Bitcoin (BTC) and Ethereum (ETH) are the two most important cryptocurrencies according to their market capitalization. Indeed, both of them account for 55% of the total cryptocurrency market, which is quite impressing considering the number of ICOs and projects out there that are competing with these virtual currencies. A study created by Blockium analyze both cryptocurrencies from the trader’s point of view:
Bitcoin vs Ethereum
These two cryptocurrencies are offering to the crypto community two different products and services. Bitcoin is working as digital money, a currency that can be transacted everywhere for goods, services or use it as a store of value.
Instead, Ethereum has a unique feature that makes it special, its smart contracts. With them enterprises and developers can use them to exchange money, property, shares or even cats (check our CryptoKitties article).
According to Blockium’s traders’ statistics, during the last week, 4.84% of the respondents shorted bitcoin, while 3.96% did so with Ethereum. At the same time 42.7% of the individuals that answered were holding BTC during the last 10 trading tournaments while 63.96% held Ethereum.
Which are the countries that trade each currency the most? According to Blockium, people in Canada trade bitcoin the most while people in the United Kingdom trade Ethereum the most.
There is also an important thing to mention about these two currencies. Bitcoin was launched in January 2009, while Ethereum in July 2015, making it relatively young compared to BTC. Bitcoin has been mined at the beginning as a release method, while Ethereum raised $18 million dollars in bitcoin.
Both virtual currencies have different transaction times. Bitcoin is slower, taking 1 hour to process an average transaction. Ethereum is different, it takes less time, 15 minutes and the transaction can be processed. Of course, these times are just an average, there are transactions in Bitcoin and Ethereum that take less time, or can take longer depending on how many transactions both networks are processing.
Finally, Bitcoin is able to handle between three to seven transactions per second, while Ethereum performs better allowing individuals to process between 7 to 15 transactions per second. Both networks are working in different scaling solutions that would allow them to be more competitive and offer better transaction times with lower fees.