Cryptocurrency Explained: What Is the Difference Between Bitcoin and Ethereum?

Cryptocurrency Explained: What Is the Difference Between Bitcoin and Ethereum?

I’m just thinking like you got Bitcoin
ethereum you mentioned are they like
different currencies like we have in the
traditional sense or are they platforms
what are they okay so so you’ve got two
different terms but the same words so
you talk about Bitcoin and the Bitcoin
blockchain so Bitcoin is the equivalent
of money that is being moved around you
talk about ethereum on the ethereum
blockchain so there’s there are many
different blockchains there are many
different um tokens um in terms of are
they currencies accountants don’t think
they are you don’t treat them as
currencies but some of them have the
same properties as money and in some
places they are treated as money so if
you think about money it’s got to be a
store of value which Bitcoin and larger
cryptocurrencies are you’ve got to be
able to pay for goods and services and
settle debts with it so medium of
exchange medium Exchange store of value
ah can’t remember what the third one is
but this this idea of you can pay for
something the first time somebody paid
for a thing with Bitcoin was reportedly
two pizzas for 10,000 Bitcoin in 2010
that would be worth quite a bit now but
that was the idea you can actually pay
for things in in parts of Switzerland
you can pay your Municipal Taxes with
cryptocurrency in um El Salvador you can
pay for your vets bills and you can pay
for all sorts of things within their
Bitcoin ecosystem they actually have
they actually use Bitcoin as one of
their National currencies so yes it can
be used different cryptocurrencies are
used as if they were money honestly we
don’t need that here in the UK and and
in Europe because we have really good
financial services but for people who
don’t it’s actually really useful and
that’s the bit that I think I struggle
with because I think in my mind soon as
someone says cryptocurrency I go oh that
is money and it’s another form of money
it’s a value it’s a representation of
value that’s effec of the third thing
it’s a unit of account so I I’ll ledger
so you can use it as a unit of account
like we do with cash so you’ve got a 20
pound note and you can work out the
accounting for that so yeah people talk
about cryptocurrencies because they they
behaved like money we now talk more
about crypto assets because they behave
in different ways so crypto currency is
one part of that family tree so actually
the new book that’s coming out is
getting started with cryptocurrency
because everyone recognizes what that
means but it’s an introduction to
digital assets and to blockchain so it’s
very clear it’s it that it covers the
whole family tree and it covers the
technology as well with
cryptocurrency I’m guessing the value
changes over time how is that decided in
that world it’s not decided by anybody
it is it’s the similar question of why
do tech stocks go up and down and there
are macroeconomic factors there is
confidence in the market actually an
interesting comparison is that with any
crypto asset that is issued there is
always technology beneath it there is
some kind of reason for issuing that so
uh you look at what the thing actually
is supposed to do as part of its
software so comparing them to tech
stocks is actually quite reasonable
because it a lot of the value actually
depends on how useful are they and we’re
start there’s there are new blockchains
being built that run incredibly fast so
for example it takes an on average about
10 minutes to generate a block on a on
the Bitcoin blockchain it runs at about
seven transactions per second on average
we’ve got new blockchains coming out
that are closing a block in less than a
second and they are processing very high
numbers of transactions so they’re
they’re rivaling the Visa Network and so
on

Discover the difference between Bitcoin and Ethereum, the leading cryptocurrencies. Learn how they function and the potential uses of blockchain technology. Gain insights into their value as a store of wealth and their ability to be used for transactions. Join us for an informative discussion on the world of cryptocurrencies. #CryptocurrencyExplained #BitcoinvsEthereum #BlockchainTechnology #StoreofWealth #DigitalTransactions #CryptoInsights #CryptocurrencyValue #BlockchainUses #CryptocurrencyDiscussion #BitcoinEthereumComparison