Difference Between Bitcoin & Blockchain

Difference Between Bitcoin & Blockchain

Difference between bitcoin and blockchain

So do you know that bitcoin and blockchain is not the same, if you think of these two as the same then you are not alone, many people have this confusion because blockchain and bitcoin are very closely related, in today's video I will tell youabout this and I am going to tell in simple language what the difference between bitcoin and blockchain is.

Blockchain is the technology that underlies bitcoin and was developed specifically for bitcoin. Bitcoin was the first example of blockchain and there cannot be bitcoin without a blockchain. That is why these two names are used interchangeably. But that does not mean that this blockchain and bitcoin are the same thing.

Bitcoin is a decentralized digital currency or p2p electronic payment system where the user can transfer bitcoin anonymously without interference from the authority of a third party (bank or government), bitcoin is an example of a cryptocurrency and also cryptocurrency networks are powered by blockchain technology.

Although bitcoin uses blockchain technology to trade digital currency but blockchain is more than just bitcoin. Now that blockchain and bitcoin are so closely related that it took a long time for people to realize that blockchain is actually a wider application than cryptocurrency networks. In the same way as the Internet had brought.

Ex.: Now let's see some examples that Blockchain and other cryptocurrency are also wider applications like first

  • For executing smart contracts
  • To maintain a transparent system of courts like land rights
  • For supply chain authority
  • To provide proof of insurance

Conclusion

So we see that bitcoin transfer’s currency between users whereas blockchain is used to transfer all kinds of things including information or property ownership rights.

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