Bitcoin VS Others
Bitcoin VS Ethereum
Both the Bitcoin and Ethereum networks now employ proof of work as a consensus method to confirm and guarantee that only valid transactions are added to the blockchain. The blockchain is managed by nodes, which are powerful computers controlled by individuals or groups known as miners, under a proof of work mechanism. Every one of these nodes has a copy of the blockchain, and whenever a new transaction is made, these nodes compete to be the first to validate it.
Because it requires solving complicated mathematical riddles using state-of-the-art computers with enormous processing capabilities, this process is referred to as mining, and it consumes a significant amount of energy. The miner who solves the riddle first verifies the transaction, and adds it to the blockchain is awarded with freshly generated coins in exchange.
As of August 2021, the average time to process a block for Bitcoin was 9 minutes 26 seconds and for Ethereum was 13.3 seconds. ETH miners earn 2 ETH each block, whereas BTC miners get 6.25 BTC per block within the same time period. This hasn’t always been the case with Bitcoin, which has a halving event every 210,000 blocks mined, or about every four years. The amount of reward that miners may get is lowered by half during this event.
Meanwhile, Ethereum is striving to upgrade its present proof-of-work system and transition to a more energy-sustainable proof-of-stake mechanism because of the large amount of energy required and the resulting environmental concerns. Proof of stake validators stakes a particular amount of bitcoin to verify blocks, as opposed to proof of work miners who employ sophisticated gear that consumes a lot of energy. BTC and ETH are still among the most widely used cryptocurrencies today.
BTC just hit an all-time high (ATH) of $64,000 on April 14, 2021, while ETH shattered records earlier this year when it hit $4,300+ on May 12, 2021. While it is true that Bitcoin is the gold standard in the cryptocurrency world, it would be inaccurate to label Ethereum as its underdog. As previously said, they set out to accomplish distinct goals, and although there are still some growing pains along the road, there is no doubting that Bitcoin and Ethereum are now transforming the way we conduct business.
Bitcoin VS Litecoin
Litecoin (LTC), along with ether and XRP, was one of the first generations of cryptocurrencies to emerge following Bitcoin’s 2009 launch. Given that Litecoin was derived from the Bitcoin source code, this was not unexpected.
Litecoin was introduced in October 2011 by Charlie Lee, a former Google programmer, as a “silver to Bitcoin’s gold” – that is, to supplement what Bitcoin is meant to achieve in a quicker, cheaper, more scalable manner.
Litecoin began as a “fun” side project for Lee when he was tinkering with the Bitcoin core to produce a fork of Bitcoin. In a word, Litecoin is a decentralized, peer-to-peer digital currency that allows low-cost, rapid payments to anybody anywhere in the globe.
Litecoin is completely decentralized as an open-source global payment network, which means it is not governed by any central authority.
While many people mistakenly believe that Litecoin is a rival to Bitcoin because of its basic operations and characteristics, it is important to note that this was never the intention of Litecoin’s developer.
Because of their comparable structures, Litecoin has been used as a test net or testing ground for enhancements that would eventually be applied to Bitcoin.
Bitcoin VS Ripple
Without a question, Bitcoin and Ripple are two of today’s most well-known cryptocurrency networks. As of this writing, their native currency, BTC for Bitcoin and XRP for Ripple, are two of the top cryptocurrencies in terms of market capitalization.
If you want to expand your cryptocurrency portfolio beyond Bitcoin, XRP is a fantastic place to start since the project behind it takes a unique approach to digital currencies. Ripple’s key products are XRP, a cryptocurrency, and RippleX, a payment settlement platform.
Currency exchange, remittances, and international payments are three of Ripple’s key tasks, and they provide a more secure, transparent, efficient, and cost-effective alternative to conventional bank transfer methods like the SWIFT payment system.
Bitcoin, on the other hand, is a decentralized digital currency that was established to facilitate the payment of goods and services. Satoshi Nakamoto, the anonymous developer of the cryptocurrency, introduced it in 2009.
Ripple was developed by Chris Larsen and Jed McCaleb in 2012, but unlike Bitcoin, it does not utilize blockchain technology to conduct transactions. Instead, it employs a consensus ledger and a network of verifying servers, as well as its native token XRP.
Bitcoin VS Bitcoin Cash
Because Bitcoin Cash is a hard fork, it’s reasonable that it shares certain characteristics with Bitcoin, such as employing Proof of Work (PoW) to create new coins and having a maximum coin supply of 21 million. Bitcoin Cash does not use Segregated Witness because of its other major changes, apart from the block size (SegWit).
The removal of signature data from Bitcoin transactions to free up space on the block is the second suggested approach to solve the scalability problem with Bitcoin. As a consequence, each block will be able to process a greater number of transactions.
While Bitcoin Payment claims to be “the finest money in the world” by delivering on the promise of Bitcoin as peer-to-peer electronic cash, not everyone is on board with its decision to expand the block size.
The most apparent option may not necessarily be the best one, as Nate Martin pointed out in his Youtube video on Bitcoin Cash. For example, you can’t keep adding storage capacity to solve scalability problems.
