Bitcoin is Better Money, Ethereum isn’t

The CEO of the Blockchain identity startup Civic and the co-founder of Gyft Bunny Lingham recently issued a statement declaring Bitcoin as better money as compared to Ethereum. From a technical perspective, his statement is correct in a sense that Ethereum was developed as a Blockchain network for helping in the growth of decentralized applications (DApps). This was not created as a digital currency rather it was used to fuel DApps that were launched.

Also See: Ethereum Price gears up to $400. Is that the end of Bitcoin?

As compared to Ethereum, Bitcoin was created to function as a settlement network. This digital currency is considered as a safe haven by the majority of the investors as it deals with some of the ideal scaling solutions. It is expected to be evolved into a better currency next time. Although the investors who purchase Ethereum are under the assumption that it is a better currency but its low transaction fee cannot be compared until it competes for the same use cases as Bitcoin.

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Flipping makes no sense:

A Blockchain network is considered to prioritize between security and flexibility. According to Lingham, Bitcoin is better money as it is deflationary and scarce. But Ethereum is not real money, it is inflationary and abundant. The flipping does not make any sense. This is a term that is used by cryptocurrency community members in order to describe a political situation that flipping does not make any sense. But this term helps to explain the lack of logic in considering the argument of flipping that Bitcoin and Ethereum both are completely different networks of Blockchain. Due to the difference in monetary policies, long term strategies, development roadmaps, as well as structures the two networks must not be brought in comparison with each other.

Contrasting structures and characteristics:

Some of the structures and characteristics of both currencies have been completely ignored by many of the investors. According to experts, there should be an easy way to understand the complications of both the currencies rather than bringing them in comparison. Bitcoin needs to survive in order to prove itself as the premier store of value and when its underlying scaling issues have been solved, it will become practical digital currency.

Also See: Bitcoin’s ride has taken it to an un-expected life time high

The performance was well through this year:

This year, both the currencies have maintained an upward momentum as more number of investors has started to purchase Bitcoin. The purchasing has increased due to its store value but the ICO market enabled by Ethereum has experienced remarkable growth.

The rise towards the purchase of Bitcoin is because millions of active users are utilizing the Bitcoin network for settling transactions in a reorganized and transparent way in order to move funds outside the countries, to other people or to store money securely.

Via: The CoinTelegraph

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Written by Hisham Sarwar

That is all you ever need to know about me but let me warn you, freelancing for me is a journey, certainly not a destination :)