Difference between Bitcoin and Blockchain
What is Bitcoin
- Bitcoin is the first cryptocurrency. It is a form of digital currency that operates outside the boundaries of a central authority and can be used for performing online transactions.
- Bitcoin transactions are stored and transferred using a distributed ledger on a peer-to-peer network that is open, public.
What is Blockchain
- Blockchain is a distributed database technology, which restricts bitcoin.
- It is a digital ledger that was created to record bitcoin transactions among the parties.
- Due to decentralized nature blockchains are incredibly secure as there is no single point of attack.
Difference Between Bitcoin & Blockchain
- Bitcoin is a cryptocurrency whereas Blockchain is a distributed database.
- Bitcoin is limited to trading as a currency whereas Blockchain can easily transfer anything from currencies to property rights of the stock.
- Bitcoin main aim is to simplify and increase the speed of transactions without much government restrictions whereas blockchain’s aim is to provide a low cost, safe and secure environment for peer to peer transactions.
- Bitcoin promotes anonymity, while blockchain is about transparency.
- Bitcoins are simply a digital token while blockchain works as a distributed database for recording transactions.
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