Flippening — A real danger to the Bitcoin’s supremacy

Mining

Ethereum (ETH) was made as a serious alternative to Bitcoin when it was launched in 2015. Bitcoin is founded on proof-of-work (PoW) which requires the solving of very complex calculations to mine coins and confirm transactions costing tons of money in electricity costs & massive computing power apart from taking 10 minutes to verify a single transaction compared to 14 seconds for ETH.

Utility

The smart contract ability of the Ethereum platform gives it a huge edge over Bitcoin with its platform capability where other crypto coins can be launched as well, contributing to the mushroom growth of ICOs in the past 12 months. At the time of writing we have 1517 tokens available as being reported on Coinmarketcap. Beyond Ether’s transactional value it provides the basis for the foundation & expansion of the crypto market.

Cost & Speed

Bitcoin is notorious for high transaction costs & slow speed which doesn’t make it an ideal digital currency for micropayments — bitcoin transaction costs $2.12 compared to about $0.67 of Ether at the time of writing. However for bitcoin, this is still a massive improvement over the $55 transaction cost in mid December 2017 thanks to the upcoming Lightning Network which is basically a digital freeway with smart contract capability, where the bitcoin blockchain is connected to an alternative payment network thus avoiding the blockchain congestion. ETH’s answer to that is The Raiden Network (work in progress) which is an off-chain scaling solution, enabling near-instant, low-fee and scalable payments for Ethereum based tokens.

Updates

Numerous forks have been done on the original bitcoin code to address the issues of scalability, security, transaction speeds & costs (Bitcoin cash, Bitcoin Gold, Bitcoin Diamond, Segwit2x etc.) with a couple of failed hard forks as well — this signifies the lack of unity between the Bitcoin community apart from trying to address the issues. As discussed earlier ETH is moving to PoS with the Casper upgrade by which current Ether owners can mine more causing a further surge in the price of the coin.

Privacy

Bitcoin transactions are on a public blockchain where the bitcoin wallets are tied to address hashes which once identified can lead to revealing all current & future transactions. The zk-SNARK update adds the much needed privacy feature to Ethereum transactions keeping it competitive with other security focused coins like Dash (DASH), Monero (XMR), Zcash (ZEC) & Verge (VXG) which have been in high demand recently.

Team

Ethereum’s core team is very active & responsive one — with the genius programmer Vitalik Buterin at the helm of affairs — although on the lighter side of things his recent tweet regarding cryptos falling to zero didn’t exactly qualify him as a Financial advisor with the crypto lovers. And as for bitcoin we don’t even know who Sataoshi Nakamoto (pseudonym) is — a programmer, a corporation, some government or maybe a supercomputer!

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