Bitcoin Vs. Blockchain

The Bitcoin and blockchain were first released almost a decade ago, but it has entered the public consciousness within the last year. The intensifying awareness about the bitcoin technology and blockchain is everywhere now! Everyone from several industries has dived into this emerging and dynamic technologies to know about their offerings.

Still, if you ask any average person- even a smart and well-read one, about bitcoin or blockchain, you’re likely to experience a good deal of confusion! Keeping this point in mind, let’s reduce the amount of confusion by making Bitcoin and Blockchain into most understandable terms.

FIRST OF ALL, WHAT IS BITCOIN?

This headline-grabbing term is everywhere, practically! Bitcoin technology is the first digital cryptocurrency and it was invented by Satoshi Nakamoto in 2009. The purpose of the creation of bitcoin technology is to have a new electronic cash system that doesn’t need any central authority, making it completely decentralized. So, you can simply say that bitcoin is a digital currency!

There’s no one who is controlling the bitcoin technology which is awesome! The buyers or owners are anonymous as they use encryption keys instead of any name or tax IDs or social security numbers. Anyone can mine bitcoin with the help of advanced mathematics and book-keeping system. This means when someone is sending a bitcoin to anyone else, the network records that in a block. Additionally, computers need to run a unique software that is known as a miner to record this kind of transactions. Now, these blocks are known as Blockchain that keeps an accessible and open record of all the bitcoin transactions.

Did you know that you can use bitcoin to buy things from 1, 00,000 buyers? What’s more interesting is that there are no transaction fees when you’re using bitcoin! Are you wondering if all of this is legal? Yes, for now, as long as you don’t do anything illegal activity with bitcoin technology!

BLOCKCHAIN DECODED!

By now, you must have got a tiny bit of idea about blockchain. Still, what’s more, to learn blockchain technology?

The blockchain is famously known as the technology behind Bitcoin! Yet, it’s so much more than that! It is more like a digital ledger or document that keeps track of each and every transaction which is happening anywhere in the world. Several parties can control the ledger. But no one can edit or alter that entry or transaction which is locked in the ledger. You can compare it with a Google document, to make it more understandable!

The blockchain is not owned by anyone which is why it is tamper-proof! No one can change it or cover their moves.

Did you know that Blockchain transactions are being stored over 2, 00,000 computers all around the world? Yes, the blockchain network is that big! Each of the blocks is keeping a collection of transactions. Now, enter the picture of cryptography which is being used to keep the data safe and sound, while still proving the identity. Cryptography involves the creation of codes that help to keep any information secret.