What are the difference between Bitcoin and Ethereum?
While many will compare the cryptocurrency aspect of both Ethereum and Bitcoin, the reality is that they are vastly different projects and have different intentions. Bitcoin has emerged as a relatively stable digital currency, while Ethereum aims to encompass more, with ether just a component of its smart contract applications.
The first thing about Ethereum is that it's not just a digital currency it is a blockchain based platform with many aspects. It features smart contracts, the etherium virtual machine (EVM). It uses its currency called ether for peer-to-peer.
But market cap of Bitcoin is higher than Ethereum. Market cap of Bitcoin is 10 billion and 1 billion for Ethereum.
In Ethereum, the block time is set to 14 to 15 seconds compared to Bitcoin's 10 minutes.
Ethereum has a different method for costing transactions depending on their computational complexity, bandwidth use and storage needs. Bitcoin transactions complete equally with each other.
Ethereum uses a memory hard hashing algorithm called "Ethash" - that mitigates against the use of ASICS and encourages decentralized mining by individuals using their GPUs, whereas Bitcoin uses algorithm called SHA-256.
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