Topic: Difference Between Bitcoin and Crypto currency (Read 397 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.

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     │         │      ││││
│                      │└─────────────┘│└─────────┴─────────┴──────┘│││
│                      │               └────────────────────────────┘││
│                      └─────────────────────────────────────────────┘│
└─────────────────────────────────────────────────────────────────────┘

If you explore some parts in the forum, you'd find out that Bitcoin is almost always attached to its fiat price. In this context, it is not construed as a means of exchange but as a speculative asset. Most people I believe bought Bitcoin not because they can use it for buying goods and paying for services but because they believe they can sell it later on for a much higher price.

Anyway, Bitcoin is crypto but crypto is not Bitcoin. And with how the crypto space is now full of all kinds of projects which are anything but decentralized, a lot of solid Bitcoin supporters would say Bitcoin, not crypto.

Cryptocurrency in its strict definition means a currency protected by cryptography. Bitcoin is one such currency, but is importantly also decentralised. Because the Bitcoin can't be hacked from the blockchain, thanks to cryptography, or confiscated by central authority, thanks to decentralisation, it has found significant success as a functional currency. Not all cryptocurrency is decentralised, though, and that is an important reason to distinguish Bitcoin, for example, from others. The emergence of not just a new currency but a new and more technically complex kind of currency is historically significant. People who don't appreciate this and get involved only for a quick profit will probably be the ones who don't have the best time in the Bitcoin market. Because Bitcoin is the first cryptocurrency to go anything like mainstream and start finding success that might compare with established mediums of exchange (currencies), and we intuitively seem to know this is a big deal, we speak about Bitcoin and altcoins. Instead of using this more helpful term for cryptocurrencies other than Bitcoin, some influencers (like Max Keiser) have taken to using 'crypto' or 'cryptocurrency' to refer to altcoins, but I don't think this is helpful because of the technical definitions. He should maybe stick to using 'shitcoins' for altcoins or crypto other than Bitcoin, but, besides all that ...

The main point has to be the huge historical importance of Bitcoin as a decentralised, potentially universal form of currency that is instant, private and secure. It is a massive deal and if it really wasn't capable of changing the face of money for everyone in the long-term, as most cryptocurrencies aren't, then the big players on Wall St and in the media wouldn't be throwing so much FUD at it.

I will answer you in two ways:

The general perception:
Cryptocurrency is the family name, while bitcoin is the Head of the family. Which means that bitcoin is a big part of the family. The other members of the family are existing because the head of the family (bitcoin)is existing. The family is so united such that is the head is sick, other members of the family will be sick with him. If the head eventually becomes richer, the wealth will reach other members of the family. But there is something unfair; if any other member of the family is sick, the head will not go into sickness with him.

My personal perception

Cryptocurrency = BTC + Altcoins
Cryptocurrency - Altcoins = BTC

But Cryptocurrency - Bitcoin = 0.

Yes it is used on trading but its not created for that purpose alone but only a side hustle of blockchain. Originally Satoshi made it to be use as a means of peer to peer transaction well kinda sound like a trading but it doesnt purposely created just to gain profit out of it but to use the supply on spreading the use of this technology.

Have you ever read or seen on the internet/google about Bitcoin, digital currency, crypto, blockchain and so on, my assessment of your question is general and easy to see and read outside of this forum.

Common examples:

Making sense of bitcoin, cryptocurrency and blockchain.

Bitcoin vs. Cryptocurrency Differences.

For that, in the future try to be a little professional and ask questions, if it is easy to get answers outside / google you should avoid frequently asked questions, except: you find no answer at all about Bitcoin, crypto or anything related to digital currency.

Bitcoin is not one of many coins at the cryptocurrencies list. Bitcoin the father and mother together for all other cryptocurrencies.
A few Altcoins have some use case but there are not much thats right but they have some potential.

@Agathamay
Cryptocurrency is the term of currency , Bitcoin is and was the first currency in this division.
Without Bitcoin we dont would be have Cryptocurrencys.

Cryptocurrency is a general of digital coin that using cryptography and blockchain, while Bitcoin is one of coin of many cryptocurrencies. The other coins is called as altcoins, but some people call it shitcoins because they don't have any use case and centralized like banks.

Bitcoin is a cryptocurrency. Cryptocurrency is just a broad name for which bitcoin amongst other alternative or alternate cryptocurrencies (Altcoins) frim Bitcoin are classified. Make no mistake, there is no difference between Bitcoin and cryptocurrency. They are all a packet of one with the other being a broad name that accommodates all. The reason Bitcoin seems so pronounced is because, it is the pioneer cryptocurrency, it is truly decentralized and haven't broken faith with most of its faithful since inception. When we look at altcoins, a lot of them turns out to be scams being pump and dump coins where, the developers just generate revenue off there coin offerings and leave.
The bottom line and your take from this is, Bitcoin is indeed a type of cryptocurrency.

Cryptocurrency is a type of digital currency that was developed using encryption algorithms. Bitcoin is the first cryptocurrency it is secure, decentralized, and, most importantly, functional as money. Since then, it has grown to be the most well-known cryptocurrency worldwide. Its popularity has inspired the development of many other cryptocurrencies (alt coins) but they can generally be referred to as cryptocurrencies.

bitcoin is a subset of the broader term "cryptocurrency," which also includes other coins, known as "altcoins," where the majority of which are outright frauds and vapourware projects with little to no practical application.

Plus bitcoin is a multifaceted tool in which every walks of life have their own use-cases. Take for example a programmer where he probably sees bitcoin as "append-only" database, or for a libertarian who sees bitcoin as an escape from the government's monopoly on money and so and forth..

Cryptocurrency is a collective name for all digital or virtual currency that are decentralized it involves verifying of transactions and recording them on a public ledger using a decentralized process called cryptography. Bitcoin is an example of a decentralized cryptocurrency although centralized tokens and coins fall within the category of cryptocurrencies But Bitcoin is the first digital coin to be well acknowledged and used.

Trading are done within exchange be it centralized or decentralized.

try to look at everything from another angle.
Exchanges and trading are only a derivative of the existence of Bitcoin and cryptocurrencies. Exchanges are not the primary reason for the existence of Bitcoin and most major altcoins. Hence exchanges and the possibility of trading are in the service of cryptocurrencies and not the other way around.

I am not sure what you mean here. If you use translation for this, it may be a good idea to look for the subforum in your language, maybe somebody can explain there better.
If you refer to trading/speculating and exchange between Bitcoin and altcoins, then you're wrong.
If you refer to Bitcoin as being a coin (coin = a tool/helper for exchanging your work for various goods and services), you're not far from the truth. And I'll go on this path.


Bitcoin is "the firstcomer". Bitcoin has the strongest network (so overly expensive to break it that it doesn't worth to even try). Bitcoin is accepted in most places. Bitcoin is the "base currency" in most cases one wants to buy altcoins. Bitcoin price is fluctuating a lot (in both directions), making many tell that it's a risky investment. Altcoins' prices fluctuate even more. Also the vast majority of altcoins are clonecoins/shitcoins, scams, project that bring nothing new or lie about what's there, just to get you invest (and lose) your money on them.
Bitcoin is not only a coin, it's also an investment as you can see. And same goes for altcoins.
But while people call them all cryptocurrencies (even though some are just tokens, not even proper coins), they are highly different.

In the same way people were using sea shells as coins at some point in the past, just to find out that it's not a proper tool for the job, also most altcoins are not the proper tool for the job and should be avoided.
This is imho what makes the difference between Bitcoin and crypto.

Without going to deeply: Bitcoin is an asset (albeit the #1 asset) under the cryptocurrency category. Just like how the US Dollar is under the currency category and Amazon(AMZN) is under the stocks category.

Also, it seems like you need to do some reading.

* If you like reading articles: https://coindesk.com/learn
* If you like reading books: https://theinternetofmoney.info/
* If you like watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

Security related:
* https://cryptosec.info
* https://www.lopp.net/bitcoin-information/security.html

Bitcoin is the first cryptocurrency created. All other cryptocurrencies created afterwards are called altcoins. Bitcoin is the most popular cryptocurrency and is a more trusted investment than altcoins.

When you write exchange like that in a Bitcoin forum, it immediately appears to the mind that you’re referring to a crypto exchange.

Bitcoin is the true form of decentralized currency, but it is the first cryptocurrency. Some people may not refer bitcoin as cryptocurrencies because there are over 19000 cryptocurrencies, bitcoin is bitcoin but others are altcoins. Altcoins are more risky, many are shady and many are leading to scam, so bitcoiners prefer to exclude bitcoin from them because it is not centralized like the altcoins that called themselves decentralized but not decentralized.

Going through a lot of thread here,Am convinced that Bitcoin and cryptocurrency serves as a means of Exchange for trading.
Am still trying to understand the clear difference between the both and know how to place them in their separate parts..
I'll like to know more and be corrected where am wrong.