Topic: Cryptocurrency (Read 216 times)
Bitcoin is just the software which is based on the Blockchain technology. You use the software when you use Bitcoin but unlike the other software, there is no single server for Bitcoin, there are multiple servers known as blocks and those who discover/mine those blocks and confirm the transaction are known as miners. These blocks are connected with each other and that chain of blocks is known is blockchain. Every transaction appears in multiple blocks.
Blockchain is defined as a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. So the blockchain is the methodology and Bitcoin is a coin designed to use it.
The cryptocurrencies are related this blackchains.This decision became the birth of cryptocurrency.they are the missing piece black chain found to realize digital cash. The reason why is a bit technical and complex, but if you get it, you‘ll know more about cryptocurrencies than most people do. So, let‘s try to make it as easy as possible.To realize digital cash you need a payment network with accounts, balances, and transaction in all used black chain system. That‘s easy to understand. One black chain every payment network has to solve is to prevent the so called double spending to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record about the balances.the digital currencies are exchange rate for dollers are equal to crypto currencies.
How is Bitcoin and Blockchain Technology related to each-other??? I'm hearing lots of news about Blockchain Technology these days.
Cryptocurrency, the biggest boon and I guess the most innovative invention so far. It was introduced about 10 years ago and it is that much popular among people that each and every person knows about BTC and millions are using it and I am very proud to say that I am one of them. Cryptocurrency is the digital currency which you can feel but can't touch and this is the thing which provides very secure and safe transactions, so it is the boon for the mankind.
Hello v_15,
The blockchain technology was introduced by the white paper of bitcoin which can be read here. It suggested three basic principles to make online payments anonymous and secure: decentralization, immutability and transparency. These principals, however, do not necessarily hold true for the blockchain in general. The difference between bitcoin and the blockchain is that it could have centralized systems rather than decentralized. The same goes for transparency, not all parties would have the need to see all transactions on the blockchain. Even though the blockchain and bitcoin started from the same theory, the blockchain when applied to businesses does not necessarily need to follow the rules suggested in the bitcoin whitepaper.
To get more understanding on the topic we also suggested some books to read in the following thread here.
If you have any further questions, feel free to send us a DM.
With kind regards,
The Anycoin Direct team
The blockchain technology was introduced by the white paper of bitcoin which can be read here. It suggested three basic principles to make online payments anonymous and secure: decentralization, immutability and transparency. These principals, however, do not necessarily hold true for the blockchain in general. The difference between bitcoin and the blockchain is that it could have centralized systems rather than decentralized. The same goes for transparency, not all parties would have the need to see all transactions on the blockchain. Even though the blockchain and bitcoin started from the same theory, the blockchain when applied to businesses does not necessarily need to follow the rules suggested in the bitcoin whitepaper.
To get more understanding on the topic we also suggested some books to read in the following thread here.
If you have any further questions, feel free to send us a DM.
With kind regards,
The Anycoin Direct team
Cryptocurrency existed about ten years ago and has now become quite popular, widespread, and surrounded by controversy over many innovative developments. Quoting from the site Coinmarketcap.com, there are now 904 types of crypto currency and the most famous is Bitcoin.
Bitcoin also managed to hoist the price of other crypto currency.
Cryptocurrency is a digital currency in which transactions can be done in the network (online). Unlike printed paper currencies, cryptocurrency is designed by solving cryptographic math problems.
Correct me please, thanks
Bitcoin also managed to hoist the price of other crypto currency.
Cryptocurrency is a digital currency in which transactions can be done in the network (online). Unlike printed paper currencies, cryptocurrency is designed by solving cryptographic math problems.
Correct me please, thanks
While bitcoin is the digital asset (currency), blockchain is the technology that bitcoin is built on. Therefore, bitcoin is dependent on blockchain technology. Without blockchain, bitcoin would not be valuable because there would be no secure method of transacting in it.
Blockchain provides a verifiable database ensuring that all purported transfers are actually transfers.
Blockchain provides a verifiable database ensuring that all purported transfers are actually transfers.
Blockchain is the Universal ledger of all cryptocurrencies, without blockchain the system could be different and it could lead to disaster. So we are thankful that Satoshi made Bitcoin and introduced as they so called blockchain - it will be more secure,transparent, reliable and we could use that to trace all transactions all over the world not just by money but the overall important files that we have.
How is Bitcoin and Blockchain Technology related to each-other??? I'm hearing lots of news about Blockchain Technology these days.
Well, I would say that Blockchain technology is the foundation of the cryptocurrencies at all. Blockchain is the thing that will give security to Bitcoin and altcoins. It is the roots and the Bitcoin and other cryptocurrencies are the branches. The transactions in bitcoin are all recorded into Blockchain.
Blockchain is a digitalized, decentralized, public ledger of all cryptocurrency transactions. But the Blockchain was popularized by Bitcoin. Though there are lots of cryptocurrencies available as we speak.
Blockchain technology is the foundation of Bitcoin. It’s a system that allows Bitcoin to make transaction in a secured way and records accounts. Blockchain acts as some kind of secured database. You will find a lots of articles in the web.
With a blockchain, many people can write entries into a record of information, and a community of users can control how the record of information is amended and updated. Likewise, Wikipedia entries are not the product of a single publisher. No one person controls the information. Descending to ground level, however, the differences that make blockchain technology unique become more clear. While both run on distributed networks (the internet), Wikipedia is built into the World Wide Web (WWW) using a client-server network model.
Blockchain is the decentralized public ledger that acts as a record of all the transactions that took place across the network. Bitcoin is one such implementation of blockchain, it has its own ledger, but there are others. For example LTC, Monero and Zcash all use a blockchain based ledger, but they vary in their implementation, hiding certain features of a transaction, or even omitting it altogether. You can think of them as brand names, they're all very similar, but have different blockchain recipes.
How is Bitcoin and Blockchain Technology related to each-other??? I'm hearing lots of news about Blockchain Technology these days.
The Bitcoin system is considered the first blockchain. Bitcoin was designed to be public and allow anyone to join, and its blockchain was born out of the need to keep people honest in the absence of a central authority.A significant chunk of new blockchain proposals, such as the proposals for the financial sector, are so-called “private” blockchains. But these projects are just old technology masquerading as something new.
As far as I know, blockchain is where transactions in bitcoin is recorded. It is like a passbook or ledger that is used in banks where transactions are recorded. Blockchain is important just like bitcoin and they can never be separated where blockchain is the key to know every cycle that is happening to bitcoin even though there are only addresses to where and from where each transactions come from or to, it plays an important role to know how many bitcoin is circulating in the market.
How is Bitcoin and Blockchain Technology related to each-other??? I'm hearing lots of news about Blockchain Technology these days.
Before you would go down in relating Bitcoin to Blockchain technology, you should just first know what are these two. Bitcoin, is a type of digital currency, created and regulated by a network of thousands of computers (known as peers) using encryption techniques, while Blockchain Technology is a very restricted database, whose entries are the bitcoin transactions.
So in short, Bitcoin is a cryptocurrency that resides inside the blockchain technology.
Here's the link if you want for more details: https://www.quora.com/What-is-the-difference-between-bitcoin-and-blockchain
How is Bitcoin and Blockchain Technology related to each-other??? I'm hearing lots of news about Blockchain Technology these days.
the basis of all technologies, it all started, is not it?
How is Bitcoin and Blockchain Technology related to each-other??? I'm hearing lots of news about Blockchain Technology these days.
It is the technology or innovation that is the main base of the crypto-currencies, and without it there is no existence of cryptos in this physical world. It in simple words is a network of computers that records all the transactions that takes place across million of peer-to-peer networks, and this block chain is maintained by the network of those peers rather than any country or higher authority.It is basically a kind of bank or a system where there is no need of centralization and thus is known for it decentralization, and if we are not sure about it then we might loose some money without knowing about it. Many people who are new to this crypto-world tend to loose money because they don't know that the transactions they made are non-centralized, and the ones to whom they are sending their cryptos can steal their money. So, basically one should know about legit sources where one can send or receive cryptos, and here comes the trusted exchanges that cost a little fee and work wonderfully.
As I know, blockchain performs as a cryptocurrency and payment system. It is also like my coins.ph wallet or coinbase or xapo wallet that can actually use if you want to save your crypto coins or if you are earning them you can save it from there.
How is Bitcoin and Blockchain Technology related to each-other??? I'm hearing lots of news about Blockchain Technology these days.
Maybe if you google the word blockchain you would actually understand what everyone is talking about and what a blockchain is. Just a suggestion.
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