The Difference Between Blockchain and Bitcoin

Blockchain Vs Bitcoin

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Categories: Bitcoins Cryptocurrency

The Difference Between Blockchain and Bitcoin

Today many people are making huge amount of money through cryptocurrency. However, there has been widespread debate about the use of cryptocurrencies to make money. That debate is based primarily on two essential terms, 'bitcoin' and 'blockchain'. The amazing thing is that despite the ongoing debate and the fact that many people are making money from it, they are still confused between the two. 

What is Blockchain?

Blockchain is a computerized digital payment gateway that allows continuously and accurately recorded transactions between two parties. To further simplify, blockchain is a distributed ledger technology, limited to bitcoin; In fact, any digital asset. 

It enables multiple parties to transact, share valuable data and pool their resources in a secure and tamper-free manner. Blockchain is decentralized, composed of three important concepts, blocks, miners and nodes.

Blocks

Each chain consists of blocks, which is central to blockchain technology. They contain all the relevant information about the transaction. Each block has a unique nonce AND hash and is not only stored linearly; In fact, chronologically, always at the end of the blockchain. As the chain progresses, it is harder to go back and manipulate or disrupt the chain.

Miners

Miners are those who create multiple blocks, which is an incredibly complex task given the structure of a neighbourhood.

Node

Nodes are important in understanding the decentralization system within the blockchain.

What is bitcoin?

Bitcoin is one of the earliest cryptocurrencies to use blockchain technology to facilitate peer-to-peer payments. Through a decentralized network, bitcoin offers significantly lower transaction fees than popular payment gateways. Bitcoins are not physically stored on any platform, and it uses mathematical algorithms to protect a string of numbers stored in a public and private key.

Blockchain vs Bitcoin

Blockchain has a much more extensive use, while bitcoin is only restricted to exchange in digital currencies. If you have recently found the world of cryptocurrency, it probably makes sense to mix bitcoin and blockchain, but there are some important differences between the two. 

Blockchain is a technology and many cryptocurrencies like bitcoin use blockchain for secure and anonymous transactions. Blockchain is a transparent mechanism, whereas bitcoins operate on anonymity.

Bitcoin is only used to transfer digital currencies, whereas blockchain transfers proprietary information, digital assets, rights, etc. If you are someone who uses online payment gateways to send, receive or store currency, you need to understand the relationship between bitcoin and bitcoin. Blockchain. However, blockchain has many uses in addition to regulating bitcoin.

Blockchain, Bitcoin, Blocks ,Miners, Node, cryptocurrencies, chain, Decentralised Network, Digital currencies, Blockchain Technology


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