Bitcoin vs. Blockchain: What is the Difference?
Every day we hear about one emerging technology or the other, and it only goes to show that the fourth industrial revolution is here and a lot of emerging technologies like blockchain and cryptocurrency will take the center stage. About 10 years ago, a person or group of persons under the pseudonym “Satoshi Nakamoto” introduced Bitcoin, and it was met with a lot of criticisms. So many critics did not believe in the digital currency, and they even predicted it was a bubble that would burst in a few years. While some were skeptical about investing in this new digital coin, some people were brave enough to invest, and within a few years, their patience and investments paid out.
Interestingly, the popularity of Bitcoin continued to rise as more people and businesses began to get interested in the cryptocurrency, and thus, a coin that was worth fractions of a dollar grew to become thousands of dollars for one Bitcoin. However, since the advent of Bitcoin, there has been a lot of misconception about Bitcoin and Blockchain, and some people tend to refer to Blockchain as Bitcoin, or the other way around, but they are not the same thing.
BITCOIN VS BLOCKCHAIN: THEIR HISTORY
2009 saw the launch of a peer-to-peer cryptocurrency called Bitcoin, and this digital currency was on a platform that facilitated its operations, and this platform is called “Blockchain”. As stated earlier, Bitcoin is a cryptocurrency or digital currency, and that invariably means that it is a currency in digital form, and functions with the aid of the internet. As a way to ensure the security of digital transactions, it employs the use of cryptography, which also functions as a type of control needed for the development and creation of more cryptocurrency units. In addition to all of that, the cryptography also verifies the crypto transfers and transactions.
Blockchain is the underlying technology that facilitates the functions of Bitcoin and other cryptocurrencies. It is a decentralized distributed ledger technology that has a collection of records or data that are kept safe and secure via the application of high-level cryptography.
BITCOIN VS BLOCKCHAIN: THE DIFFERENCES AT A GLANCE
Description |
Bitcoin |
Blockchain |
| What is it? | A cryptocurrency | A ledger |
| Main Aim | To simplify and increase the speed of transactions without much government restrictions | To provide a low-cost, safe and secure environment for peer-to-peer transactions |
| Trade | Limited to trading as a currency | Can easily transfer anything from currencies to property rights of stocks |
| Scope | The scope of Bitcoin is limited | The Blockchain is more open to innovation and thus, has the backing of many top companies |
| Strategy | Bitcoin focus on lowering the cost of influencers and reduces the time of transactions but is less flexible | Blockchain is more adaptable to innovation and thus can be customized to cater to the needs of different industries |
| Status | Bitcoin is perceived as anonymous | Blockchain works with various businesses and is more transparent. |
BITCOIN VS BLOCKCHAIN: CONCLUSION
While Bitcoin is one of many digital currencies that are pushing for mainstream acceptance, Blockchain is the underlying technology that makes Bitcoin work. Additionally, with the continuous innovation of Blockchain technology, it has more use than Bitcoin.
Blockchain technology, on the other hand, functions like the operating system that facilitates the functionalities of Bitcoin and other cryptocurrencies.
Truth be told, Bitcoin and Blockchain have their own advantages. Unsurprisingly, more people are now aware of their differences and advantages today. With millions of international transactions being done every day, Bitcoin and Blockchain will ultimately make the lives of people simpler.
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Disclaimer: The blog content above does not constitute financial advice in any way whatsoever. Nothing published by LinqCash constitutes an investment recommendation, nor should any data or Content published by LinqCash be relied upon for any investment activities.
LinqCash strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.