Difference between Blockchain and Bitcoin made simple

cuong1610

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Quote from: sugarpie2018 on July 14, 2018, 07:11:54 AM

While people are increasingly developing interest in Blockchain and Bitcoin, many often inadvertently use these words interchangeable to mean the other.

why?
Because, people often think both words are the same. however, they both are entirely different in terms of meaning and functionality.

How?
Blockchain is basically an accounting system developed purposely to keep accurate and transparent records of a distinct desirable digital currency (Bitcoin). therefore one can say because of Bitcoin, Blockchain was developed. Right?

So just picture blockchain as the accounting technology on which any transaction using Bitcoin as a currency can be traced.

Now that this is being said, Bitcoin is basically a digital currency designed purpose to provide seamless peer to peer transaction without any middlemen and with little or no transaction fee. this coin is then stored in a secured wallet called the Bitcoin wallet of a particular holder.
which means that, without a bitcoin wallet an individual can not possess or keep Bitcoin.

Final words
Therefore, without blockchain, an individual can not conduct any transaction with Bitcoin as a digital currency.

This is only your personal opinion. I appreciate this well.

HabBear

hero member

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Quote from: Vsamuel on July 14, 2018, 07:22:01 AM

but then, i have also some across certain sayings like Blockchain 1, Blockchain 2, and Blockchain 3.

I've never heard anyone refer to blockchain technology as "Blockchain 1", "Blockchain 2", or "Blockchain 3"...can you share where you heard these terms? Give us some context.

Quote from: sugarpie2018 on July 14, 2018, 07:11:54 AM

How?[/b]
Blockchain is basically an accounting system developed purposely to keep accurate and transparent records of a distinct desirable digital currency (Bitcoin). therefore one can say because of Bitcoin, Blockchain was developed. Right?

This is a decent explanation, however blockchain technology (or distributed ledger technology) can enable much more than accounting for digital currencies.

Blockchain technology also:

Provides the infrastructure for transactions of information to occur, securely - that information can be almost anything
Provides the cryptographic security layer that makes the system impossible to hack
Provides transparency into transactions
Can be used in a centralized or decentralized format depending on developer and market preference

Vsamuel

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well said.
but then, i have also some across certain sayings like Blockchain 1, Blockchain 2, and Blockchain 3.
the more i try to read about them, the more i get confuse.
could you help me out with what the difference are in simple terms.
thank you

sugarpie2018

jr. member

Activity: 85

Merit: 1

While people are increasingly developing interest in Blockchain and Bitcoin, many often inadvertently use these words interchangeable to mean the other.

why?
Because, people often think both words are the same. however, they both are entirely different in terms of meaning and functionality.

How?
Blockchain is basically an accounting system developed purposely to keep accurate and transparent records of a distinct desirable digital currency (Bitcoin). therefore one can say because of Bitcoin, Blockchain was developed. Right?

So just picture blockchain as the accounting technology on which any transaction using Bitcoin as a currency can be traced.

Now that this is being said, Bitcoin is basically a digital currency designed purpose to provide seamless peer to peer transaction without any middlemen and with little or no transaction fee. this coin is then stored in a secured wallet called the Bitcoin wallet of a particular holder.
which means that, without a bitcoin wallet an individual can not possess or keep Bitcoin.

Final words
Therefore, without blockchain, an individual can not conduct any transaction with Bitcoin as a digital currency.

Topic: Difference between Blockchain and Bitcoin made simple (Read 131 times)