Centralized Monetary System: Bitcoin the first Bitcoin in the Cryptocurrency of the world has now has a new competitor. Bitcoin is the largest Cryptocurrency in terms of market capitalization which stood over a billion dollars according to the Cryptocurrency exchange Binance. Ethereum, the second most popular Cryptocurrency that exists in Crypto space after Bitcoin. Bitcoin has a new rival, that’s Ethereum. Although Ethreum Cryptocurrency was launched after Bitcoin it has the uniqueness of wider functionalities and features. Ethereum has too been in Crypto space for over 5 years and now presently is the second-largest Cryptocurrency in the world after Bitcoin.
Image Source: www.brookings.edu
There is a fundamental difference between the need of evolution of Bitcoin and Ethereum. Bitcoin was launched into the crypto world primarily to replace and do away with the conventional monetary system. It was bought into existence as an alternative to the centralized monetary system that was controlled by banks around the world. Since the inception of Bitcoin, it has been successful in achieving the goal it was meant to full fill. The goal of Bitcoin was to break the shackles of centralization and the rigidity of the global monetary system. Ethreum, on the other hand, was developed as a complete functionality that will allow the smooth functioning of the running of applications with the help and aid of Ethereum Virtual Machine (EVM).
Image Source: medium.com
The aim of Bitcoin is to be the most preferred Cryptocurrency in the world by replacing the traditional fiat currency that is largely regulated by the centralized monetary system that is overlooked and regulated by the government and major financial authorities. Bitcoin aims to reduce the contact there exists between the consumer and banks and see a role for itself as the major tool which will be digital coins. Ethereum goals are bit different from their counterpart as it tends to serve a different goal. It aims to become a major network player on which smart contracts and various applications can be built and run.
Source: Crypto Newsz
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