Is Ethereum better than Bitcoin in the future?
John Ethereum vs Bitcoin: The Conclusions
Bitcoin and Ethereum have very different purposes!
Ethereum’s purpose is to offer and run decentralized smart-contract applications powered by blockchain technology that does not go offline and cannot be altered. It provides users with a platform and programming language to build the applications on.
Bitcoin’s purpose, however, is largely different. It serves as a decentralized store of value — a peer-to-peer digital currency, used for financial transactions. It eliminates the need for third parties in payment technology.
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In conclusion, the primary differences that separate Ethereum vs Bitcoin are their purposes and their concepts. Also, Ethereum’s blockchain runs smart contracts Bitcoin doesn’t and instead only focuses on manual payment technology.
Is Ethereum better than Bitcoin?
It’s clear that there are benefits to using both Bitcoin and Ethereum. Bitcoin has a lower coin supply and is more liquid than Ethereum, but Ethereum has better technology and provides more uses than Bitcoin does.
Based on the fact Ethereum has more use cases than Bitcoin — and, therefore, serves a bigger purpose — I can say that it is indeed an overall better Bitcoin alternative.
It perhaps isn’t the best Bitcoin alternative, though, as there are other cryptocurrencies that have the same purpose as Bitcoin and run on newer technology and protocols.
That’s not to say that these other alternatives are better than Ethereum. It just means that, because they are more similar to Bitcoin, one of them may be the best Bitcoin alternative. It doesn’t necessarily mean they’re a better Ethereum alternative!
Which has the Better Technology?
Blockchain technology is still in its early years. That's why Ethereum and Bitcoin get continuous updates. However, Ethereum is currently the clear winner. Here’s why:
- Ethereum uses smart contracts. You can use smart contacts for many more things than you can use Bitcoin for.
- The Ethereum’s blockchain was released in 2015. It is 6 years newer and further developed compared to the Bitcoin blockchain (released in 2009).
- Ethereum’s blockchain is a further advanced version of Bitcoin’s blockchain. It fixes some of its issues and introduces new features such as smart contracts.
- Ethereum’s transaction fees are cheaper than Bitcoin’s transaction fees.
- Not only do the transactions cost less, but as I stated earlier, they’re much quicker, too.