As dive more and more into the world of Ethereum and try to spread my knowledge about it. I keep getting asked whats the difference between Bitcoin and Ethereum, that's a good question I say.
Here is my answer to those that ask. Please comment and let me know if I am not representing something correctly, but I am trying to put it in lamens terms. So the average non-technical person can grasp it a little. Although I dont explain what the blockchain technology is as I think there are some really good Ted talks that do a good job of that. I am simply just trying to convey the difference between the Bitcoin and Ethereum.
Here is what i tell them.
I think that blockchains are the future of the internet as a whole. How it functions and how transactions of data/currency/gaming you name it, are being done behind the scenes on blockchain is much faster and more secure than how they are currently being performed.
Ill will give you what i have learned thus far and you can delve more into for yourself if you like.
*Bitcoin- is strictly a digital currency, decentralized and uses blockchain technology giving users the ability to transfer payments safely to eachother at faster speeds (usually 10min although with so much growth it is slowing) and less costs than previously available on a global scale. Bitcoin only has a limited number of coins so if demand is there it will continue to grow in price this is why some speculate it could be around 10k someday.
*Ethereum- is also a digital currency just like bitcoin but uses a different protocol that makes transaction faster(average 15s) but it also has the ability to accept smart contracts and or Decentralized applications or Dapps. This gives the ether protocol so much more than just being a currency. These new "Dapps, smart contracts" can be run with no downtime, fraud or control or interference from an outside source. Making the efficiency and overhead costs go way down for anypne specific product introduced onto the ethereum network.
