How Bitcoin and Ethereum differ from each other: From decentralized applications to different consensus mechanisms.
Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Bitcoin and Ethereum, the two most popular cryptocurrencies, differ significantly in their purpose and functionality.
On the other hand, Ethereum is more than just a cryptocurrency. It is a decentralized platform that enables the development and execution of smart contracts and decentralized applications , with its native cryptocurrency, ether, being used to power these operations.From a technical standpoint, Bitcoin and Ethereum also have distinct characteristics. Bitcoin transactions are mainly monetary, with blocks added to the blockchain approximately every 10 minutes.
Lastly, while both Bitcoin and Ethereum face scalability issues, they are both using a system of layers to solve this issue. Bitcoin developers are working on the Lightning Network, a Layer 2 solution that would allow for quicker and cheaper transactions. Similarly, Ethereum uses Layer 2 solutions that group large amounts of transactions before submitting them to the Ethereum blockchain, effectively reducing transaction fees.
Bitcoin can handle about seven transactions per second, with new blocks added to the blockchain approximately every 10 minutes. This rate, while secure, can lead to slower transactions and higher fees during periods of high demand. That said, theaims to accommodate a much larger transaction volume, potentially up to 15 million transactions per second, vastly improving Bitcoin's scalability.
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