When it comes to cryptocurrencies, there is no denying that Bitcoin is the king. It was the first cryptocurrency to be created and has maintained its position as the largest cryptocurrency by market capitalization for over a decade.
However, in recent years, Ethereum has been gaining ground on Bitcoin and is now seen by many as a serious contender for the title of best cryptocurrency. So, what makes Ethereum better than Bitcoin?.
For starters, Ethereum has a much more robust infrastructure than Bitcoin. Ethereum’s blockchain is powered by the Etherium Virtual Machine (EVM), which enables it to run smart contracts.
This is a major advantage over Bitcoin, which is only capable of running simple scripts. Smart contracts allow for a whole range of applications to be built on top of Ethereum, from decentralized exchanges to prediction markets.
Another area where Ethereum shines is in its governance model. Bitcoin is controlled by a small group of developers who have the ability to make changes to the protocol without consensus from the wider community. This centralized control can lead to stagnation and infighting within the community.
In contrast, Ethereum’s governance model is much more decentralized. Changes to the protocol are decided by consensus among developers and miners, which leads to a more collaborative decision-making process.
Finally, Ethereum has a much brighter future than Bitcoin in terms of adoption and development. The fact that Ethereum can be used to build decentralized applications gives it a real-world use case that goes beyond simply being a store of value like Bitcoin.
Moreover, Ethereum’s network effects are already strong and are only likely to get stronger as more developers build on top of it. In contrast, Bitcoin’s network effects are not as strong and it faces stiff competition from other cryptocurrencies such as Ripple and Litecoin.
So, overall, Ethereum is better than Bitcoin in terms of technology, governance, and adoption. However, whether or not Ethereum can ultimately dethrone Bitcoin remains to be seen.