Out of the latest trends in the market, the most popular one is people earning from crypto mining. However, there is an extensive debate regarding the benefits of using cryptocurrencies to make money.
That debate is based on two important terms, ‘bitcoin’ & ‘blockchain.’ This blog differentiates between the two terminologies and explains its use in the world of fintech and cryptocurrencies.
What Is Blockchain?
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Blockchain is a digital payment gateway that provides record transactions between two parties constantly and correctly. In other words, blockchain is a distributed ledger that confines bitcoin or any digital asset. It allows multiple parties to transact, share data, and pool resources securely.
Many professionals and individuals from the industry assume that blockchain is the latest technology. However, that isn’t the case. Blockchain is traced back to 1991, but it gained popularity only after the advent of cryptocurrencies.
Blockchain is decentralized and made of three vital elements:
Blocks: They contain all relevant information about a transaction. Each block has a unique nonce and hash, which is stored at the end of the blockchain.
Miners: Miners are those creating multiple blocks, which is an incredibly complex task.
Nodes: Through nodes, no one organization can own a blockchain. This maintains integrity & prevents a breach of privacy through an exchange of information.
What Is Bitcoin?
Bitcoin is one of the first cryptocurrencies to use blockchain technology in facilitating digital payments. Through a decentralized network, bitcoin offers a low transaction fee compared to other payment gateways.
The first thing is to get a bitcoin wallet, software to send, receive, and securely store funds. It is downloadable on a phone, PC, or any digital device. Bitcoin isn’t a currency governed by a central banking system.
It isn’t stored physically on any platform and deploys mathematical algorithms to protect a number stored in public and private keys. As complex as it may sound, bitcoin is not a hard currency. It’s a convenient mode to pay or get paid.
Blockchain vs. Bitcoins
- Blockchain is a technology. Cryptocurrencies like bitcoin use this for secure and anonymous transactions.
- Blockchain supports transparency, whereas bitcoin operates anonymously.
- Blockchain is extensive in use, whereas bitcoin is restricted to digital exchange currencies.
- Bitcoin is used to transfer digital currencies, while blockchain allocates digital assets, proprietary information, rights, etc.
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