Topic: Difference Between Bitcoin and Crypto currency (Read 370 times)

So many people believe there are two Coin in the world which are bitcoin and crypto currency. I didn't believe it when my friend asked me one day that he want to buy bitcoin, I told him you can't afford it because is too expensive. He said that I don't want him to join trading. I then said you can trade with other coins. He was shocked. Cryptocurrency is the general name for all the Coin.

Not all virtual encrypted currency is decentralised. Some are programmed to self destruct if they leave the video game or casino that paid for their creation. Like I said up ^^^ there somewhere, Bitcoin is functional as internet currency because it is decentralised. All cryptographically protected virtual currencies can be dubbed 'cryptocurrency' but Bitcoin, while not the first version of virtual money, is the first to have cracked it so people rightly set it apart from altcoins (or shitcoins). The media likes to try & rubbish BTC by associating it with the less successful wider crypto market, so counter culture be all casual about like 'fuck crypto this is Bitcoin' to emphasise its standout importance. Technical definitions & different voices with their agendas & subtexts can be confusing sometimes but we can get our heads round it with a little discipline

As simple as this:

• Bitcoin -> USD
• Cryptocurrency -> Fiat

A cryptocurrency is a medium of exchange and bitcoin is one of those. Bitcoin is the first crypto to be created and considered as the king but there are also other crypto like ETH, BNB, MATIC, etc. which have different utilities that is tied to bitcoin's price.

Same with Fiat or paper money, it is our traditional mean of exchange and USD is the main currency. Our local currencies' (PHP, Yuan, Yen, Euro, etc.) is dependent on it, without USD existing our local fiat won't have its value.

Bitcoin is the most well-known cryptocurrency, and it was for it that blockchain technology was invented. Cryptocurrency, on the other hand, is a virtual digital currency that does not have any physical form. It operates on a decentralised control system with no central banking systems.

You first have to understand that Bitcoin is a cryptocurrency but not all so called cryptocurency available in the market today are actually cryptocurency. Some are supposed to be currency but aren't used as such instead just used for speculative purpose (trading) while others are tokens meant to be used for building but now have speculative value. Bitcoin is the only one actually been used for it's purpose of creation. Bitcoin was created to be used as a means of exchange (Peer2Peer) which although that hasn't been fully achieved but it's the closest to been called a cryptocurrency out of the thousands trading in the market.

Before you go on exploring other cryptocurency in the market, do understand that Bitcoin is in replaced while other cryptocurency can be easily replace considering that 90% of the coins available in the market has similar utility. Bitcoin stands out form all other cryptocurency available on the market due to the trust the community has in it as a result of Its true decentralized form and years of existence. Just so you know, Bitcoin is the older among all trading crypto coins or tokens.

Here's some main differences, though:

• The US dollar wasn't always the #1 currency (AKA, world reserve currency), and neither was Amazon the #1 company.
• Bitcoin is, was and has no reason to change position.

• There's a reason to have different national currencies, because they're minted according to each nation's economy.
• Cryptocurrency reflects on one economy, the one that is formed freely by their users. Bitcoins hold no nation's position, but instead, become even more valuable with more users, and so does every other cryptocurrency. As a consequence, it makes little sense to have more than one if they all give a solution to the same problem.

• Amazon has serious competitors, such as Apple, Microsoft, Meta, Alphabet etc., whose CEOs can potentially offer better products and surpass it.
• Cryptocurrencies are abundant, but bitcoins are, and will always be less than 21 million. Their first-to-exist uniqueness is a thing of their own, that can't be copied. You can create infinite shitcoins, but only a finite number of bitcoins.

Bitcoin is a coin while cryptocurrency is a general term or name for both bitcoin and altcoins together, if you check my posts, I will use the term "Bitcoin and cryptocurrencies in general", this means that Bitcoin is one of the cryptocurrencies.
It's just like all local currencies(paper money) are generally called fiat currencies, so also is Bitcoin and every other altcoins are together called cryptocurrencies, Bitcoin alone is a cryptocurrency, Ethereum alone is a cryptocurrency, BNB, SOL, AVAX, TRX are all individually known as cryptocurrency, but when you join or bring them under one umbrella, they are generally referred to as cryptocurrencies.

I hope this makes sense.

For an asset to drop like it has after rising like it did is quite predictable, especially when you consider the lack of general understanding about what Bitcoin is & the innovative, experimental, even revolutionary nature of the technology.

trusted yes, but unfortunately not now with its huge drop 

Bitcoin is a cryptocurrency that is decentralized and considered the biggest asset in the crypto world. While cryptocurrencies such as altcoins are more centralized since they are more controlled and operated with another group or entity. However, most cryptocurrency exchanges are now considered centralized since the government never loses an access to them that makes them more safe for their clients, although there are still few left remain to be decentralized in the market.

Cryptocurrencies are virtual currencies certainly designed as being decentralized in the market, and that bitcoin is the first decentralized cryptocurrency that creates a huge demand from the people more than other cryptocurrencies. However, not all cryptocurrencies have become decentralized but they become centralized instead particularly for those most of the cryptocurrency exchanges, and that means using a third party for its own transactions.

https://cryptogeek.info/en/blog/crypto-for-dummies Great article for you. Do not look at the title, this article is suitable for any beginner.

Glad to know that the explanation helped. I encourage you to continue learning about things of bitcoin, don't be disturbed by the current situation of the crypto market. Bitcoin and blockchain is obviously the current head way of finance.

Note: All Bitcoin are cryptocurrencies, but not all cryptocurrencies are Bitcoin.... What do I mean by this?

Cryptocurrency is a general name by which all coins including Bitcoin and other 19,000 ones are called, while Bitcoin is the first cryptocurrency initiated by Mr Satoshi in the year 2009 through which other coins started there development.
Cryptocurrency are divided into 2 broad class
1. Bitcoin
2. Altcoin (All other coins which is not Bitcoin e.g Ripple, Cardano, Ethereum e.t.c)

So in conclusion, cryptocurrency is a general name used for all coins

I Think this explanation has broken down everything for my consumption.
Thanks for the Opinion,have gotten that straight.

At the beginning of my journey, I thought that there was only one cryptocurrency - bitcoin and Ethereum became my second cryptocurrency. But on the forum, I realized that hundreds more cryptocurrencies exist. However, time shows that bitcoin remains the most reliable cryptocurrency, as it was, and all the rest, except for some, sooner or later turn into dust.
So, OP, if you're still in the early stages, try to learn more about bitcoin. You will save time, and later you will not regret it.

Let's begin a start with this that bitcoin is a cryptocurrency and is the only recommended crypto that has high priority in value and generally used for exchange, other cryptocurrencies are referred to as altcoins of which most of them are termed shitcoins because they don't have good reputation to maintain a standard monetary value, some are use for scam while others are unrealistic project of testnet and yhe risk in going for other cryptocurrencies is high than that in bitcoin, and that's one of the reasons if a newbie must start in cryptocurrencies then bitcoin is the perfect example of starting with.

Bitcoin is a cryptocurrency, the first.  All the rest are referred to as altcoins or by maximalists as shitcoins.  To be a cryptocurrency, there has to be a unit of account and value as either a medium of exchange or store of value, and it's because of its store of value that Bitcoin is referred to as digital gold.

This is basically the whole digital currency category and its subcategories in one place:

┌─────────────────────────────────────────────────────────────────────┐
│                         Digital Currency                            │
│┌──────────────────┐  ┌─────────────────────────────────────────────┐│
││Centralized/Legacy│  │                Cryptocurrency               ││
│╞══════════════════╡  ╞═════════════════════════════════════════════╡│
││PayPal            │  │┌─────────────┐┌────────────────────────────┐││
││VISA              │  ││Decentralized││         Centralized        │││
││Digital banking   │  │╞═════════════╡╞════════════════════════════╡││
│└──────────────────┘  ││┌───────────┐││┌─────────┬─────────┬──────┐│││
│                      │││  Currency ││││shitcoins│platforms│tokens││││
│                      ││╞═══════════╡││╞═════════╪═════════╪══════╡│││
│                      │││Bitcoin    ││││BCH      │ETH      │...   ││││
│                      │││Monero     ││││XRP      │Cardano  │      ││││
│                      ││└───────────┘│││DOGE     │         │      ││││
│                      │└─────────────┘│└─────────┴─────────┴──────┘│││
│                      │               └────────────────────────────┘││
│                      └─────────────────────────────────────────────┘│
└─────────────────────────────────────────────────────────────────────┘