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Author Topic: Bitcoin is firstly a ledger and secondly a currency.  (Read 311 times)
dbc23
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July 12, 2021, 03:27:16 PM
 #21

Bitcoin is a ledger for storing human transactions between bitcoiners but can't be used as a database for all human activities. Bitcoin was introduced to help curb financial difficulties involved in exchanges and since it's introduction it has served as a swift medium for international transactions with open source. If you tell me it is a ledger for transactions I will ready buy the information but not as a ledger for storing all life activities
cotton ball
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July 12, 2021, 03:33:05 PM
 #22

maybe you mean blockchain, because the blockchain we know is a digital ledger, all traces of transactions will be recorded and stored in it, making it easier for us to monitor the movement of financial activity, bitcoin is definitely a digital currency that can be used for virtual transactions, where we can buy regular goods or services, but the form of money is not physical..
RainbowKun (OP)
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July 13, 2021, 02:38:26 AM
 #23

The OP is neglecting to address the fact that a blockchain is a distributed ledger and Bitcoin is simply a currency that has all tx's stored on a blockchain. These days there are MANY applications using blockchain tech and most have nothing to do with Bitcoin. Given that, their title for this topic is wrong as Bitcoin is a currency. Period. While its format allows for inclusion of text and other data the Bitcoin blockchain was designed solely for handling currency.

As the OP mentions, those blockchains are mostly for records keeping. From food production and distribution, civic lighting (streetlights etc), to civil records such as deeds and other property records, taxes, etc you will find blockchain tech used where such data was once stored in a database. Why the change from using a traditional DB? Simple: Security. A normal centralized DB can be broken into and easily modified. A distributed blockchain database cannot be hacked so easily.

I asked in the previous article, what exactly is Bitcoin? What are the essential attributes of Bitcoin? My answer is that if all external factors  are removed, Bitcoin is a distributed database.
You were also trying to say "Bitcoin comes first and blockchain comes later".
The fact is that you can not separate different aspects of bitcoin. Bitcoin is a combination of multiple technologies and if you remove one it will cease to exist. In other words if you "remove all external factors" bitcoin will no longer be a distributed database either simply because it wouldn't have any reason to exist.
This database exists because bitcoin is a currency that has a value and miners mine it and nodes store its blockchain which can be used as a distributed database. All go hand in hand.

Quote
When we know that Bitcoin is a database,
The problem when you change the definition and selectively use only one characteristic is that the definition starts to fall apart.
A database by definition is storing raw data that can be interpreted anyway you like and can be changed very easily. Neither of which are true in bitcoin. You can only interpret the "data" in blockchain in one way, as blocks and transactions, and you can not change them freely since they are protected by cryptography.
A database also has no reason to be immutable, in fact the basic characteristic of a "database" is  mutability.

I also wouldn't rank them either, saying this comes first and that second. Bitcoin is a whole system that has all of the above at the same time.

There is no single way of giving the perfect ultimate defujitio if anything. And there are different approaches to definitions themselves which focus on genesis, function, main attributes or other things. Defining Bitcoin primarily as a ledger means focusing on the underlying technology at its core. If we define Bitcoin as a currency, we focus on its function. Both are essential, and why choose between them if we can combine them? And then, the definition would be something like this: Bitcoin is a blockchain-based currency that can be used for trading, long-term investments and as a medium of exchange.


Thank you for your wonderful views, let us further clarify the basic properties of Bitcoin. As everyone has said, it is difficult for us to have an ultimate definition of Bitcoin: what exactly is Bitcoin. Bitcoin is formed by the collection of a variety of knowledge. From the perspective of different disciplines, there are different definitions. As everyone has said, Bitcoin is a whole and cannot be separated. The reason why I listed them separately is to explain them from different angles so that we can understand that Bitcoin has different attributes. However, whether it is a blockchain, a ledger, or currency, they are all integrated. Together, they formed the Bitcoin network and built the Bitcoin ecology.


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Kiley33
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July 20, 2021, 01:57:02 AM
 #24

The ledger is a database that is shared, replicated, and synchronized among network members. The ledger records transactions between network participants, and the ledger can be input and output.

Bitcoin is not a database.

In my opinion, the ledger is the blockchain, and Bitcoin is a currency that can be used for payment and transactions.
Tina H
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July 26, 2021, 02:41:01 AM
 #25

Distributed ledger is one of the fastest growing technical fields in the world. Bitcoin is the greatest invention that breeds blockchain technology. It is essentially a distributed and trusted ledger guaranteed by technical means.
    Anyone can own Bitcoin, which means they can keep an account for themselves on this ledger.
OcTradism
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July 26, 2021, 03:53:29 AM
 #26

Quote
Bitcoin is firstly a ledger and secondly a currency.
Bitcoin is Bitcoin and it is not a ledger. The ledger is what Bitcoin blockchain is, not Bitcoin is.

Bitcoin has more use cases than a currency. It is a digital asset, a digitalized asset of storage. You don't need to call it as a digital currency to use it and you don't need government approvals to use Bitcoin.

If you have private key, and internet connection, you can use Bitcoin.

If you need to have a good wallet for privacy, you can use Bitcoin Core or Wasabi wallet
https://bitcoincore.org/en/download/
https://wasabiwallet.io/

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Kakmakr
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August 10, 2021, 06:14:51 AM
 #27

This must be the the most efficient "Ledger" in the world. How many ledgers are distributed to 1000's of P2P nodes, that are not owned or managed by a centralized organization? How many of the other ledgers can be used for "Smart contracts"..?

The Blockchain and the Bitcoin protocol is a masterpiece and it is a miracle to behold. (Google ==> Byzantine Generals Problem + Bitcoin) The Immutability of Bitcoin transactions on the Blockchain is the real value....because people only know how valuable it is, when they know how other ledgers are being manipulated.  Wink

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