Bitcoin vs Ethereum: What is the Difference?

Bitcoin vs Ether

A lot of Koreans are familiar with bitcoin.  You don’t have to be a cryptocurrency trader in Korea to know bitcoin.  The common Korean housewife knows about bitcoin by now with so much news about its regulation out there.  However, what about ethereum (ether)?

There seems to be an arms race going on right now in the world of cryptocurrencies.  Bitcoin and ether are currently leading the pack.  Sure there are others like EOS and Ripple, but the two clear leaders are BTC and ETH.

Ether is a four-year-old digital currency.  It is bitcoins closest competitor and it’s mainly been going unnoticed by the general public despite growing at a faster speed than bitcoin.  Korean investors have been very passionate about bitcoin because it has tripled in value in 2017.  However, ether went up 4,000% in 2017.

Similarities

Bitcoin and Ethereum have a lot in common.  They are both open source digital currencies used to make somewhat anonymous transactions.  Ether even has digital coins just like bitcoin.

Differences

While they are powered by a type of technology called blockchain, a whole lot of experts think ethers technology is a lot better.  Ethereum has what is a called a smart contract, which bitcoin does not have.  It doesn’t just track transactions, it programs them.  Smart contracts let you exchange not just money but property, stock, really anything without having to go through a lawyer, notary, or some other service provider.  This is why many investors think ETH is a stronger and potentially more lucrative technology than bitcoin.

With bitcoin getting so much attention, it is easy to miss ethereum.  However, it is clear that bitcoin does not stand alone in the cryptocurrency conversation.  As more and more big corporates are using ethereum in their companies, it could be just a matter of time before ethereum ends up overtaking bitcoin.

John Yoon

John Yoon is the Editor in Chief at Startup Radar, Organizer for Startup Festival 2017, Head of Operations Korea at EOS Asia and the Global Marketing Director for Foresting.io. Email = john@startupradar.asia if you are interested in guest contributing and helping the Korean startup ecosystem. Wechat, Kakao, and Line user ID is jswy315

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