Difference between Blockchain and Bitcoin

 Difference between Blockchain and Bitcoin

Blockchain

What is Blockchain?

  • Blockchain is an technology on which Bitcoin or any other cryptocurrency works.
  • Blockchain are an underlying technology that enables the existence of Cryptocurrencies.
  • It is maintained in a sophisticated records through system run by several users in a decentralized way. 
  • When a Bitcoin is exchanged, a block of data i.e. (an alphanumeric code that signifies the cryptocurrency, its quantum and values) are created and shared across all the computers (or nodes) attached to the network.
  • This blocks are in series of such transaction. Once the blocks are verified, a formal record gets entered in decentralized database for everyone (who are on that network) to see.
  • If the Bitcoin is sought to be sold again, another block gets created. The previous transaction or a block are not erased and it gets attached with the new block to form a chain (hence termed as Blockchain) for everyone to see a trail. The way the transaction are kept that cannot be reversed.

Bitcoin

What is Bitcoin?

  • Bitcoin is a type of digital currency. But it is unlike a fiat (legal) currency like Rupee, US Dollar, Euro and so on. 
  • A currency is meant to buy a goods and services.
  • But unlike a normal currencies, the Bitcoin is available only in digital form. It is one of the top cryptocurrencies from thousands of cryptocurrencies available in the world.
  • Bitcoins are not backed by any bank or government nor or individual.
  • There are no physical bitcoin available. Only balances are kept on a public ledger that everyone has an transparent access to.
  • All Bitcoin transactions are verified by a massive amount of computing power.
  • Bitcoin is abbreviated with the keyword "BTC".




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