With the advent of blockchain technology, today over 1600 cryptocurrencies are traded and listed on crypto exchanges worldwide and thousands of other crypto assets exchange hands. Out of all of them - Bitcoin and Ethereum have been ruling the charts ever since.
Bitcoin (BTC) is considered the first & original crypto asset, pioneering the whole cryptocurrency movement and being embraced steadily by the masses. Bitcoin and the blockchain on which it operates were invented by an anonymous individual under the pseudonym Satoshi Nakamoto. Bitcoin was devised as an alternative to the centuries-old fiat money system and can also be used for payments in certain economies.
The argument in favour of Bitcoin was that central banks and a few financial institutions formed a centralized power and wealth source and thus made financial mobility difficult. Bitcoin fixed the number of units that were ever to be issued, unlike keeping on printing fiat money in case of inflation. Its peer-to-peer blockchain technology meant that it bypassed financial institutions to verify transactions and control money.
Another crypto asset that has been the most important after Bitcoin is Ethereum – the original blockchain platform for smart contracts on which decentralized applications are built. Games, ICO (Initial Coin Offerings), and crowdfunding platforms are among a few examples that utilize the Ethereum platform for operations of varying scales. Ether (ETH), its cryptocurrency is largely seen as a utilitarian one supporting a wide range of applications on its network.
Ethereum is considered secure owing to the distributive nature of its platform, and the use of its cryptocurrency ETH for making payments on its various platforms further secures the trust of its users.
Bitcoin is hence the most popular crypto asset worldwide and its price fluctuation has a vital impact on the rest of the crypto assets. Whereas Ethereum rules the utility platforms on which various modern-day technologies are built and monetized simultaneously.