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Bitcoin vs Ethereum

Since its release in 2009, Bitcoin has completely revolutionized the cryptocurrency world. Incalculable imitators have made several attempts to dethrone BTC from the top spot, but Bitcoin still remains the undisputed king of digital currency.

However, this does not mean that Bitcoin is cruising through the digital world with ease. There are some huge names trailing hard Bitcoin by introducing super cool features in an attempt to overtake BTC. One of those names is Ethereum – the fiercest rival of Bitcoin – although there is still a long way to go to catch up.

The most important question is: “can Ethereum really live up to the hype surrounding it and usurp Bitcoin’s supremacy?”

In this article, we have compared the different features of both the currencies and tried to explain whether or not Ethereum can overtake Bitcoin.

Comparing Bitcoin and Ethereum – Popular Support:

Bitcoin:

Bitcoin is often revered as a counter to government and central bank. The users tend to be more conscious; both economically and politically and are more motivated ideologically.

Ethereum:

Ethereum users tend to be less ideologically motivated. They normally seem to be content giving away authority to a singular entity that is Vitalik Buterin – the inventor of Ethereum. The Etheruem community’s focus is to take on the business and technology in the future.

Scripting Language:

Bitcoin:

The scripting language in Bitcoin is limited, which means it doesn’t only confer the ownership coins but also comes with a certain set of instructions. Moreover, the scripting language enables a user to lock up the coins for a certain period of time.

(Read our guide about Bitcoin hardware setup here)

Ethereum:

Ethereum, on the other hand, focuses on expanding its set of instructions into a fully featured programming language such as JavaScript. This ultimately makes it less limited to the transactional processing.

Blockchain:

Bitcoin:

Bitcoin blockchain currently comprises of 1MB Blocks and can process around 3 transactions per second. Each block may take up to 10 minutes to mine. The mining is done through ASIC hardware in Bitcoin blockchain.

Ethereum:

Unlike Bitcoin, the blocks in Ethereum blockchain are of variable size. Moreover, it’s much faster than its Bitcoin counterpart. Where a Bitcoin blockchain performs only 3 transactions per second, the ETH blockchain can perform up to 25 transactions per second.

Supply:

Bitcoin:

Bitcoin’s maximum limit is set at 21 million. The currency is designed to never go beyond the said number. Moreover, its issuance is halved every 4 years, which means the currency won’t reach its maximum limit until the year 2140. Currently, there are 11 million bitcoins in circulation.

Ethereum:

Ethereum’s annual issuance rate is much higher than Bitcoin – 18 million to be precise. This represents an inflation rate of -20% at the current supply. Due to the fact that Ethereum is not consumed by a software program and rather sent to the miner of the associated transaction, its value is likely to go further down in the longer run.

Conclusion:

Looking at the bigger picture, Bitcoin is a safe bet and will easily continue to dominate the cryptocurrency world. On the other hand, there is a large amount of uncertainty surrounding Ethereum, which consequently leads many users to lose interest in ETH.

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Not sure How to buy Cryptocurrencies?

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Recently, there were reports of banks restricting credit card acquisitions of cryptocurrencies, however, there are still many options available which can be used for buying cryptocurrencies. There’s always a risk in investment and trading move, so, always do your own little research when making a decision.

Coinbase is a well-known interface where you can easily buy crypto with fiat money. Users only have to create an account and verify their identity on Coinbase, then they can easily buy whatever they want with their debit card.

Another sister company of Coinbase is GDAX, which gives users an idea of how these cryptocurrency exchanges are actually working. It describes an instinctive interface with trade history, charting tools and real-time order books. All of these tools ensure traders that they’re getting the most out of their trade.

how to buy cryptocurrencies

Another popular exchange is Bitfinex. Its website claims that it’s the most progressive cryptocurrency trading platform in the world and has many advanced charting tools. Its website has an app, which is available for both iPhone and Android users. It offers three features:

  • Exchange trading
  • Margin trading
  • Margin funding

You can easily find places to buy cryptocurrency with fiat money, however, Robinhood is unique in its zero-fee approach. Their main goal is to provide an easier platform for people to buy cryptocurrency. This trading app lets users buy cryptocurrencies like Bitcoin and Ethereum right from their phone without any trading fee.

Can you buy all cryptocurrencies with fiat money?

At this time, cryptocurrencies that have fiat/crypto-pairs are:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • Ripple

Coinbase offers following cryptocurrencies which users can buy with fiat debit cards:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash

Users will have to send their BCH, BTC, ETH, or LTC to an exchange to get involved with other altcoins.

How to buy Bitcoin without involving exchanges?

Nowadays, Bitcoin ATMs are becoming very popular. There are almost 2,393 Bitcoin ATM machines worldwide, and with these machines, users can buy Bitcoin by using fiat currency and can even sell Bitcoin to withdraw fiat money. These devices help traders by not having them to deal with the trading part of crypto and are very much convenient.

Recently, Cointelegraph has partnered up with Simplex and now it offers a convenient way of buying Bitcoin, Ethereum, and Bitcoin Cash. Simplex accepts most credit cards and some debit/prepaid cards as well.

How to buy crypto with Cash?

It’s quite simple to buy Bitcoin with cash. If you know anyone who wants to sell BTC, there are decentralized, p2p sites where you can meet people who are interested in buying Bitcoin. LocalBitcoins is currently working worldwide as an advertising community board and helping its users to agree on a price and so that later, they can meet in person to trade. The exchange process is time-consuming and it’s not much reliable, as it involves strangers. But it’s still very popular and its users have great reviews about it.

Decentralized Exchanges

DEX isn’t very popular but it’s a trust-less AI system that connects traders online. The money goes from the user’s wallet to an escrow in a centralized exchange, and then to the other user in the trade. Funds that are kept in centralized exchanges are stored in wallets, which are owned by the company. User funds are stored in hardware wallets in a DEX, on each user’s computer. This smart contract helps in keeping trust between the users, who are trading the money. Altcoin.io is also working really hard to make a simple interface to exchange crypto quickly and the team became famous back in October after it successfully completed the first-ever BTC-ETH atomic swap.

It’s quite easy to buy cryptocurrencies now, and we’ll probably see some massive improvements this year, for both centralized and decentralized exchanges. The main focus of centralized exchanges will be; usability, scaling and adding new tokens, while decentralized exchanges will focus on getting their product out, involving the present crypto community.

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Pakistan Bans Crypto and ICO Transactions

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The central bank of Pakistan has told financial service providers and banks that it won’t be supporting virtual currency transactions. In a statement on its website, the State Bank of Pakistan (SBP) suggested the general public that it controls both international and domestic payment as well as money transfer services.

cryptocurrency Ponzi schemes

Prosecution Against Transferring Funds

According to this cryptocurrency ban news, the State Bank of Pakistan will take action against those who use virtual currencies for transferring funds outside Pakistan. If they found anyone using virtual currencies, tokens or coins for transferring money outside Pakistan, he/she will be subject to prosecution according to applicable laws. The State Bank of Pakistan also asked microfinance and commercial banks, as well as payment service providers/operators to restrict those account holders, who are looking forward to carry out transactions in the form cryptocurrencies and ICO tokens.

The State Bank of Pakistan also noted that it doesn’t recognize cryptocurrencies as legitimate tender and hasn’t sanctioned or licensed anyone for the sale-purchase, exchange-investment or even issuance of any tokens or currencies.

Risks

The State Bank of Pakistan took the action of the following risks:

  • The closure and fiasco of virtual currency exchanges as well as businesses for any purpose, like action by law enforcement agencies.
  • The number of security negotiations of virtual currency exchanges and wallets all-inclusive, in which huge amount of funds was lost.
  • Virtual currencies are extremely erratic, volatile and the prices are mostly based on assumptions.

Furthermore, fraudsters have started to offer “pyramid style investment schemes” as well and have promised high returns to the general public of Pakistan. The State Bank of Pakistan has also warned that such schemes similar to cryptocurrency Ponzi schemes, can cause some hefty losses to the general public.

RBI

The Reserve Bank of India (RBI) stated that all controlled entities that already offer virtual currency services are required to cut off all ties within three-months. These services include:

  • Maintaining accounts
  • Registering
  • Trading
  • Settling/Clearing
  • Giving loans against virtual tokens
  • Accepting the loans as collateral
  • Opening accounts of exchanges that manage them and transfer funds in accounts including the sale and purchase of virtual currencies.

The Reserve Bank Of India (RBI) believed that blockchain technology has a lot of positive applications however, it contends that cryptocurrencies increase several concerns related to the:

  • Protection of customers
  • Market integrity

Preventing financial crimes

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How To Buy Bitcoins With Credit Card/Debit Card | LocalBitcoins Tutorial

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What Are Some Easiest Ways to Earn Bitcoin

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Easiest Ways to Earn Bitcoin

Bitcoin is the most popular form of digital currency. The use of bitcoin is increasing each day, and it’s becoming progressively hard to earn them. If you are one of the people who are keen on starting a venture in the world of Bitcoin, and looking for ways to generate your own coins, here are some killer tips that will help you learn how to earn Bitcoin – the most valuable cryptocurrency out there.

The Killer Ways to Earn Bitcoin – Accept It as A Form of Payment:

One of the easiest ways to earn bitcoins. If you own a large corporation, run a small business, are a shopkeeper or just provide your services online, start accepting bitcoins in payments.

To accept bitcoins payment, you will need to follow a few steps. The steps include:

Get a Wallet:

To switch to bitcoin payments, you will need a bitcoin wallet. It’s a virtual wallet which is used to store Bitcoin.

Display “Bitcoin is Accepted Here” Logo:

Once you have the wallet, display the logo that says “Bitcoin is accepted here”. This will help your clients realize that you accept Bitcoin payments.

Check out our guide on how to accept Bitcoin payments here.

Earn by Completing Specific Tasks on Websites:

There are several websites that offer bitcoins for completing certain tasks. Some even offer bitcoins just for visiting their home page. The concept is similar to the good old free TV. You watch numerous ads, and in between these ads, you get to see something that grabs your intention, like a funny clip or a song.

Earn Through Mining:

One of the easiest ways to get bitcoins. In Bitcoin mining, the miners from all across the world connect with each other through mining computers and the internet to form groups. These groups are then given certain problems to solve. Those who successfully solve these problems are rewarded with bitcoins.

To do the mining, you will need a powerful computer, fast internet and electricity to keep the computer running 24/7.

Earn Bitcoins Through Tips:

Accepting bitcoin through tips is similar to accepting bitcoin as payment. You will need a wallet, QR code with bitcoin wallet address on it and people who can potentially give tips in bitcoins.

Here are some ways through which you can get in touch with people who deal in bitcoins:

  • If you have a shop, simply display the QR code and keep an eye on what’s coming in.
  • If you don’t own a shop, no worries. You can also accept tips through blog posts. Simply put your QR code somewhere where the users can easily see it and then decide how they want to tip you.
  • Another cool way for getting online tips is Bitfortip. The service directs you to people who are willing to give away bitcoin tips

Conclusion:

These are some easiest ways to earn bitcoins. Putting it in a nutshell, you can earn Bitcoin by accepting it in the form of payment, writing online blogs, visiting different websites and completing specific tasks, and via tips.

Good luck with your venture.

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Bitcoin – Investors sticking out the instability in digital currency

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The value of the cryptocurrencies is fluctuating every moment. That is why investors still consider these cryptocurrencies are very new with supreme returns.

Ethereum’s value was all-time high over $400 in June but fell lower $200 for the first time since May 30. Furthermore, Bitcoin’s price correction wiped off closely $4billion in its market price.

Bobby Lee, CEO of the Bitcoin exchange told CNBC that the true value has yet to be discovered. He states in a Hong Kong conference, “If you think about it, the volatility is natural for an asset class that is so new. There’s no price discovery for it (yet).”

He explains that people need to discover the true value of the digital currency bitcoin. They have a tendency to trade these assets at a firm, promotional level before market analysis it could be worth more and this a time when the price jumps.

After getting legalized in several countries, the currencies have seen a significant rise in the popularity. Such as Japan legalized the bitcoins as a payment method.

Managing director of Hong Kong-based commodities and digital currency trading house Dave Chapman says, “We now sort of at … a tipping point, where people are now considering bitcoin or ethereum or digital assets as more mainstream.” And,” A lot of the people that we service are actually very comfortable with having 1 percent of their net worth into bitcoin as it is considered to be the best way to invest in bitcoin.”

He also adds, “There’s no other asset class in the world that could’ve given you the historic performance of this sector … the historic performance, which is obviously not representative of future earnings, … does appeal to a lot of people.”

For situation: $100 of Bitcoin credited in 2010 is now worth more than $75 million.

The analyst has made mixed estimations about these digital asset’s values and market cap as well. According to the BTCC’s Lee experience, the market cap for the Bitcoin will hit at least $trillion by 2025. He says, “I think it’s going to go to at least $1 trillion, if not maybe $10 trillion in the next five to ten years.”

Bitcoin’s current market cap is about $38.55 billion on supply and around 16 million in circulation. Whereas, the total supply of the bitcoin is 21 million. According to Lee, “In a grand of scheme of things, it’s nothing. Many, many companies are worth way more than that.”  Furthermore, tech companies already have their market cap in billions or trillions of dollars.

Regulations may help to increase the credibility of these digital assets. Accordingly, Japan, Russia, and China are introducing new regulations.

In the end, Chapman also added that a number of investors have a fear of loss. That’s why they are still not ready for bitcoin investment in the digital currency market.

“We get a lot of people who are like ‘You know what? I still don’t believe in this experiment. I’m not really a believer, but I’m tired of sitting on the sidelines and missing out.”

 

 

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