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Bitcoin uses a model based on Unspent Transaction Outputs (UTXO) Bitcoin and Ethereum use an account-based approach to keep track of what coins a user owns. Bitcoin UTXO vs. Ethereum's Account-Based Transactions: Explained Simply. Bitcoin UTO vs. Account-based transactions: Explaining the pros and cons of the Bitcoin and ETH models. Bitcoin and Etheria differ in many ways. In this article, I will cover one of their differences: the way they keep tracking what coins users own. I’ll explain both in detail in the next sections, with examples.