We can not separate Bitcoin and blockchain from each other, although they are two different things and not one thing, they are completely connected with each other, in other words, we can say that there is no Bitcoin without the presence of the blockchain.
But the blockchain can exist without Bitcoin and can be used for hundreds of practical things in our daily lives.
Unfortunately, governments realize this and are deceptively separating Bitcoin from the Blockchain. They want the Blockchain because they realized its great importance in regulating our economic, social, medical and other lives.
The European Union countries have recently started implementing a huge project related to the use of Blockchain in the financial, economic, medical and social fields of the European Union.
But at the same time, they refuse to accept Bitcoin as a currency, and the main reason is of course because of the unique properties of Bitcoin being decentralized and out of control while maintaining privacy, these things do not like governments of course.
But I am optimistic that in the near future you will realize the importance of Bitcoin as a currency linked to the blockchain technology and of value at the same time, and they will realize the importance of adopting this revolutionary financial system because this is the logic of development and this must happen one day because no one can stand in the way of development.
Topic: Bitcoin is firstly a ledger and secondly a currency. - page 2. (Read 358 times)
I asked in the previous article, what exactly is Bitcoin? What are the essential attributes of Bitcoin? My answer is that if all external factors are removed, Bitcoin is a distributed database.
You were also trying to say "Bitcoin comes first and blockchain comes later".The fact is that you can not separate different aspects of bitcoin. Bitcoin is a combination of multiple technologies and if you remove one it will cease to exist. In other words if you "remove all external factors" bitcoin will no longer be a distributed database either simply because it wouldn't have any reason to exist.
This database exists because bitcoin is a currency that has a value and miners mine it and nodes store its blockchain which can be used as a distributed database. All go hand in hand.
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When we know that Bitcoin is a database,
The problem when you change the definition and selectively use only one characteristic is that the definition starts to fall apart.A database by definition is storing raw data that can be interpreted anyway you like and can be changed very easily. Neither of which are true in bitcoin. You can only interpret the "data" in blockchain in one way, as blocks and transactions, and you can not change them freely since they are protected by cryptography.
A database also has no reason to be immutable, in fact the basic characteristic of a "database" is mutability.
I also wouldn't rank them either, saying this comes first and that second. Bitcoin is a whole system that has all of the above at the same time.
The OP is neglecting to address the fact that a blockchain is a distributed ledger and Bitcoin is simply a currency that has all tx's stored on a blockchain. These days there are MANY applications using blockchain tech and most have nothing to do with Bitcoin. Given that, their title for this topic is wrong as Bitcoin is a currency. Period. While its format allows for inclusion of text and other data the Bitcoin blockchain was designed solely for handling currency.
As the OP mentions, those blockchains are mostly for records keeping. From food production and distribution, civic lighting (streetlights etc), to civil records such as deeds and other property records, taxes, etc you will find blockchain tech used where such data was once stored in a database. Why the change from using a traditional DB? Simple: Security. A normal centralized DB can be broken into and easily modified. A distributed blockchain database cannot be hacked so easily.
As the OP mentions, those blockchains are mostly for records keeping. From food production and distribution, civic lighting (streetlights etc), to civil records such as deeds and other property records, taxes, etc you will find blockchain tech used where such data was once stored in a database. Why the change from using a traditional DB? Simple: Security. A normal centralized DB can be broken into and easily modified. A distributed blockchain database cannot be hacked so easily.
I would say that bitcoin uses blockchain, which is a decentralized ledger. Bitcoin is a currency.
I remembered reading something which differentiated Bitcoin with capital B and bitcoin with small letter b. Accordingly, the former refers to the network or the protocol or the entire ecosystem in general while the latter refers to the native currency used in the network. So it's like, bitcoin is the inherent currency in the Bitcoin payment system, although I don't think this was actually spelled out by the creator himself/herself/themselves.
I don't think that bitcoin is a ledger, I think the public ledger is a different one but bitcoin is more on the currency side rather than a ledger. It doesn't matter that the government doesn't agree because bitcoin can be used to buy stuff and to me that's enough to be defined as a currency.
Blockchain is a decentralized ledger technology. Look what ledger means:
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A ledger[1] is a book or collection of accounts in which account transactions are recorded.
https://en.wikipedia.org/wiki/LedgerThat is basically what a blockchain is.
There are some people which understand blockchain a ledger:
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Different types of information can be stored on a blockchain but the most common use so far has been as a ledger for transactions.
https://www.investopedia.com/terms/b/blockchain.aspI would say that bitcoin uses blockchain, which is a decentralized ledger. Bitcoin is a currency.
I don't think that bitcoin is a ledger, I think the public ledger is a different one but bitcoin is more on the currency side rather than a ledger. It doesn't matter that the government doesn't agree because bitcoin can be used to buy stuff and to me that's enough to be defined as a currency.
I asked in the previous article, what exactly is Bitcoin? What are the essential attributes of Bitcoin? My answer is that if all external factors are removed, Bitcoin is a distributed database. It is a database that cannot be tampered with. This is my first definition of Bitcoin, and it is also the most basic attribute of Bitcoin.When we know that Bitcoin is a database, we continue to think about what Bitcoin is. Perhaps most of us would say that Bitcoin is a currency. Yes, this is our biggest consensus on Bitcoin. Perhaps many governments do not legally recognize Bitcoin as a currency, but Bitcoin is recognized and used by more and more people in the form of currency. Bitcoin's monetary properties have become increasingly clear.
However, my opinion today is that before we define Bitcoin as a currency, there is another clearer definition of Bitcoin, that is, Bitcoin is a ledger. And I need to emphasize that Bitcoin is a ledger first, and a currency second. The ledger is the cause, and the currency is the result. Rather than Bitcoin is a currency first, and then a ledger. The logical relationship between the two is very important. This helps us to further understand the essential attribute of Bitcoin.Bitcoin is above all a database. What is this database used for? It is used for keep accounts. What kind of accounts does it keep? It records the transaction and transfer records of Bitcoin between different people. This is what Bitcoin does. It exists as an exchange equivalent, as a medium of exchange. When we all regard Bitcoin as the general equivalent in our transaction process, it plays the role of currency. Then it is considered a currency. Please note that the logic here is very important. Because Bitcoin assumes the role of bookkeeping, it has the properties of currency, so we can use Bitcoin as a currency in our daily lives.
The currency attribute of Bitcoin is not agreed by governments in the form of laws and regulations, but is determined by the technical characteristics of Bitcoin itself. Regardless of whether the government recognizes it as a currency or the government does not recognize it as a currency, Bitcoin itself has the attributes of currency.Ledgers exist in all aspects of our lives. We all have ledgers for personal wages, shopping, consumption, etc. We have ledgers for trade and settlement between companies, and we also have ledgers for economic activities between countries. Almost all economic behaviors and life behaviors in our human society have accounts. All accounting systems are maintaining our economic order. So who is responsible for keeping the books in my life now? It is a centralized bank that keeps accounts. In other words, centralized banks keep accounts on behalf of the government. This kind of bookkeeping power is controlled by centralized power.
When the government continuously over-issues currency, it will cause continuous inflation, and the wealth of all those who own this legal currency will passively shrink. This is also the biggest injustice facing our human society. And Bitcoin was created to solve this problem.Bitcoin is a public ledger system that records human economic behavior. When we use Bitcoin for transactions and settlements, our transaction information is recorded on the Bitcoin public ledger. This public ledger is completely transparent and anyone can consult the information of this ledger; this ledger is distributed, and no single force can tamper with the information of this ledger; this ledger has a consensus mechanism that allows us to generate it Machine trust; this ledger will always exist and no one can destroy it.
So who is responsible for keeping the Bitcoin ledger? It is a miner of Bitcoin. The essence of Bitcoin mining is bookkeeping. It is the financial bookkeeping right of the digital bit world. As the Bitcoin network continues to strengthen, Bitcoin miners will not only liquidate basic human economic behaviors, but will eventually liquidate most of human core digital assets.When we sort out this relationship, we will truly understand that Bitcoin was invented as a ledger and assumed the function of currency. This is determined by the technical properties of Bitcoin. Regardless of whether the government recognizes it or not, it will play the role of currency. I believe that with the further popularity of Bitcoin, more and more people use Bitcoin as a payment medium, and Bitcoin will eventually become the ultimate ledger for recording all commercial data of human civilization. And then lead mankind into a brand-new human civilization, an advanced human civilization based on mathematical algorithms. This is the greatest wealth that Satoshi brought to mankind through the creation of Bitcoin.
This is my opinion, what about you ?
However, my opinion today is that before we define Bitcoin as a currency, there is another clearer definition of Bitcoin, that is, Bitcoin is a ledger. And I need to emphasize that Bitcoin is a ledger first, and a currency second. The ledger is the cause, and the currency is the result. Rather than Bitcoin is a currency first, and then a ledger. The logical relationship between the two is very important. This helps us to further understand the essential attribute of Bitcoin.Bitcoin is above all a database. What is this database used for? It is used for keep accounts. What kind of accounts does it keep? It records the transaction and transfer records of Bitcoin between different people. This is what Bitcoin does. It exists as an exchange equivalent, as a medium of exchange. When we all regard Bitcoin as the general equivalent in our transaction process, it plays the role of currency. Then it is considered a currency. Please note that the logic here is very important. Because Bitcoin assumes the role of bookkeeping, it has the properties of currency, so we can use Bitcoin as a currency in our daily lives.
The currency attribute of Bitcoin is not agreed by governments in the form of laws and regulations, but is determined by the technical characteristics of Bitcoin itself. Regardless of whether the government recognizes it as a currency or the government does not recognize it as a currency, Bitcoin itself has the attributes of currency.Ledgers exist in all aspects of our lives. We all have ledgers for personal wages, shopping, consumption, etc. We have ledgers for trade and settlement between companies, and we also have ledgers for economic activities between countries. Almost all economic behaviors and life behaviors in our human society have accounts. All accounting systems are maintaining our economic order. So who is responsible for keeping the books in my life now? It is a centralized bank that keeps accounts. In other words, centralized banks keep accounts on behalf of the government. This kind of bookkeeping power is controlled by centralized power.
When the government continuously over-issues currency, it will cause continuous inflation, and the wealth of all those who own this legal currency will passively shrink. This is also the biggest injustice facing our human society. And Bitcoin was created to solve this problem.Bitcoin is a public ledger system that records human economic behavior. When we use Bitcoin for transactions and settlements, our transaction information is recorded on the Bitcoin public ledger. This public ledger is completely transparent and anyone can consult the information of this ledger; this ledger is distributed, and no single force can tamper with the information of this ledger; this ledger has a consensus mechanism that allows us to generate it Machine trust; this ledger will always exist and no one can destroy it.
So who is responsible for keeping the Bitcoin ledger? It is a miner of Bitcoin. The essence of Bitcoin mining is bookkeeping. It is the financial bookkeeping right of the digital bit world. As the Bitcoin network continues to strengthen, Bitcoin miners will not only liquidate basic human economic behaviors, but will eventually liquidate most of human core digital assets.When we sort out this relationship, we will truly understand that Bitcoin was invented as a ledger and assumed the function of currency. This is determined by the technical properties of Bitcoin. Regardless of whether the government recognizes it or not, it will play the role of currency. I believe that with the further popularity of Bitcoin, more and more people use Bitcoin as a payment medium, and Bitcoin will eventually become the ultimate ledger for recording all commercial data of human civilization. And then lead mankind into a brand-new human civilization, an advanced human civilization based on mathematical algorithms. This is the greatest wealth that Satoshi brought to mankind through the creation of Bitcoin.
This is my opinion, what about you ?
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