Bitcoin is not Blockchain: An Overview

Are Bitcoin and Blockchain the same? This issue has been constantly brewing in the world of cryptocurrency and Blockchain. While most people consider them to be the same, Bitcoin and Blockchain are actually two separate entities that are interrelated with each other. Let’s delve a bit deeper to understand how they work. Nevertheless, the intention is to explain it in an easy way about their functioning.

Bitcoin Vs Blockchain:

In simple words, Bitcoin is a new generation ledger based digital currency that is created, held and operated on a device that is connected to the internet. Unlike fiat currencies they are decentralized in nature as they aren’t controlled by any authoritative body. Also, they cannot be printed and can only be created through ‘Mining’, which includes running complex cryptographic programs involving complex mathematical equations. For every new bitcoin created or for verifying new transactions, the miner earns a certain amount of money. However, only a fixed number of 21 million bitcoins can be created of which 15.5 million are already in circulation. Bitcoin can be traded online in an anonymous, quick and hassle-free way (no restrictions from regulatory and exchange bodies). Ever since its discovery in 2008, the price of these cryptocurrencies has skyrocketed in price with a total market capitalization of about $70 billion dollars.

While Bitcoin made transactions anonymous, Blockchain ensures that every transaction made on it is transparent and permanent. So, Blockchain acts as an underlying technology for Bitcoin that allows the transfer and transaction of everything without having to go through an intermediary that too at high speed, low costs and in a very secure way.

Find more about Blockchain — https://www.sofocle.com/what-is-blockchain/