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Can Ethereum’s Utility Make It Better Than Bitcoin?

  • Currently, the project, led by Vitalik Buterin, lays the foundation for the growing decentralized finance (DeFi) ecosystem, with uses in other industries as well.
  • It is not the first time that ETH and BTC backers are trying to prove who is better. For a long time, Bitcoin maximalists such as Saylor and Max Keiser have criticized Ethereum, stating that the project cannot exceed Bitcoin’s market value.
  • While Bitcoin’s market cap is still far ahead of Ethereum, at the time of writing, ETH had more investors and despite being four years younger.
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The Ethereum vs Bitcoin debate has reignited; Ethereum may be more useful, but is that reason enough to be better than Bitcoin?

Could Ethereum Be More Useful Than Bitcoin?

bitcoin-ethereum

The debate over which asset is superior between Ethereum and Bitcoin took on a new dimension on September 6th. This time, Dr. Julian Hosp, the CEO of CAKE Group, sided with the second-largest blockchain.

Hosp claimed that Ethereum does everything better than Bitcoin, while acknowledging that Bitcoin may have paved the way for the entire ecosystem. However, Ethereum’s utility sets it apart.

When Bitcoin was invented, its primary goal was to serve as a decentralized payment network. It successfully achieved that goal and also served as a means for remittances and international payments.

Over the years, BTC’s performance proved it could be a valuable store of value. On the other hand, Ethereum achieved more than its initial goals.

Currently, under the leadership of Vitalik Buterin, the project forms the foundation of the growing decentralized finance (DeFi) ecosystem while offering use cases in other sectors. This growth and more could be the reason behind the belief of the investment chief that Ethereum is better than Bitcoin.

The debate over which asset is superior between Ethereum and Bitcoin took on a new dimension on September 6th. This time, Dr. Julian Hosp, the CEO of CAKE Group, sided with the second-largest blockchain.

Hosp claimed that Ethereum does everything better than Bitcoin, while acknowledging that Bitcoin may have paved the way for the entire ecosystem. However, Ethereum’s utility sets it apart.

When Bitcoin was invented, its primary goal was to serve as a decentralized payment network. It successfully achieved that goal and also served as a means for remittances and international payments.

Over the years, BTC’s performance proved it could be a valuable store of value. On the other hand, Ethereum achieved more than its initial goals.

Despite Bitcoin’s market value being significantly higher than Ethereum’s, as of the time of writing, ETH had more investors and was four years younger. However, Bitcoin remained the project with the highest number of active addresses.

Bitcoin Leads in This Area

According to Santiment, active addresses on the Bitcoin network reached 18.03 million as of January 2023, whereas Ethereum had only 5.79 million active users during the same period.

Bitcoin-and-Ethereum-Active-Addresses

For context, active addresses measure the number of unique addresses involved in daily transactions. An increase in this metric indicates heightened network activity, while a decrease implies reduced speculation around an asset.

Therefore, the difference in active addresses between the two projects indicated that transactions on Bitcoin vastly outnumbered Ethereum at the time of publication. Despite differing opinions about BTC and ETH, their performance over the past 365 days shows that BTC has significantly outperformed ETH.

As of the time of writing, BTC’s value increased by 33.04% in the last year. In contrast, ETH, which was worth $1,628, was nearly at the same value as it was a year ago.

BTC-ETH-Price

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Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
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