Bitcoin laid the foundations for blockchain technology. The popularity of Bitcoin confuses people for being blockchain. Blockchain's truth is much broader, it's a kind of technology. And bitcoin is just a product of blockchain technology. Everyone needs to be educated to understand Bitcoin and blockchain and other coins.
Blockchain used for economic purposes helps humans save resources and reduce labor time. That helps mankind progress faster. It also means the world will be better.
Topic: Why People Call Bitcoin Blockchain? - page 2. (Read 809 times)
The answer to the question varies from person to person.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.
Mostly, those who are new and only cares about using or trading bitcoin.
but to people who really paying attention to this system, they can differentiate this two
and they can tell what is bitcoin and whats is blockchain, Like how you give yours.
if they are noobs yes but if they are traders its impossible that they wont know the difference because trading isnt an easy job and they need to learn different terms in order to improve thier trading skills .
calling bitcoin a blockchain looks obviously wrong but its okay to say bitcoin and cryptos i guess . i did this all the time and i know that btc is already a crypto but not just me , i saw lots of users mistaken it
The answer to the question varies from person to person.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.
Mostly, those who are new and only cares about using or trading bitcoin.
but to people who really paying attention to this system, they can differentiate this two
and they can tell what is bitcoin and whats is blockchain, Like how you give yours.
The answer to the question varies from person to person.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.
The title of your of the topic derails from the question is asked. It will be good if you can edit and provide a title that suits your question.
To answer your question. Blockchain technology is evolving and the reason, while it is most useful in the financial sector, is because of one purpose; to achieve a more transparent and fairer way of processing and implementing data. However, it has a huge limitation in some sectors such as health because it will be very dangerous to put medical records of patients on the blockchain that can be accessed by anyone.
To answer your question. Blockchain technology is evolving and the reason, while it is most useful in the financial sector, is because of one purpose; to achieve a more transparent and fairer way of processing and implementing data. However, it has a huge limitation in some sectors such as health because it will be very dangerous to put medical records of patients on the blockchain that can be accessed by anyone.
what if blockchain is applied to keep records in the health sector but such records will not be accessible to everybody to to certain people. the record can be accessible to family members, governement and health professionals. The reason why application of blockchain technology to health record keeping is that it will help to reduce mortality rate due to emergency, as medical records of the patient will be accessed without delay.
Because it is irrelevant for most of the sectors. Apart from finance, there is only one sector where I have seen successful implementation of blockchain and i.e. Supply Chain. However, it is completely different from one used in finance. It is centralized and controlled by the core team of the company where every department of the company independently adds data (like transactions in cryptocurrency) which is validated by the core team and every department independently verifies it. This is to make sure every unit passes systematically through all departments and there is no double-counting as well as short-calculation.
Thanks for contributing from your wealth of experience. I want to bring to your notice that innovation in healthcare using blockchain is also fast rising. This Covid-19, there is a company that developed an app for testing people before being onboarded on a plane. so, in order not to have false claim, there is a blockchain integration that helps to store the data (test records) of such passenger.
Entrepreneur can use this technology to innovate solutions- i mean practical solutions.
(and Blockchain.com !!)
In my opinion, this company is responsible to spread a lot of confusions for every new comer. I felt into this confusion too for more than two years. Keep in mind that one of the investors in that company is Roger Ver (the one selling bcash as Bitcoin).
Also, it's not uncommon in business/advertising do such (dirty) naming-to-trigger-confusion (mom's pickles, grandma's sunflower seed oil, countryside whatever product...
I moderate a local facebook group where users buy/sell bitcoin for local currency, and i ensure you that 90% of them use blockchain.com wallet and coinbase account as their main wallets. All my efforts to abstract the confusion about the difference between the three concepts bitcoin/blockchain/wallet lost with the fact that most of those users are not familiar with contents made in English and i found it harder to explain everything in my local language[arabic].
This is the advice i will give you as you seek to proffer a lasting solution to this challenge. Try to translate crypto contents in a proper way and properly edited before passing it to the local community. This will help them to understand better the differences among the three terms. knowledge is power and its absence is powerlessness.
This is the advise i will give to you. Why don't you try to translate the English content in a proper way and should be edited before passing it across to the local people. With this, they will be able to understand the contents and the differences between the above terms. knowledge is power and the absence of it is powerlessness.
Bitcoin has become popular because it was made popular by people who invested to it. From the beginning, people call bitcoin a hype as well but now the people who likes BTC now call other tokens hype.
Blockchain can apply to any industry but it just doesn't always need to be related to finance which the project can have a token for its economy. Blockchain can just serve as a database which I think would be much useful for suplychain and records for logs.
Great. I have two things to point as a reaction to your comment. 1. Does block chain has its own economy? What I mean is this: should there be a token wherever we have a block chain? If yes, why.
2. The country called Estonia has a block chain platform that works like a government system.
So, must every block chain platform has its own token?
In short words, lack of knowledge. Bitcoin is currently the most famous and most successful project in blockchain technology. That's why many people know blochain because of the bitcoin. Also, Bitcoin is the first pTp encrypted currency and using blockchain technology for that purpose. However blockchain was existed before the start of bitcoin, but bitcoin popularized blockchain in all over the world.
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The common approach is: "I have the solution, the blockchain. What do I have to do to fit the problem to my solution?".
While it is, in fact, the other way around: "I need a database with transparency, immutability, security, etc. What are the available solutions? Will blockchain do it?"
When thinking like this, most people will realize that they don't need blockchain at all at their industries.
The common approach is: "I have the solution, the blockchain. What do I have to do to fit the problem to my solution?".
While it is, in fact, the other way around: "I need a database with transparency, immutability, security, etc. What are the available solutions? Will blockchain do it?"
When thinking like this, most people will realize that they don't need blockchain at all at their industries.
While you're making a point but I'll not fully agree with you , where you say that block chain is not designed for other industries.
You may need to explain this further. To me block chain is a a software or digital technology that promises immutability and transparency. Such technology should help to solve some problems that border around the above.
What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?
Considering the core features of Blockchain which are security, decentralization, immutability, concensus and distributed ledger, it's best suited for the financial sector and that's why it's first application was for creating a digital currency. The blockchain is applicable in other sectors no doubt but when it comes to the industry that leverage and needs ot the most, it's the finance and coupled with the fact that people are looking for freedom over their financial lives makes finance a better industry for blockchain disruption
The problem here is more complicated than any other example like the ones you mentioned. This is a new technology and such a confusion would surely disrupt spreading the right info about it.
I moderate a local facebook group where users buy/sell bitcoin for local currency, and i ensure you that 90% of them use blockchain.com wallet and coinbase account as their main wallets. All my efforts to abstract the confusion about the difference between the three concepts bitcoin/blockchain/wallet lost with the fact that most of those users are not familiar with contents made in English and i found it harder to explain everything in my local language[arabic].
I moderate a local facebook group where users buy/sell bitcoin for local currency, and i ensure you that 90% of them use blockchain.com wallet and coinbase account as their main wallets. All my efforts to abstract the confusion about the difference between the three concepts bitcoin/blockchain/wallet lost with the fact that most of those users are not familiar with contents made in English and i found it harder to explain everything in my local language[arabic].
Indeed, in some languages it can be tough, especially with newbies.
And it's also not easy to always write clearly "Bitcoin's blockchain" or "blockchain.com (the company/wallet!)" since one doesn't know what's in the other party's mind when discussing.
I clearly understand your problem, since the Bitcoin Support subforum gets its share of confused/tricked people.
In simple words blockchain is technology and Bitcoin is cryptocurrency based on that technology. Some people mix these two things or better to say they think that Bitcoin is equal to blockchain and vice versa. Of course, that is not true but because of that many informations connected with implementation and use of blockchain are interpreted in wrong way. Bitcoin can't function without blockchain but on the other hand blockchain as an independent technology can be used in many ways and in many industries.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?
Because Bitcoin itself is money, digital currency, or payment system, it's purpose is for online payment and it could also be a good investment depending on the user, so this belongs to the financial technology which is relative to banking, and that's really the purpose of bitcoin, banking without a bank.
Block chain is open source and can't be trademarked, so many corporations have jumped on the train of this innovative idea to try and pretend they're in it for the technology and openness while it's merely them not wanting to miss out on potential profits.
Sadly or not, many corporations don't promote the free and open source aspects of blockchain projects like bitcoin, because they are after profit. They promote close ended block chains and claim their solutions are superior. Fear not though, they're going to be the ones promoting products with no real use while BTC continues being fully functional.
Sadly or not, many corporations don't promote the free and open source aspects of blockchain projects like bitcoin, because they are after profit. They promote close ended block chains and claim their solutions are superior. Fear not though, they're going to be the ones promoting products with no real use while BTC continues being fully functional.
The dominance of bockchain in finance space cannot be overlook but I am in disagreemnt that it has not been used in other sectors. Despite coming up gradually, blockchain has been used in transportation sector, housing and estate, supply chain, IoT just to mention a few.
I even first learned about blockchain technology when I knew Bitcoin, so I think it's natural that many people mention Bitcoin
as a blockchain. Regarding the blockchain application, it was indeed made for the financial sector, with the blockchain database
system more transparent effective, efficient and safe. This is more needed by the financial sector compared to other sectors.
as a blockchain. Regarding the blockchain application, it was indeed made for the financial sector, with the blockchain database
system more transparent effective, efficient and safe. This is more needed by the financial sector compared to other sectors.
Since Bitcoin was the most visible and popular blockchain product for several years, they became synonymous, but luckily I think blockchain is finally pulling away from it as there are more and more visible use cases to the public outside of just crypto. I'm interested in how blockchain products are marketed to people outside of the space because this is a recurring problem. A colleague of mine wrote about it here: https://www.blockdriven.com/blog/marketing-blockchain-careers
Because in the bitcoin whitepaper bitcoin is called a peer-to-peer digital cash system, i.e. finance.
A blockchain is a secured distributed database that only accepts new entries in its public ledger through the mechanism of mining. Specifically hashing the block's raw data through the SHA256 algorithm.
A blockchain is a secured distributed database that only accepts new entries in its public ledger through the mechanism of mining. Specifically hashing the block's raw data through the SHA256 algorithm.
In my opinion because it is Bitcoin who popularized the blockchain, so many people assume that only Bitcoin uses blockchain technology.
Same thing with cryptocurrency, definitely synonymous with Bitcoin. Then the application of blockchain to finance is more popular than
other sectors. That's because since the beginning blockchain technology was created for the financial sector, but some people try to apply
it in other sectors. Although blockchain technology can be used in other sectors, it is considered less successful.
Same thing with cryptocurrency, definitely synonymous with Bitcoin. Then the application of blockchain to finance is more popular than
other sectors. That's because since the beginning blockchain technology was created for the financial sector, but some people try to apply
it in other sectors. Although blockchain technology can be used in other sectors, it is considered less successful.
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