanism with Ethereum. ●

  4. Users can monitor and convert ETH to INR during this transition using cryptocurrency platforms. ● Conclusion: Whereas Ethereum serves as a decentralized platform that facilitates smart contracts and decentralized apps (DApps), Bitcoin is essentially a decentralized digital money and store of value.

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