Cryptocurrency’s are the world’s most digital assets people use as investments and for purchases online. You exchange real currency like dollars to purchase “coins” or “tokens” of a given cryptocurrency. However, cryptocurrencies cannot be duplicated, which makes them easy to track and identify as they’re traded.Currently there are about 10 different types of cryptocurrencies namely;
Bitcoin was launched in January of 2009. It introduced a novel idea set out in a white paper by the mysterious Satoshi Nakamoto—bitcoin offers the promise of an online currency that is secured without any central authority, unlike government-issued currencies.
Currently Bitcoin is among the leading cryptocurrencies in the world. One Bitcoin is equivalent to $11000 +. One of the major benefits of cryptocurrency is the convenience of use. That is, transferring funds between people and companies is easy and fairly safe. Using block chain technology ensures transaction safety.
Ethereum is the second-largest cryptocurrency platform by market capitalization behind Bitcoins. This is a decentralized open source block chain featuring smart contract functionality. In addition, ether is the cryptocurrency generated by Ethereum miners as a reward for computations performed to secure the block chain. Ethereum serves as the platform for over 260,000 different cryptocurrencies including 47 of the top 100 cryptocurrencies by market capitalization.
Bitcoin Vs. Ethereum: An Overview
Ether (ETH), the cryptocurrency of the Ethereum network, is arguably the second most popular digital token after bitcoin (BTC). Indeed, as the second-largest cryptocurrency by market cap, comparisons between Ether and BTC are only natural.
Ether and bitcoin are similar in many ways. Each is a digital currency used in trades via online exchanges and is stored in various types of cryptocurrency wallets. Both of these tokens are decentralized. Meaning that they are not issued or regulated by a central bank or other authority. Both make use of the distributed ledger technology known as block chain.
However, there are also many crucial distinctions between the two most popular cryptocurrencies by market cap. Below, we’ll take a closer look at the similarities and differences between bitcoin and ether.
- Bitcoin signaled the emergence of a radically new form of digital money that operates outside the control of any government or corporation.
- With time, people began to realize that one of the underlying innovations of bitcoin, the block chain, could be utilized for other purposes.
- Ethereum proposed to utilize block chain technology not only for maintaining a decentralized payment network but also for storing computer code which can be used to power tamper-proof decentralized financial contracts and applications.
- The Ethereum network’s currency ether, powers ethereum applications and contracts are powered by ether,
- Ether was intended to complement rather than compete with bitcoin, but it has nonetheless emerged as a competitor on cryptocurrency’s exchanges.
3. Bitcoin cash
5. Litecoin (LTC)
This are just few as more are yet to come
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