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Ether and Bitcoin are similar in many ways Each of these digital currencies is being traded via online transactions. They are stored in Cryptocurrency wallets. Both of these towns of digital assets are decentralized, as in they are not regulated by any bank. They are dependent on a ledger technology, which is also known as the blockchain.
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Ether and Bitcoin are similar in many ways Each of these digital currencies is being traded via online transactions. They are stored in Cryptocurrency wallets. Both of these towns of digital assets are decentralized, as in they are not regulated by any bank. They are dependent on a ledger technology, which is also known as the blockchain. However, there are certain differences when you think of How to buy and sell Crypto in Canada. Let’s see the basics of Bitcoin and Ethereum.
Basics of Bitcoin Bitcoin was launched back in 2009. With its introduction, it brought a novel idea of digital currency and how it’s a secure way of investment and transactions. It is secured without any central authority, unlike any government-issued currency. There are no physical bitcoins. The balance you have is only associated with the cryptographic public ledger. Over the years, the concept of a virtual currency has taken up amongst various government bodies and regulators. Although its value is not as the physical currency, you can formally recognize it as a payment method. It has carved out a niche in itself.
Basics of Ethereum When it comes to Ethereum, blockchain technology is being used to create applications of a digital currency. Launched in 2015, Ethereum has become one of the largest and well-established software platforms. Ethereum enables you to have smart contracts and decentralised applications. They can run here without any downtime, fraud or centralized control. The potential applications of ethereum are wide as it is basically a type of cryptocurrency. Ether is used mainly for two purposes — it is traded as a digital currency on exchanges in the same fashion as other cryptocurrencies, and it is used on the Ethereum network to run applications.
Key Difference Between Bitcoin And Ethereum While both of the cryptocurrencies are powered by cryptography and blockchain, they two differ technically in many ways. Bitcoin was created as an alternative to national currencies whereas, ethereum is intended to be a platform that facilitates contracts and applications via its own currency. Overall, they are both digital currencies but the main aim of ethereum is to establish its own alternative monetary system. When you try to understand Ethereum you’ll see that Ethereum is actually another use-case for a blockchain that supports the Bitcoin network. Moreover, theoretically speaking, it should not really compete with Bitcoin.
.However, the popularity of ether has pushed it into competition with all cryptocurrencies, especially from the perspective of traders. How To Buy And Sell Crypto In Canada? Like most digital currency and its investment, you might still be confused, if you must invest in Ethereum or Bitcoin. However, Both of them have their risks and rewards. It is important to keep in mind that these currencies are still in the initial phase and are highly volatile in nature. If you’re looking for the best place to buy ethereum in Canada, we have a simple answer for you.
You will need to buy your ethereum from a trusted trading platform. The best way to get Ether or even bitcoin is through Online cryptocurrency trading platforms like Netcoins. With low fees, fast access and easy support Netcoins is one of the best and most convenient ways to invest in cryptocurrencies.SOURCE CREDIT: https://medium.com/@netcoinscanada/bitcoin-vs-ethereum-how-to-buy-and-sell-crypto-in-canada-a1ec282e0afa
