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What Is The Connection Between Ethereum And Bitcoin?

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By Author: Block chain council
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Both Bitcoin and Ethereum are top cryptocurrencies. Cryptocurrencies are an asset that holds a value. However, crypto survives only in the digital environment. Ethereum and bitcoin are the same in some ways while different in several ways.

Blockchain is a bit of a trending subject. This technology is increasing exponentially to snatch the highest spot in the most innovative sector. A blockchain platform is a public ledger technology of all the transactions. Many cryptocurrencies have emerged in the time between the release of Ethereum and Bitcoin. Ethereum blockchain is an updated version of the bitcoin blockchain.

Here in this blog, we will discuss the relation between the world's two biggest cryptocurrencies - Ethereum and Bitcoin.

What is Ethereum?

Ethereum cryptocurrency is also known as blockchain 2.0. It was developed to be much more than a payment method. Ethereum currency was the one who established smart contracts in the world. It is six years further and newer as compared to bitcoin.

If you want to become an expert in Ethereum blockchain, then you can check out the link of Ethereum ...
... certification.

What is Bitcoin?

Bitcoin was the first victory at producing a currency based on blockchain. It was released in January 2009. It does not need a third party such as a bank. It was developed to act as a secure decentralized payment method. Security is one of the priorities for the bitcoin currency.

A certified bitcoin expert is a professional who can develop applications based on blockchain technology.

The Relation between Bitcoin and Ethereum

Both Ethereum and Bitcoin are the market superiors in their own way. There is no inverse relationship between Bitcoin and Ethereum. There is a coexistent relationship between Bitcoin and Ethereum as they both are working towards different goals. Bitcoin blockchain focuses on secure payment while Ethereum blockchain focuses on much more.
Let's look at the similarities between both the cryptocurrencies.
• Both Ethereum and Bitcoin cryptocurrencies are interchanged by using blockchain innovation.

• Both Ethereum and Bitcoin are decentralized in nature which means there is no central point of control.
• Both Bitcoin and Ethereum are volatile.
• Both these currencies can be used outside their ecosystem.
• Ethereum and Bitcoin both use distributed ledger technology known as the blockchain.

Difference between Bitcoin and Ethereum

Ethereum currency is expanding rapidly but bitcoin currency is also not sitting freely. Both the cryptocurrencies are special in their way.

Let's look at the differences between Bitcoin and Ethereum.

• The key difference between Bitcoin and Ethereum is that bitcoin is digital money and Ethereum is a smart contract.

• Ethereum is faster than bitcoin in terms of transaction speed. The transaction speed of the Ethereum block is just seconds. However, the transaction speed of bitcoin block is minutes.

• Both cryptocurrencies have different goals. Ether is developed to charge the network of Ethereum. However, bitcoin is developed to make real-world transactions.

• The transactions of Ethereum are automatic but the transactions of bitcoin are manual.

• Bitcoin is a method to send currency. Ethereum is also a method to send currency but only when definite things happen.

• The transaction cost of Ethereum is a bit cheaper as compared to bitcoin.

• Ethereum blockchain has several use cases but bitcoin blockchain only implements banking and payment businesses.

• The hashing algorithm of bitcoin is SHA-256. The hashing algorithm of Ethereum is Ethash.

Summary

Cryptocurrency has come to recognize a newly innovative asset class. These decentralized networks are the future of the world. Distributed ledger reserves the validate chain of blocks. It is concluded that the main differences that separate Bitcoin and Ethereum are their concepts and purposes. Bitcoin currency only focuses on manual systems but Ethereum currency runs smart contracts.

The Ethereum blockchain certification course provides theory as well as practical implementation to deep dive into Ethereum blockchain technology.

More About the Author

Blockchain Council is an authoritative group of subject experts and enthusiasts who are evangelizing the Blockchain Research and Development, Use Cases and Products and Knowledge for a better world. Blockchain technology is more than just a technology, which is emerging rapidly with a vast scope in the future. Blockchain acts as a financial network, software, distributed ledger, etc. Owing to this multitude of benefits and features, companies are now shifting their centralized and traditional working system to this trending and futuristic technology “Blockchain”. Blockchain council creates an environment and raises awareness among businesses, enterprises, developers, and society by educating them in the Blockchain space. We are a private de-facto organization working individually and proliferating Blockchain technology globally. Visit here for more details@https://www.blockchain-council.org/

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