QUOTE : I am sure that by now you have understood the basics of cryptocurrencies and how the Ethereum system works. In this chapter, we will look at the fundamental differences between Ethereum and Bitcoin and why the former is said to be better than the latter. Block time One of the main differences between the two cryptocurrencies is the block time. The block time refers to the time taken by the network for confirmation. It is important for a network to have shorter block times to mine more coins. This is a disadvantage with Bitcoins as the average time taken is 10 minutes. On the other hand, Ethereum block time is set at 14 to 15 seconds. This makes it extremely fast and great for miners. It also makes the network more efficient. According to some reports, an altcoin named as the ripple is said to be even faster coming in at 3.5 seconds. However, it is not as secure as Ethereum and less reliable as well. Several Bitcoin users have wanted this change in the system to keep up with Ethereum. However, it does not look likely that the company will introduce this change anytime soon. In fact, several other altcoins such as LiteCoin and monero are creating waves in the field of block times and making it difficult for Bitcoin users to keep up with the pace. Model The economic model of Ethereum is much different from that of Bitcoin. We already read that there can be only 21 million Bitcoins that can be mined. This means that it will be easier to keep track of the currency. On the other hand, an infinite number of Ether can be mined thereby making it difficult to keep track of it. This, however, is said not to impact the value of Ether, as the number of coins in circulation will not affect its value. It is not known as to how long it will take to mine 21 million Bitcoins. Some believe that it will take another 15 years while some think it will take 100+ years. There is news that finite ethers will be mined by the end of 2017 thereby making it a bit more stable. Costing