The cryptocurrency market is evolving with lightning speed. More and more websites and platforms support crypto payments. There are copious reasons why crypto is rising in popularity. The most significant of them are the following:
- Crypto provides users with awesome investment opportunities;
- Everyone can buy coins. You can buy ETH with credit card, for instance, or exchange one asset for another;
- The fees are minimal;
- It’s only the user who controls their funds.
No wonder the number of cryptocurrencies is increasing year after year. Yet, there are two indisputable leaders on the market – Bitcoin and Ethereum. Although they both are cryptocurrencies, there are several significant differences between the coins. Let’s figure out the significant divergences.
BTC vs. ETH: What’s the Difference?
Both Bitcoin and Ethereum are based on blockchain technologies. The total value of the world’s bitcoins is over $1.03 trillion. The total value of Etheium is over $483.16 billion. The BTC history started in 2009, while ETH is much younger. It has been successfully operating since 2015. Nowadays, you can buy Ethereum with credit card online and with minimum effort. The same is true about BTC. So, what’s the difference?
The main task or goal of BTC is to replace traditional fiats. Thus, in other words, Bitcoin is digital money you may utilize when it’s necessary to buy some products or order some services. No wonder this crypto possesses all the characteristics typical for traditional money. They are:
At the same time, it features distinct characteristics such as decentralization and transparency. Moreover, Bitcoin is non-repudiable. There is no going back. All the transactions with the coin may be conducted instantly and anonymously.
The nature of Ethereum is different. It’s not only the medium of exchange or store of value. It’s a programmable blockchain. It can be applied in numerous areas. If you deal with Defi, smart contracts, or NFTs, you should buy Ethereum with debit card (or credit card, as you desire).
Ethereum allows users from all over the globe to create codes that control digital value. They run exactly as they have been programmed. Such codes are accessible anywhere on the globe.
The most essential element of the Ethereum ecosystem is smart contracts. Unfortunately, Bitcoin doesn’t possess them. Smart contracts are codes that automatically perform a predefined function on meeting definite conditions.
Another significant characteristic of ETH is EVM. This abbreviation stands for Ethereum virtual machine. Thanks to it, the modern world knows what a decentralized app means. Such applications are reward-oriented and protocol-based. As a result, they are widely used in versatile spheres – from digital entertainment to financial organizations.
In simple terms, it’s a good idea to buy and sell BTC if you are more interested in investments or trading. Yet, if you are focused on Defi development and promotion, it’s better to buy Ethereum online.
Ethereum vs. Ethereum 2.0: What’s Changed?
There is one more feature that makes BTC and ETH different. The thing is that there are two types of Ethereum – ETH Classic and Ethereum 2.0. The latter results from the attempts to make blockchain technologies more efficient, reliable, and faster.
It’s worth listing the main changes after upgrading ETH to ETH 2.0. They include:
- The abondance of proof-of-work.
It allows users to boost their performance and conduct transactions much faster.
- The implementation of sharding.
The main aim of this technology is to increase the efficiency of the blockchain. Thus, data verification tasks are divided into smaller parts and distributed among sets of nodes. In such a way, the data is processed faster and more effectively.
Yet, it’s possible to buy ETH with a debit card, whether you are interested in a classic version or an upgraded one. The users of all types of digital assets have to solve one crucial problem – they are to choose a reliable and effective exchange platform to be able to convert USD to coins, buy Ethereum with credit card, or purchase tokens with BTC (the number of possible crypto transactions is endless). It’s better to work with a platform that supports as many cryptocurrencies as possible. Switchere is a good example of such a place. It allows users to exchange crypto without any hidden fees and in no time.