Digital currency usage is so prevalent these days. Bitcoin is a cryptocurrency that is encrypted with cryptography and utilizes as a decentralized currency. Here the decentralized term is used for blockchain. Talking about bitcoin and blockchain often people might be confused about thinking that both are the same terminologies but both are different although there are related to one another. The very first application of blockchain was bitcoin. Some relevant points depict their differences.
Bitcoin is the oldest cryptocurrency that aims to mitigate government control over various transactions and to eradicate third-party mediators. In some countries, it is accepted whereas in others it is not. Although it is safe but not considered as legal in some of the regions Whereas blockchain is a ledger that maintains the records of transactions. It is more secure as compared to bitcoin and has more advantages over bitcoin. Blockchain is capable of providing more transparency as bitcoin lacks it. Bitcoin is limited to the trading sector only whereas blockchain has gained tremendous popularity among various sectors. Blockchain is easily adaptable to a different environment but bitcoin is restricted to the cryptocurrency sector only. Without blockchain technology bitcoin cannot be able to exist. Here in this blog, we will explore the differences between bitcoin and blockchain.
|1.||Definition||The currency is digital in the arrangement of electronic cash.||It is a list of blocks(records) that are connected through cryptography.|
|2.||Motive||To increase transactional speed without government interference||To provide a safe environment for executing various transactions|
|3.||Type||It is a cryptocurrency||It is a distributed database|
|4.||Transfer material||It just transfers currency among users||It transfers information as well as property or ownership rights among users.|
|5.||Nature||It focuses on anonymity.||It focuses on transparency.|
|6.||Scope||The scope is limited. Some countries still have not accepted bitcoin. It is considered illegal in some regions.||Its scope is vast. For adopting this system, the government is stepping out new initiatives for providing security to several systems.|
|7.||Uses||It is just only limited to trading as a virtual currency.||Blockchain has a wide number of uses in public as well as in private sectors|
|8.||Flexibility||It is rigid hence less flexible.||It is open and hence flexible.|
|9.||Dependency||Bitcoin depends on blockchain for processing.||Blockchain is wide technology that has diverse uses and it is not limited to bitcoin only.|
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Most of people think both bitcoin and blockchain technology is literally the same. We, in this blog post, have tried to explore major differences between bitcoin and blockchain. Despite so many differences both are inter-related. Bitcoins and blockchain are equally important at their halves. Due to the introduction to different cryptocurrencies bitcoin is lacking popularity but blockchain technology due to its diverse uses in the field of banking and health sectors is very much popular. In this digital era, people should be aware of how to make maximum use of this technology to grab the advantages associated with them. In this blog, we have discussed the major differences between bitcoin and blockchain. Blockchain is evolving technology there are a lot many things to explore about blockchain in the future.