Bitcoin is primarily used as a digital currency, meaning that it can be used to buy and sell goods and services online or in person. It is decentralized, meaning that it is not controlled by any government or financial institution, and allows for peer-to-peer transactions without the need for intermediaries.
In addition to being used as a currency, Bitcoin is also used as a store of value, similar to gold. Some people hold onto Bitcoin as an investment, believing that its value will increase over time.
On the other hand, Ethereum has more use cases than Bitcoin because it was designed to be a more general-purpose blockchain platform. In addition to supporting the same type of decentralized applications (DApps) as Bitcoin, Ethereum also supports smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This makes Ethereum a more versatile platform, as it can be used for a wide variety of applications beyond just serving as a digital currency. The ability to support smart contracts and a wider range of applications has given Ethereum a more diverse set of use cases compared to Bitcoin.
Some examples of use cases for Ethereum include:
Decentralized finance (DeFi) applications, which allow users to access financial services like lending, borrowing, and trading without the need for traditional intermediaries.
Supply chain management, where smart contracts can be used to automate the tracking and verification of goods as they move through the supply chain.
Identity verification, where smart contracts can be used to securely store and manage identity information.
- Predictive markets, where users can buy and sell predictions about future events.
