Bitcoin vs. Ethereum — Which is the Best CryptoExchange?
Bitcoin! Ethereum! These two buzzing words have exploded the cryptocurrency world to its full extent. The exchanges made through these gateways are sometimes giving eight-figure to the investors, which are commonly seen these days across the countryside.
Bitcoin is surely a good investment according to the experts. Even the multi-billionaire Bill Gates openly supported the Bitcoin era. Ethereum seems to be a wise choice for investment in other cryptocurrencies.
What’s the Difference between Bitcoin & Ethereum?
If you are in search of a short answer to this question; then Bitcoin is the one face of the digital coin falling in the category of cryptocurrencies whereas Ethereum is another face of the digital coin falling in the category of tokens. These two categories of digital coins are competing against existing money and gold to replace them with a truly one-single currency and accepted globally.
Bitcoin promises that it is:
✓ It allows individuals to own their own money without having to rely on national banks.
✓ Lower fee for transferring money across borders and oceans.
✓ Financial stability for people who live in countries with unstable currencies; this especially makes two-thirds of the current global population to decline banking access.
What Bitcoin does for money, the same is for Ethereum but it does for contracts. Ethereum’s innovation is that it allows you to write smart contracts which are generally any digital agreement where you can say ‘If this happens, then something else happens’.
The Comparison Chart; Let’s Have a Deeper Understanding
Bitcoin is a currency invented by Satoshi Nakamoto and went alive in January 2009. On the other hand, Ethereum is a token invented by Vitalik Buterin, Gavin Wood and Joseph Lubin in July 2015.
Bitcoin adapts to the deflationary supply style through which a finite number of Bitcoin will be made. On the other hand, Ethereum welcomes the inflationary supply style which is much like flat currency where more tokens can be made over time.
Bitcoin is mostly used for purchasing goods and services and storing value much like how we currently use gold. However, Ethereum is used for making decentralized applications on the Ethereum blockchain. The sole purpose of creating Bitcoin is to establish a new currency to compete against the gold standard and fiat currencies. Nonetheless, Ethereum is capable of facilitating smart contracts.
Best Cryptocurrency Exchange
“Which is the best cryptocurrency exchange?” — This question has become paramount in the minds of the cryptocurrency users and investors because of the news and reports coming with the failure of cryptocurrency exchange and the breach of security of theft of cryptocurrencies owned by people like you.
It’s not easy to point out which one is the best exchange for cryptocurrencies to fulfill all your needs and sort out all the problems related to cryptocurrencies. However, there are a number of parameters to judge and find out the best cryptocurrency exchange.
Parameters to Judge:
● How safe are the website and server? Secure exchanges are better
● High liquidity
● Transaction fee structure of the exchange of fixed fees, percentage fees and spread
● Whether exchange provides transparent data of coins transactions, prices, and volumes?
● Which and how many currency pairs are available to trade Bitcoin; for example, Euros, USD, and other fiat/ government-issued currencies or Altcoins?
● Multiple options to buy Bitcoin like PayPal, Credit Card Etc
● Are customers happy?
● Beginner-friendliness
● Good user ratings
If this is your first time in this easy-to-money-making process and is interested to take your chance, then have a look into some of the best exchanges mentioned below.
How to Trade-in Amazon Gift Cards for Bitcoin:
To get started with this, you need two things; a Purse account and an Amazon account (you can use the money loaded to your account process, or can also use the existing gift card). The Purse is an online market which connects worldwide Amazon shoppers to Amazon gift cards’ users. This is a secure marketplace where users with gift cards can liquidate their gift card by paying a very nominal price.
For example, $80 for a gift card worth $100. Additionally, if you are someone who is a newbie and want to buy Bitcoin in a small quantity; use of gift card is the best and easy way. If you are buying Bitcoin in the larger amount, you should rather go with alternative methods like real cash to purchase Bitcoin.
How to Buy your First Bitcoin Using Coinbase?
If you are paying close attention to Bitcoin industry, you will understand every day the innovation is happening around Bitcoin. This cryptocurrency is now acknowledged as a preferred currency at several online stores. Coinbase is a popular website especially for buying and selling of Bitcoin. Keep in mind that buying is still not opened for few countries including India. Among the most trusted and secured places to buy & sell Bitcoin, Coinbase has successfully owned a place.
Apart from Bitcoin, Coinbase also allows verified identities to use it for Ethereum. With over 4.5 million members, Coinbase is now a popular and authentic Bitcoin and Ethereum purchasing website which is surely one of the largest Bitcoin community on the planet earth. The process to start with Coinbase is simple and easy-to-understand. First of all, you have to head over to Coinbase and create your free account. Next, you need to verify your email address. Click on the link you received in your email to complete the steps and have a verified account successfully created. Login to your Coinbase account now and start completing your profile which hardly takes 4-to-5mins.
Enable 2-step authentication to increase your account’s security to a great extent. Create an URL for you and share the same with your client to accept money in USD which will be automatically converted to BTC for you by Bitcoin. It’s also a smart way to increase your BTC portfolio. You need to submit a copy of your Government approved ID such as Passport, Driving License or any other ID you have via webcam for online verification without which you cannot trade Bitcoins. If you are in the UK, Europe, United States or Singapore, you should be able to trade-in Bitcoin using a credit card simply. Xfers to purchase Bitcoin via Coinbase is also available for Singapore users.
Bittrex is another next generation digital currency exchange. Bittrex is a US-based and regulated exchange which offers to trade in many cryptocurrencies, tokens, and newly introduced coins. It supports more than 190 cryptocurrencies so far and is offering speedy transactions, high stability and follows some risk management practices.
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