Table 3.
Comparison between Bitcoin and Ethereum
| Bitcoin | Ethereum | |
|---|---|---|
| Concept | Bitcoin is both a currency and a digital payment system | The Ethereum network is based on distributed ledger technology (DLT) or blockchain |
| Launch Date | 31st of October 2008, date of publication of White Paper | December 2013 |
| Form | Cryptocurrency | Cryptocurrency |
| Base | Blockchain | Blockchain |
| Ticker | bitcoin (BTC) | ether (ETH) |
| Purpose | Payment System | Allows execution of Smart contracts Contracts and decentralized applications by means of writing lines of code |
| Design | Virtual Currency | Token |
| Supply |
Mining Recompense is based on validation of blocks |
Mining Validation of blocks, transactions or contracts |
| In circulation | 21 million bitcoin in total | 18 million per year |
| Other | Used like any other fiat currency |
Includes supplementary fees for “gas” Only works within its own network |
Source: Own compilation