Blockchain Finance: Bitcoin vs Ethereum - What’s the Difference Infinity Blockchain Labs

Blockchain Finance: Bitcoin vs Ethereum – What’s the Difference

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January 12, 2018

Cats or dogs. Chocolate or Vanilla. Beach or mountains. There are plenty of classic rivals in all facets of life and the blockchain finance sphere is no different. The two major cryptocurrencies people are currently interested in using and developing are Bitcoin and Ethereum. But what is the difference and what does it mean for you?  As an industry expert, Infinity Blockchain Labs (IBL) makes it our mission to inform people about all matters related to blockchain finance.

This includes explaining the differences between the many blockchain coins out there. Today we look at the two most famous and held cryptocurrencies, Bitcoin and Ethereum

Bitcoin: The Original

Bitcoin (BTC) is the first and most well-known cryptocurrency. Created by an unknown person or group known only as Satoshi Nakamura in January 2009, it put blockchain finance on the map. Now worth over $USD 15,000 per coin, it was once only several cents. It is the fundamental currency for the Bitcoin blockchain (a decentralized ledger that stores information as immutable blocks). All transactions on the blockchain require a small amount of Bitcoin to be performed, and the people that lay the blocks, “miners”, receive a small amount of Bitcoin for their efforts. It has evolved to become a currency in itself, used to purchase goods and services as well as other coins.

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Ethereum: The Next Big Thing

Ether is the cryptocurrency associate with the Ethereum blockchain. Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale between July and August 2014. While originally fractions of a dollar, at the time of writing this, Ether is now valued at US$650.

The Ethereum blockchain introduced the concept of Smart contracts, which are autonomous exchange mechanisms that perform transactions between two parties based on predetermined criteria. Simply, the contracts are agreed upon transactions that are triggered only when previously approved events take place. For example, a contract could trigger the transfer of legal property from one person to another only when verifiable payment was made.

Ethereum is also not simply a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications (DApps). The app allow people to securely store data and allow for blockchain-based interactions including sending and receiving information and currency. For example, an app could facilitate a video game tournament’s matchups and payments. An app could help you order a pizza and ensure that you only pay if you receive the correct order (seriously, who puts corn on a pizza?!) or help run a solar energy exchange.

So What’s the Difference Between Bitcoin and Ethereum?

In general the core difference between Bitcoin and Ether relates to  Ethereum’s Smart Contract system and support of apps. Bitcoin is essentially a facilitator of payment transactions and value storage and thus a fiat currency alternative. Ether on the other hand facilitates and monetize the working of the robust Ethereum platform that enable developers to build and run distributed applications for a wide range of activities. This makes it an essential element in companies and governments that rely on blockchain for such diverse activities as contracts, supply chain management, aid distribution, identity verification and entertainment. But with the rise of Ether’s value in fiat currencies, many people are viewing it as a currency alternative akin to Bitcoin, and thus of no functional difference.

What happens Next for Bitcoin and Ethereum?

In the fast paced cryptocurrency world, it is impossible to tell exactly what the future holds. Bitcoin, because of its headstart and the general satisfaction level it maintains, probably isn’t going anywhere. And yet, Ethereum’s Smart Contracts allow for increased functions that make it an appealing option, especially for developers and adopting industries. As the blockchain world continues to expand there is no reason to believe that there is room for only one cryptocurrency. Instead, the increased security and stability provided by diversified holdings is good for individuals and companies.

New blockchains are emerging with more cryptocurrencies being established every day. Hard forks are also occurring which result in the core cryptocurrencies birthing new ones, such as Ethereum Classic and Bitcoin Cash. Blockchain and cryptocurrencies are such new phenomena, no one knows where the exciting future will lead, but thanks to their core power and widespread adoption, both Bitcoin and Ether are certain to be important players for a long time to come.

How to Securely Store Bitcoin and Ethereum

You cannot send, receive or store Bitcoin with a Ethereum wallet or vice versa. Early on, your only option was to have two completely separate wallets – one for BTC and one for ETH. This of course clutters up your phone or tablet, requires you to remember extra passwords and passphrases and increases the chances one will be lost or stolen.

The team at Infinity Blockchain Labs (IBL) understood a single wallet that could store both coins would be the perfect solution for managing a variety of cryptocurrencies. With it a person would be able to have both weather it’s to use them for different purposes or for the sake of investment diversification.  IBL therefore made certain that their newest wallet, Infinito Wallet can store, send and receive both BTC and ETH. Users can effortlessly switch between the two coins without needed to switch accounts, passwords or passphrases. Many wallets do now allow for the storage of both BTC and ETH, and Infinito Wallet further https://www.blockchainlabs.asia/news/erc20-tokens-power-infinito-wallet/ sets itself apart thanks to several other core features and security functions.

Infinito Wallet offers similar convenience if you want to use other coins including any of the thousands of available ERC20 tokens. More coins such as Litecoin and Dash will soon be accessible as well. Thanks to Infinito Wallet, users will now only need one wallet to send, receive, search, and store a full range of assets, making the crypto world fast and easy.

Moreover, Infinito Wallet offers optimized costs and unrivaled transfer speeds. And to better help users manage their accounts, all transactions will include memos and be downloaded for offline record keeping. Furthermore, by supporting numerous languages, the technology is available to more people in the world than any other wallet. Because it it registered in the Isle of Man and features of its source code can be accessed online, you can trust it is a secure, fully compliant solution for managing your cryptocurrencies.

Infinity Blockchain Labs : The Team Behind Infinito Wallet

Infinito Wallet was created by Infinity Blockchain Labs’ Core Lab. The leading blockchain r&d company has numerous labs aimed at creating solutions for different sectors and partners with the goal of promoting blockchain adoption.

You can learn more about Infinito Wallet and download it now at www.infinitowallet.io

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Facebook: https://www.facebook.com/InfinitoWallet/

LinkedIn: https://www.linkedin.com/company-beta/13448814

Twitter: https://twitter.com/InfinitoWallet

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About Article Publisher Infinity Blockchain Labs

Infinity Blockchain Labs is a visionary R&D company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects.

IBL aspires to empower Vietnam to become a global leader in blockchain development and therefore are committed to sharing information to nurture a passionate, educated blockchain community. One of the ways we maintain our role as ecosystem pioneer is by helping create educated blockchain enthusiasts.  We are committed to sharing information and resources to help Vietnam become a blockchain hub through conferences, courses, contests, alliances, workshops, speaking engagements and incubations. Information regarding topics like hard forks helps people become more familiar with key blockchain concepts and thus able to adopt the technology.

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Contact: Nicole Nguyen PR@blockchainlabs.asia

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