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BITCOIN ATM WANCHAI
The No. Like Bitcoin, Ethereum is a digital currency that boasts high daily trading volume, and it runs on decentralized blockchain technology. But Ethereum offers additional features like smart contracts and is popular for buying non-fungible tokens NFTs. What is Bitcoin and how did it emerge? Bitcoin became the first real crypto in , created by an unidentified person or group using the alias Satoshi Nakamoto, Bitcoin began garnering mainstream interest around and ultimately charted a path for thousands of other digital assets.
The Bitcoin network is partly a response to the financial crisis and Great Recession of The traditional system is built on centralized authorities like governments and banks backing currencies, validating transactions, recording balances, and creating new money.
And showed that the traditional system could fail. So Bitcoin was built on the opposite philosophy: a decentralized financial system spread across thousands of computers around the world, with no central authority. Instead, computers on the network update with copies of the latest version of the Bitcoin network, so it would be nearly impossible for any single entity to shut it down. Like most cryptos, Bitcoin aka BTC leverages blockchain technology, which is a public ledger that relies on complex cryptography to record every transaction.
Anyone can look at these entries, and verified transactions cannot be altered. This process is leveraged to verify transactions, with multiple computers repeating the verification to reach consensus. For example, electronic-payments company PayPal lets customers buy Bitcoin via Venmo, electric-carmaker Tesla has bought Bitcoin, and big banks like Morgan Stanley are giving some of their customers access to Bitcoin investment funds.
What is Ethereum and how did it emerge? Russian-Canadian programmer Vitalik Buterin created the system as a platform for developers to build their apps with more freedom, compared to Apple and Google taking a large cut off the top for purchases made on their app stores. The Ethereum network also launched the concept of smart contracts : programs that execute automatically, without human intervention or an intermediary, when agreed-upon conditions are met.
This makes transactions and programs faster and cheaper, and they can be used for decentralized finance DeFi , apps, and games in addition to enterprise contexts like supply-chain processes. Like Bitcoin, Ether soared to all-time highs in —partly because of its wide use to buy NFTs in the form of digital art, trading cards, and other collectibles. Yet the crypto lost almost half its value from its peak to early , highlighting the extreme volatility in this space. Both leverage the blockchain and prize the transparency and anonymity it provides, as users are identified not by name but by the ID numbers of their digital wallets.
Additionally, both Ethereum and Bitcoin were initially built on the proof of work consensus protocol. How Bitcoin and Ethereum are different The No. Bitcoin was created primarily as an alternative currency to fiat currencies, such as the dollar and yen, that are backed by a government and typically involve intermediaries.
Though Ether can also be used as a store of value and the network can power financial transactions, it was really built to give app developers more freedom, allowing them to create on its marketplace of apps—an alternative to the Apple and Google app stores that take a sizable cut off the top for purchases on its platform.
The Bitcoin blockchain was built to trade only Bitcoin. The Ethereum blockchain, by contrast, is programmable and lets users trade all types of cryptocurrencies without having to visit other cryptocurrency exchanges.
Consensus protocol. Bitcoin still runs on the proof of work consensus protocol. But Ethereum is changing: The community has long planned to change the algorithm underlying its blockchain, as PoW requires a lot of computational power and electricity.
Bitcoin has a scarcity principle baked in, as the amount of Bitcoin that will ever be in circulation is capped at 21 million. That limit is getting close: As of May , more than 19 million Bitcoin were already in existence. There are no physical bitcoins, only balances associated with a cryptographically secured public ledger. Although Bitcoin was not the first attempt at an online currency of this type, it was the most successful in its early efforts.
As a result, it has become known as the predecessor to virtually all cryptocurrencies that have emerged over the past decade. Over the years, the virtual, decentralized currency concept has gained acceptance among regulators and government bodies. Ethereum Blockchain technology is being used to create applications that go beyond just enabling a digital currency. Launched in July , Ethereum is the largest and most well-established, open-ended decentralized software platform.
Ethereum enables building and deploying smart contracts and decentralized applications dApps without downtime, fraud, control, or interference from a third party. To accomplish this, Ethereum comes complete with its own programming language that runs on a blockchain. The potential applications of Ethereum are wide-ranging and are powered by its native cryptographic token, ether commonly abbreviated as ETH.
In , Ethereum launched a presale for ether, which received an overwhelming response. Ether is used mainly for four purposes: It is traded as a digital currency on exchanges, held as an investment, used to purchase goods and services, and used on the Ethereum network to pay transaction fees.
Key Differences While both the Bitcoin and Ethereum networks are powered by the principle of distributed ledgers and cryptography, the two differ technically in many ways. For example, transactions on the Ethereum network may contain executable code, while data affixed to Bitcoin network transactions is only used to record transaction information. The Bitcoin and Ethereum blockchains and networks are different concerning their overall aims.
Bitcoin was created as an alternative to national currencies and thus aspires to be a medium of exchange and a store of value. Ethereum was intended as a platform to facilitate immutable, programmatic contracts and applications via a global virtual machine. Proof of Work vs. Proof of Stake Bitcoin uses a consensus protocol called proof of work PoW , which allows the network nodes to agree on the state of all information recorded and prevent certain types of attacks on the network.
In September , Ethereum moved to proof of stake PoS , a set of interconnected upgrades that will make Ethereum more secure and sustainable. To address issues regarding scalability, part of the transition to proof of stake is sharding, which will continue to be addressed through A major criticism of proof of work is that it is highly energy-intensive because of the computational power required.
Proof of stake substitutes computational power with staking—making it less energy-intensive—and replaces miners with validators, who stake their cryptocurrency holdings to activate the ability to create new blocks. Purposes BTC and ETH are both digital currencies, but the primary purpose of ether is not to establish itself as an alternative monetary system but to facilitate and monetize the operation of the smart contract, dApps, and any other blockchain solution that can be thought of.
Future The Ethereum ecosystem is growing by leaps and bounds thanks to the surging popularity of its dApps in areas such as finance decentralized finance , or DeFi apps , arts and collectibles non-fungible tokens , or NFTs , gaming, and technology. Ethereum will also introduce sharding sometime in to enhance its scalability.
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