Today, no one can deny the fact that the foundation of the cryptocurrency industry was laid with the launch of the very first cryptocurrency Bitcoin (BTC). Since then, the cryptocurrency industry continued with its streak of adding newer products and benefits for the entire crypto-community. At present, the cryptocurrency industry is tremendous and the competition is between two major cryptocurrencies that are Bitcoin (BTC) and Ethereum (ETH). Today, people linked with the cryptocurrency industry want to know whether Bitcoin is a better cryptocurrency or Ethereum. The real question is, which cryptocurrency is more beneficial for the entire cryptocurrency industry and in time, for the entire world.
Therefore, it is time to assess whether Ethereum is going to be better than Bitcoin in the long run so let us have a look at both them.
Bitcoin’s Growth in a Nutshell
When Bitcoin was launched back in 2009, it was launched with the basic ideology that any cryptocurrency is launched with. The logic behind the creation and launch of Bitcoin was to provide an alternative of traditional financing asset to people. Then another benefit of Bitcoin would be its decentralized nature that would let users have the authority over their personal and financial information.
Over time, as the cryptocurrency industry grew, Bitcoin continued with its basic acquisition and utilization strategies. Bitcoin only offered users the ability to mine or purchase Bitcoin and then sell it off to make profits. However, many cryptocurrency enthusiasts had hopes that Bitcoin would add more to its provision of products and utilities. Unfortunately, Bitcoin has stuck with the basics and the only advancement it has offered are swift transactions and nothing else.
Then Ethereum Came to Change Crypto-World Once and For All
Prior to the launch of Ethereum, the cryptocurrency industry was running with the basic utilities and strategies. That is when Ethereum was founded back in 2015, which revolutionized the entire cryptocurrency industry once and for all. For the first time in the history of cryptocurrencies, new thinking and strategy revolving around cryptocurrencies was introduced through Ethereum’s launch.
The founder of Ethereum, Vitalik Buterin even criticized Bitcoin for not being able to offer what he had offered through his creation. Ethereum not only offered users the option of dealing in Ethereum’s native token Ether (ETH) with basic utilities but offered many more products.
The first and the most basic utility Ethereum offered was the utility of ETH, which could be mined, purchased, and traded just like Bitcoin. However, the process of mining ETH is less expensive than mining Bitcoin. On the other hand, ETH is much cheaper than Bitcoin so you can acquire ETH at a much less price than Bitcoin. While Bitcoin is experiencing a price of $61k per BTC at the moment, ETH is sitting at $3.85k per ETH. This means that it is easier to acquire it as compared to BTC. Furthermore, ETH has potential of gaining more value than BTC in the coming months, which would be described in the latter points.
Ability to Create Personalized Cryptocurrencies
Ethereum blockchain even offers you the opportunity to create your own decentralized cryptocurrencies. You can launch these cryptocurrencies through the blockchain offered by Ethereum, which is why several cryptocurrencies have been introduced on its blockchain. You can run the cryptocurrencies on your own and these cryptocurrencies can be traded with ETH for profits and gains.
Ability to Create DApps
Another benefit offered through Ethereum blockchain is the ability to develop and launch decentralized applications (DApps). The decentralized applications provide you with the opportunity to offer different kinds of experiences to users with aims of making money. This is another very useful platform that allows you to make money by launching your own apps. An advantage of Ethereum blockchain is that it has been bridged with other blockhains, enabling access of DApps through other blockchains as well.