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Author Topic: difference between bitcoin and blockchain  (Read 426 times)
symbian
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April 13, 2018, 05:00:56 AM
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Bitcoin is a crypto currency which is used as a means of exchange and also a store of value,  it is called crypto because it was built in a way that it cannot be copied this was done one the blockchain,  without the blockchain there can be no decentralization of bitcoin.  Blockchain is an open ledger where transactions are being stored,  all transaction stored are distributed and decentralized. Meaning that everyone has access to be information but no one owns the information. Bitcoin is a coin built on the blockchain,  while the blockchain is like a decentralized database with no owner.

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April 13, 2018, 05:13:23 AM
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instead of putting the definition in your own words and make it more complicated and also make mistakes in some places it is best that you read some trusted sources like this one: https://en.wikipedia.org/wiki/Blockchain or https://www.coindesk.com/information/what-is-blockchain-technology/ and understand what it really means. if you want to share it then simply quote the same text and put the reference here.

for example this doesn't make any sense:
it is called crypto because it was built in a way that it cannot be copied
it is called a crypto-currency because it uses cryptography!

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April 13, 2018, 05:30:39 AM
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Bitcoin is a coin currency built on the blockchain,  while the blockchain is like a decentralized database with no owner.

Well said!



instead of putting the definition in your own words and make it more complicated and also make mistakes in some places it is best that you read some trusted sources

for example this doesn't make any sense:
it is called crypto because it was built in a way that it cannot be copied
it is called a crypto-currency because it uses cryptography!

Your example is splitting hairs. "Crypto" is synonymous with cryptography.

According to Merriam-Webster the #2 definition of "crypto" is Cryptography.

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April 13, 2018, 05:39:41 AM
 #4

Bitcoin is just the token that are used to transfer value. The Blockchain is a decentralized ledger that keeps track of the transfer of tokens from one owner to the other. This might be a over simplified way to define this, but it works for me. The token can be a currency or commodity, depending on how it is used by the owner.

When you hear a company talking about the implementation of Blockchain technologies, you have to ask What token they will be using. The token will determine if it is Bitcoin or not, and this is very important.

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April 13, 2018, 05:46:44 AM
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It is true that bitcoin is a coin created from Blockchain technology, and blockchain is like a book to record all transaction activities, and blockchain is the most sophisticated technology greeting the world today with a decentralized system.

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April 13, 2018, 05:48:26 AM
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 Bitcoin is a new currency that was created in 2009 by Satoshi Nakamoto.  No middleman is required to transact in bitcoin.  Payment is directly sent from one person's account to the other person's account without any middleman or agent or the bank.   Bitcoin can be used to book hotels , online shopping of clothes, electronic items, eatables also being purchased in few countries.  Big giants like Samsung also given approval to accept bitcoin as receipt of their dues from their customers.  People though are holding / acquiring bitcoin with the intention of  getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
A list of records / blocks ; linked and secured using cryptography which is continuously growing is called blockchain which was invented by Satoshi Nakamoto.   Modification to data is not possible.  It is an open to all,  visible ledger   recording efficiently, transactions between two parties.


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April 13, 2018, 12:18:18 PM
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In simple explanation Bitcoin is the currency while the technology being used is the blockchain. Bitcoins is build with blockchain as its foundation, without the blockchain bitcoin could not be called a crypto currency. Somehow the essence of bitcoin as a currency is the blockchain technology. But it is also important to understand what is this blockchain, blockchain is a record of transaction, a public ledger wherein you can monitor and trace whenever you make a transaction using bitcoin.

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April 13, 2018, 01:08:14 PM
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It is true that bitcoin is a coin created from Blockchain technology, and blockchain is like a book to record all transaction activities, and blockchain is the most sophisticated technology greeting the world today with a decentralized system.


The difference between bitcoin and blockchain is that bitcoin is a digital money in a virtual wallet while blockchain is the technology being used. Blockchain is a protected ledger that protects your every transaction transparent. Bitcoin is the token traded and it is built in blockchain.

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April 13, 2018, 01:28:35 PM
 #9

it is called crypto because it was built in a way that it cannot be copied this was done one the blockchain,

It is called crypto because the whole idea is based on Cryptographic hash function not because "it cannot be copied".

without the blockchain there can be no decentralization of bitcoin.
 

Blockchain is only one thing that used to achieve decentralization. Decentralization can be achieved even without block chain. There are new technologies like hash graph.

Your explanation is bit misleading.
What is the purpose of this thread???
Comparing Bitcoin and Blockchain is bit unusual. Blockchain is a data structure while BTC is a Cryptocurrency.
Why do you compare two different things???


 

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April 13, 2018, 01:41:28 PM
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It's all very true with what you say in your post, and therefore all bitcoin transactions in blockchain can not be deceived or baited because with a decentralized system.
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April 13, 2018, 01:47:33 PM
 #11

Hello symbian,

Actually the blockchain technology as we know it now was derived from the white paper of bitcoin, which can be read here. It suggested three basic principles to make online payments anonymous and secure: decentralization, immutability and transparency. These principals, however, do not necessarily hold true for the blockchain in general. The difference between bitcoin and the blockchain is that it could have centralized systems rather than decentralized. The same goes for transparency, not all parties would have the need to see all transactions on the blockchain. Even though the blockchain and bitcoin started from the same theory, the blockchain when applied to businesses does not necessarily need to follow the rules suggested in the bitcoin whitepaper.

To get more understanding on the topic we also suggested some books to read such as:

The Internet of Money by Andreas Antonopoulos a leading blockchain expert. This book goes in to the importance of bitcoin and why it is necessary that such a development found place. Through a collection of lectures Antonopoulos describes the historical, social and economical problems that can be solved with the help of this technology.

The second book we would recommend to you is the Blockchain Revolution written by Dan and Alex Tapscott. This book focusses more on the actual use cases of the blockchain technology and its potential. It also sketches a possible future across a number industries and the outcomes the blockchain technology could offer.

Another suggestion for getting a better understanding of the blockchain is the book written by Melanie Swan: Blockchain: Blueprint for a new economy. This book focusses more on the underlying technology of bitcoin, the blockchain. The book covers the application of blockchain in the industries where it could have the most positive impact namely: the government, software, healthcare and research sector.

If you have any further questions, feel free to send us a DM.

With kind regards,
The Anycoin Direct team

Helping the crypto-community. Anycoin Direct
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April 19, 2018, 10:09:27 PM
 #12

Bitcoin is one of the digital currencies, this currency is known as crypto currency and is done in a distributed peer-to-peer that can be transferred instantly and securely between two people in the world. It's like electronic / digital money that can be used to pay merchants or send money to friends or family.

Blockchain is the ledger record of all crypto transactions in the form of blocks that once executed. The transaction records in this ledger continue to grow as each 'finished' block is added to it with a new recording set. Blocks are added to the blockchain in a linear and chronological way. Blockchain has a platform and currently uses the Bitcoin protocol.

Bitcoin and Blockchain are both different but interrelated.
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April 19, 2018, 10:14:23 PM
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Are Bitcoin and blockchain the same thing? No, they aren’t. However, they are closely related. When Bitcoin was released as open source code, blockchain was wrapped up together with it in the same solution. And since Bitcoin was the first application of blockchain, people often inadvertently used “Bitcoin” to mean blockchain. That’s how the misunderstanding started.
Bitcoin is a type of unregulated digital currency
The blockchain that supports Bitcoin was developed specifically for the cryptocurrency. That’s one of the reasons it took a while for people to realize the technology could be adapted for use in other areas. The technology also had to be modified quite a bit to meet the rigorous standards that businesses require. There are three main characteristics that separate the Bitcoin blockchain from a blockchain designed for business.
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April 20, 2018, 01:41:53 PM
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bitcoin is one of digital currency ,, while blockchain is the records big book of all transactions crypto in the form of the block - block ever run. most wrong at this time, where many say blockchain the same as bitcoin, but in fact the two different but interrelated.
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April 21, 2018, 05:46:53 AM
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Bitcoin is just a currency or u can say as token and blockchain is a technology which work on algorithm Also u can blockchain is a book which store a number of transaction of the bitcoin..
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April 21, 2018, 07:01:55 AM
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It is true with your statement, that blockchains such as ledgers where writing and storing and bitcoin are records stored in blockchain as a currency tool.
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April 21, 2018, 07:08:47 AM
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Simply put: blockchain is the underlying technology of bitcoins, and bitcoin is an application of block chain technology.

Block chain is a technology, a distributed decentralized accounting method.

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April 21, 2018, 07:20:34 AM
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Blockchain was a decentralized technology that manage the database thet records bitcoin transaction and it is recordedly accordingly, chronologically, while bitcoin was a digital currency and payment system that works independently without a central bank.
.

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April 21, 2018, 07:21:56 AM
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Bitcoin is digital currency build using blockchain technology which means decentralized public distributed ledger.
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April 21, 2018, 07:23:14 AM
 #20

'Bitcoin'

* Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks!

* Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.

Read more about
https://en.m.wikipedia.org/wiki/Bitcoin

'Blockchain'

*A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.


Read more: Blockchain Definition | Investopedia https://www.investopedia.com/terms/b/blockchain.asp#ixzz5DHuH8plM





For me the difference of Bitcoin and Blockchain?  Bitcoin is a kind of currency that use thru virtual transaction it has no concrete form of structures but bitcoin has a value that recognizes as one of digital currency. While the Blockchain it is kind of peer to peer systematic way of transaction using internet and without a single servers means it is decentralized.

So Bitcoin needs a Blockchain yo perform its function without a Blockchain Bitcoin never existed. (vice versa)



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