The emergence of Bitcoin in the year 2009 completely transformed how the world poked at both value and currency.
As it stands, Bitcoin can be stated to have paved the way for so many other virtual currencies as well as Blockchain projects. And, a close second to Bitcoin in the Cryptocurrency chain is none other than Ethereum.
Nonetheless, we will be taking a look at Ethereum and all the advantages it has over Bitcoin.
Choosing Ethereum Over Bitcoin
There are so many reasons to select Ethereum in place of Bitcoin, and some of them include:
- It is an application platform
Although Bitcoin functions as a store of value and does not really function well as a constant means of exchange, Ethereum has taken the biggest advantage of being an innovation that enables all other computer applications to operate on its system
Furthermore, it allows smart contracts and other applications to operate, and it also has an internal currency known as ether. Also, all of these have led to the swift growth of its platform with lots of apps being developed on Ethereum.
Moreover, there are lots of projects that are being based in the Ethereum network, especially with certain industries like:
- Domain registration
- Asset insurance
- Intellectual property, and;
Bear in mind that they all make use of the network. Ethereum allows developers to create applications without them even building their own blockchain.
- Its block times
One thing that makes the platform to be much more efficient and selected over Bitcoin is the fact that its block times are shorter. Note that, Ethereum enables blocks or even the records of virtual currency transactions to be built rapidly
However, this efficiency has led to much more quicker transactions, and it enables Ethereum to successfully process the bigger number of transactions that occur all over its network.
- The Ethereum economics
What you need to know about Ethereum is that it runs a different economic model than what Bitcoin has to offer. An example is the fact that Bitcoin block rewards halve every four years.
However, for Ethereum, the platform launches the exact amount of ether yearly continuously. This has enabled continuous progression on its network.
Another example is the fact that Bitcoin was released to the masses with its early miners owning most of the coins that are to be mined. As for Ethereum, it was crowdfunded, and with that, about fifty percent of its coins will be owned by its miners in the fifth year
- A clearer vision
The unknown Satoshi Nakamoto built Bitcoin. This has resulted in so many issues with regards to the platform’s consensus and policy in the direction Bitcoin is meant to follow.
However, Ethereum’s creator has always been known. His name is Vitalik Buterin.
To Wrap It Up
Ethereum is a very strong contender when it is compared to the prominent Bitcoin. The platform has so much to offer to its users and developers alike.
Also, note that the presence of its visual head has aided Ethereum in dealing with problems and conflicts relating to governance much more efficiently than Bitcoin.
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