CRYPTOCURRENCY is a type of money that only exists electronically. It is entirely “DECENTRALIZED” with no server or central authority such as government, bank, corporation or any individual.
CRYPTOCURRENCY is increasingly important because it saves people time in making transactions, it also avoids intermediaries due to its unique system called the “BLOCKCHAIN.”
BITCOIN is a type of CRYPTOCURRENCY that was introduced to the world by some anonymous people declared to be Satoshi Nakamoto in 2008. Satoshi Nakamoto’s objective in Bitcoin is for people to send or receive money anywhere in the world without any interference from the central authority or middleman.
ETHEREUM is also a type of CRYPTOCURRENCY that was founded by Vitalik Buterin, a computer programmer and a CRYPTOCURRENCY researcher in 2013. ETHEREUM is a DECENTRALIZED platform that requires a GAS or GWEI to keep the platform running. It provides SMART CONTRACT feature, which is more advanced than the concept of BITCOIN, without any participation from any third party.
Let's keep it simple and short, the main difference between Bitcoin and Ethereum is that Bitcoin was designed to replace fiat money in transactions. At the meantime, Ethereum has not only the function to replace any currency, but also the function that allows users to create their own tokens to exchange for goods, services or Ethers by using the SMART CONTRACT feature.
What is a SMART CONTRACT, GAS, and GWEI?
Follow me on my next article to find out What is a SMART CONTRACT, GAS, and GWEI.
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