Ethereum Vs Bitcoin: Tether, Dogecoin, USD Coin, BNB – these are just a handful of the almost 21,000 different cryptocurrencies worldwide. But out of all of these, two get the most attention: Bitcoin and Ether, or as some mistakenly call it, Ethereum. What’s the difference between Ethereum vs Bitcoin?
A lot, actually – including the fact that only one of them is a cryptocurrency, so if you’re looking to invest in crypto, you better know the difference. Not sure what makes Ethereum and Bitcoin so different from each other? Keep reading to find out more.
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Ethereum Vs Bitcoin
There are many types of cryptocurrency, which can make distinguishing between different digital currencies difficult.
Odds are you have at least heard of Bitcoin (abbreviated BTC). It’s the most popular cryptocurrency available. Bitcoin is a digital currency that can be stored or divided. It’s also scarce – similar to rare metals.
Aside from Bitcoin, another huge cryptocurrency is Ether (ETH). Ether is a currency used to power Ethereum.
What Is Ethereum?
Ethereum is a decentralized global platform. In our modern world, we store large amounts of data (passwords, personal information, etc.) on centralized servers and cloud platforms owned by major tech companies such as Google and Facebook. While this makes using these sites and services easier, it also means they are vulnerable to hacking.
That’s where Ethereum comes in. Ethereum helps developers build and deploy decentralized applications. Developers can also program smart contracts. Smart contracts are contracts that are self-executing. These contracts are agreements between a buyer and a seller that execute once certain terms are met.
One popular example of recent Ethereum use is the creation of NFTs or non-fungible tokens. NFTs are essentially unique digital art and collectible assets. So while the terms Ether and Ethereum are often used interchangeably, they are very different. Think of Ether as the fuel that powers the Ethereum platform.
Buying Cryptocurrency
If you want to buy cryptocurrency, it’s important to do your research to find a platform that’s secure, easy to use, and affordable. For example, buying ETC in Canada means choosing a platform like VirgoCX, which is a platform registered and regulated by Canadian Securities Administrators.
The same goes for Bitcoin. You can purchase Bitcoin on a variety of exchanges, such as Coinbase and Kraken. You can also use traditional brokers such as Robinhood and WeBull.
There are also other options, such as Bitcoin ATMs, which work like a normal ATM, but with buying and selling Bitcoin. There are even Bitcoin ETFs (exchange-traded funds) too.
The Differences Between Ethereum And Bitcoin
Ether, Ethereum, Bitcoin – the list of cryptocurrencies and related tech can be very confusing. When it comes to Ethereum vs Bitcoin, remember this: Ethereum is a decentralized platform powered by Ether tokens.
Bitcoin is its own cryptocurrency – a digital currency with a limited supply.
If you do decide to invest in Ethereum or buy Ether or Bitcoin, make sure to do your research and find a trading platform that’s safe and regulated.
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