contracts was added, though Bitcoin continues to play second-fiddle to Ethereum in this regard. All of this is possible through the blockchain and peer-to-peer networking. A Turing-complete code means that given enough computing power and enough time. Miners spend computational resources to verify that every Ether transaction and smart contract result is valid. Bitcoin and Ethereum are based on the same foundational concept of a global distributed ledger that everyone has access to and validates new transactions. In return for their efforts, they earn Ether. Since executing smart contracts costs computational resources, node owners are compensated with Ether. That shared state allows developers to write applications instead of providing someone with a token.
For instance: Bitcoins average block time is 10 minutes, whereas Ethereums average block time is 15 seconds. Ethereum is more often seen as digital currency because it has a spending value and lower entry point. Litecoin value is pegged to that of Bitcoin. The amount of Bitcoin earnable as a mining reward is cut in half every four years. Ethereum transactions can be confirmed much faster. Ethereum does this by using the Ghost protocol. This allows for faster transaction times. Anonymous (ones ability to make transactions isnt tied to identity).
Initially, the, bitcoin network was unable to process smart contracts.
Bitcoin and its blockchain evolved, support for smart contracts was added, though.
Bitcoin continues to play second-fiddle to, ethereum in this regard.