Ethereum vs Bitcoin for Dummies (big dummies)
Ok...let's get something straight.
Ethereum is not Bitcoin.
Ethereum is a blockchain, Bitcoin is an application.
If Bitcoin is like email, Ethereum is like the internet.
Ethereum has more tokens in circulation, so the price difference doesn't matter. Look at market cap (tokens*price).
The "flippening" means Ethereum's market cap goes beyond Bitcoin's market cap.
Market caps (on June 13): Bitcoin = $44.5B, Ethereum =$36.9B
Bitcoin is way slower than Ethereum. It takes way too long to send/receive BTC.
Bitcoin is based on Proof of Work, which is arguably worse than Proof of Stake.
Ethereum is switching over to Proof of Stake very soon.
Bitcoin's founder is....ummm...welll...errrr...we don't know.
Ethereum's founder is a fucking genius.
What's the difference between Proof of Work and Proof of Stake? I'm excited for the future of Ethereum, most of the crypto I hold is Ether. Nice post man!
Thanks! To answer your questions...it's much easier to understand PoW vs PoS by watching YouTube videos. There's a couple good ones out there if you just search it up. Basically, Proof of Work requires miners to solve math problems (i.e. process transactions), then get rewarded. Proof of Stake is like saying, "I'll validate the transactions, and just trust me...and here's some ETH to prove I won't scam you". No mining involved in PoS.
Ahh I see, thank you for answering my question! What implications does this have for the future of Ethereum?
If you're interested, you should read my post from earlier today. You may find it amusing:
https://steemit.com/ethereum/@alexwyn/bitcoin-vs-ethereum
Awesome, thanks for sharing!
IOTA coin in a matter of hours became the 6th biggest market capitalization. Excellent opportunity of investment, like never before.
IOTA is 50% awesome potential, and 50% nice design. Hopefully its awesome potential is materialized over time.