In the field of blockchain, people usually misunderstand and confuse between terms like bitcoin and blockchain. Even though both are related to each other, there is a huge difference between their roles. The vast majority of people who know about blockchains, from around the world think that both words are the same, but, as a matter of fact, one is a complementary factor to another. The term bitcoin came from the bitcoin blockchain. There are a lot of misconceptions among people about how cryptocurrency is related to the blockchain.
The word bitcoin was first introduced in the world of blockchain by an anonymous person called Satoshi Nakamoto, whose origins still remain unknown. The term bitcoin was penned for the world's first-ever blockchain called “Bitcoin” blockchain in which Nakomoto introduced the world’s first decentralized cryptocurrency also named the same.
Now the first blockchain was invented and named as bitcoin, the bitcoin cryptocurrency was running smoothly on the bitcoin blockchain. The whole world got interested in the newly arrived cryptocurrency and all started to buy it.
As the demand is directly proportional to the price the wide demand for the first cryptocurrency got purged and it reached its peak. The price purge of the bitcoin was a tremendous surprise for the entire world. It also attracted investors around the globe to make a big-time investment.
At that time when everyone was so busy buying bitcoin, another blockchain got introduced to the market called Ethereum. The ethereum was more advanced than the bitcoin blockchain in terms of software development. It introduced a feature called “smart contract” which was a viable source for the entire software development field.
After the arrival of many more blockchain, the confusion between blockchain and bitcoin also rose. Many people around the globe began to interpret that the blockchain and the bitcoin are the same.
What is bitcoin?
- It is the first cryptocurrency, created by Satoshi Nakamoto
- It is the first and only crypto-currency for the bitcoin blockchain
- The bitcoin acts as a transferring currency in the bitcoin blockchain
- The bitcoin has the highest ‘Market Capital’ in the cryptocurrency world
- Majority of the payment system around the world is less efficient than bitcoin
What is blockchain?
- Blockchain is a platform for the transfer of bitcoin
- Blockchain can do many more thing other than dealing with cryptocurrency
- Blockchain is an immutable ledger which records the transaction in chronological order
- The recorded transaction will show the flow of crypt-currency
- Blockchain will be universally accessible in nature
- It holds the data in multiple systems around the world rather than keeping it in a single system
Difference between the blockchain and bitcoin?
|It is an immutable ledger
||It is a crypto-currency
|It records the transaction
||It is an asset used in the transaction
|It is an entire decentralized network
||It just acts a fuel to blockchain
|It is accessible from anywhere in the world
||A public/private keep pair requires
|No central authority is present
||Transfer of bitcoin in micropayments is possible
|It is the safest payment system compared to other networks
||No/less transfer fee will be charged from the user