What Is The Difference Between Bitcoin ICO And Ethereum ICO?
This question originally appeared on Quora, the knowledge sharing network where compelling questions are answered by people with unique insights.
Answers below are by Mike Storm, Puneet Gupta, William Smith, Nitin Modgil, Zakaria Grami, Brian Schuster and Patrick Broadfoot.
Answered September 5th, 2017
The question is kinda confusing. First, let’s clarify what Ethereum is. It is, in a way, a cryptocurrency; it has a cryptocurrency running on it that powers the network, but what it enables that is distinctive and unique are smart contracts. Smart contracts are blocks of code that one can run if they pay for it in ether – a cryptocurrency used on Ethereum. Essentially, they’re bundles of functions that can be executed with certain parameters and that are activated by people sending ether to their addresses. ICOs are how startups raise money for their ventures on Ethereum. ICOs allow to avoid the strictly regulated traditional fund-raising procedure and get money via smart contracts. Ethereum, itself, was launched as an ICO; its creators raised money via a tokensale. And Bitcoin, which was launched earlier and does not enable smart contracts, has nothing to do with ICOs. So, again, the question is a bit weird.
Answered September 1st, 2017
There is nothing like Bitcoin ICO or Ethereum ICO now. ICO is Initial Coin Offering. It is similar to IPO i.e. Initial Public Offering. Companies will issue their coins to the general public and it will fund their projects. Bitcoin never had an ICO. You earn Bitcoin by mining. Ethereum held first ever ICO and raised respectable money. Now Ethereum has built a platform for people to launch their own ICOs and issue tokens.
Answered January 1st, 2018
Basically, there’s no such difference between Bitcoin ICO and Ethereum ICO. ICO stands for (Initial Coin Offering) and is a tool that enables the trading of Cryptocoins with cryptocurrencies of the same value in the future. ICOs are crucial in the raising of funds for the firm for projects mainly because of a section if the coins are released to the public. Ethereum is a Blockchain platform while Bitcoin is merely a decentralized coin currency. Bitcoin offers a maximum of 21 million coins available for mining, while at Ethereum; only decentralized applications run the system. The two are carefully compared to Gold and Aluminum. Where Bitcoin (Gold) integrates advanced technology and is of high value.
Answered Septemeber 4th, 2017
ICO stands for Initial Coin Offering. It simply means that the founders or developers of a cryptocurrency are selling a percentage of the coins to be released to the public. They do that to raise capital and support their project. What is the difference between Bitcoin ICO and Ethereum ICO? There is no such thing called bitcoin or ethereum ICO. Think in that way when any company is raising funds for their project, suppose they only accepting bitcoin as investment payment then you can say bitcoin ICO. Same way if company accepted only ETHER as investment then you can say ETHEREUM ICO. There is no such thing called bitcoin or ETHEREUM ICO. Bcoz in every ICO both crypto currency is accepted. Even in some ICO only Ether is accepted
Answered September 1st, 2017
The ICO concept in the crypto-currency world is similar to the IPO in the stock market. Bitcoin and Ethereum are no longer in that stage. Bitcoin has been around since 2008, Ethereum is relatively newer. In a nutshell, Bitcoin is a cryptocurrency which uses the Blockchain technology to further secure transactions and transfer money between individuals whereas Ethereum is a platform which is essentially used to create Smart Apps and Smart Contracts on the Blockchain.
Answered September 1st, 2017
Simple: Bitcoin did not have an ICO. Bitcoin was a self-funded open source project launched in 2009 before any of this madness started. Ethereum was launched as an ICO in 2014, where they used the funds to support the Ethereum Foundation in Switzerland.
Answered September 30th, 2017
Ethereum came into being via ico via bitcoin. Bitcoin is NOT an ICO coin at all. It came into being and was worth exactly zero at first. Then as people actually started finding things to do with it it slowly started to have value and now we are here today.
Read more at Quora, the knowledge sharing network where compelling questions are answered by people with unique insights.
