Cryptocurrency (illustrative)
Cryptocurrency (illustrative) iStock

Whenever profitable cryptocurrencies are mentioned, the first two digital assets that come to mind are Bitcoin and Ethereum. These two are at the top of the crypto chain as their values are $68,040.10 and $4,809.99 respectively. Not only that, but they have massive future potential as experts predict for both of them to continue to rise both in value and users.

Many crypto investors spend a lot of time researching these cryptocurrencies and comparing them to see which one is more profitable. But, as we are about to see in this article, Bitcoin and Ethereum serve different purposes, which is why they should not be compared. Let’s check out the details.

How Do These Cryptocurrencies Operate?

Right off the bat, the first difference between Bitcoin and Ethereum is the fact that they operate differently. Bitcoin is just a cryptocurrency, while Ethereum is a whole decentralized network. In Ethereum’s network, you can trade with various tokens, including Bitcoin. Not only that, but the network has its own unit that is optimized for use on that platform. The unit is known as Ether and you can use it to pay for your gas or to run the so-called DApps. Ethereum even supports the new trend on the market known as NFT or Non-Fungible Tokens.

As for trading Bitcoin and Ether, you can do it either on Ethereum or on trading sites. Trading sites have become extremely popular in the past couple of years due to the fact that they are easy to access and allow you to trade with virtually any cryptocurrency that you choose.

Not only that, but reputable platforms such as Quantum AI will even allow you to use their advanced AI systems that track the latest market developments and use the data to determine how those developments will affect the price of your chosen cryptocurrency.

Of course, if you want to gain access to these services, you will have to register. Luckily, the process is very fast and simple, which means that traders of all ages and skills can complete it with ease. After that, you will have to verify your profile, but that is also simple and takes just a minute.

The Purpose of Bitcoin vs The Purpose of Ethereum

The next area in which Bitcoin and Ethereum differ is their purpose. On one side, you have Bitcoin, whose goal is to be an alternative payment method to FIAT currencies. The good thing about it is that it is recording a solid success rate as many companies, including global brands, accept it as a payment method.

On the other hand, Ethereum serves a completely another purpose. Its main goal is to be the alternative to the Internet as a decentralized network. As you may know, due to the fact that the Internet is centralized and controlled by a certain group, we often see how data is abused, people are scammed, etc.

Ethereum aims to take all the negative aspects of the Internet away. Thanks to its decentralized nature, every process that takes place in it will be transparent, hence the chances of data being misused will be minimalized.

Bonus Difference – Mining

As you can see, both Bitcoin and Ethereum are different purposes and while Bitcoin is labelled as just a cryptocurrency, Ethereum is so much more than that. But, as a final remark, we also wanted to share one interesting fact concerning Bitcoin and Ether. As you may know, both of these virtual currencies can be earned by buying them (as mentioned above), but you can also choose to mine them.

The process of mining is more-less the same, but the time that takes miners is different. On average, it takes miners 15 minutes to mine one block, while the average time for Ether is just 10 seconds.

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