What’s the Difference Between Ethereum Blockchain and Bitcoin Blockchain?

The main difference is in the concept. The Bitcoin is designed to become an online method of payment and currency in a strict meaning of that word. The Bitcoin is something invented for people to use in exchange for goods and service, although it became a place for day-traders and storage of value. Almost everybody has heard of Bitcoin, but not everybody knows what Ethereum is. Ethereum is closer to the analogy of a supercomputer and is actually a platform that works similarly to a supercomputer.

Basically, the first and the most important difference is the application of the blockchain technology. While Bitcoin is used through exchanges like Coinbase, Ethereum offers a chance for companies and individuals to build their own programs through the network and to also get funded through Ether, the currency of the Ethereum platform. Another important difference is the ICO – shortened for the Initial Coin Offering. New cryptocurrencies get exchanged for fiat currencies or for Bitcoin, so the ICOs that are new technologies now also affect the value of Bitcoin. With Ethereum, things are completely different. While Bitcoin is only a currency, Ethereum is a ledger technology much more advanced than Bitcoin’s. It’s a great place for innovation and it’s designed that way so that anyone can upgrade it and building their own application on the foundation of the network.

Besides the above advantages of Ethereum, the cryptocurrency is a part of an alliance called the Enterprise Ethereum Alliance. This alliance is a mutual agreement between some of the biggest companies globally to work and learn through Ethereum smart contracts. Ethereum smart contracts are a method of automating complex business applications and they are much safer and more profitable than those that are based on Bitcoin. Although a Bitcoin network is designed to be a currency, the transaction time is amazingly high, while Ethereum on the other hand, has a much lower block and transaction time which makes it much more practical to use.

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