Topic: Can Anyone Tell me Difference between Cryptocurrency and Blockchain? (Read 310 times)

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.[1][2][3] Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.[4]

The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.[5]

Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency.[6] Since the release of bitcoin, over 4,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.

A blockchain,[1][2][3] originally block chain,[4][5] is a growing list of records, called blocks, that are linked using cryptography.[1][6] Each block contains a cryptographic hash of the previous block,[6] a timestamp, and transaction data (generally represented as a Merkle tree).

By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".[7] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.[8]

Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.[1] The identity of Satoshi Nakamoto is unknown. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications,[1][3] and blockchains that are readable by the public are widely used by cryptocurrencies. Blockchain is considered a type of payment rail.[9] Private blockchains have been proposed for business use. Sources such as Computerworld called the marketing of such blockchains without a proper security model "snake oil".[10]

It's pretty easy to get the stuff missed up for newbies. Cryptocurrency and blockchain are both popular terms in crypto, and new people getting it mixed up isn't anything new.

It isn't really like banking and money, people learn about that since they are children, while blockchain technology has only become popular during the last 3 years. We definitely need to be more welcome to the new people of crypto, and helping them out with questions like this is great.

I'm not sure why people (not only newbies) confuse these these two totally different things. It's something like to ask difference between money and bank. It's nothing strange that newbies migh be confused a little bit, but often experienced people do same mistake. When some big company starts to use blockchain technology, quite often I see people calling it as crypto adoption .

Block chain is the technology on which the cryptocurrency is based on , it is more like the coding unit.

The cryptocurrency itself is the outcome of that ..

Block chain is a technology and cryptocurrencies are output , it will be helpful to know that besides the cryptocurrencies , the block chain is actually useful in all the sectors , the government , the hospital , the environment everywhere it is being used.

ETH smart contract for DEX/ICO & privacy-focused cryptocurrency (such as XMR) aren't real usage of blockchain then?

As being newbie I have some doubt so please any one tell be difference between cryptocurrency and Blockchain.

As being newbie I have some doubt so please any one tell be difference between cryptocurrency and Blockchain. I know, ican find there a relevant answer . Please elaborate this.

As being newbie I have some doubt so please any one tell be difference between cryptocurrency and Blockchain. I know, ican find there a relevant answer . Please elaborate this.