Stop using words "Bitcoin", "Crypto", "Blockchain" interchangeably.

[Hablinfuld]

This is really nice realization and this issues need to addressed by the people. Most of the people understand the market of crypto currency as bitcoin and they think that all other crypto currencies are like bitcoin but bitcoin is different from other and it is the best of all.

[enellf]

So far what you have said is true. Also this post is going to be useful to those who struggle with these terms and have problems in understanding them.

[jseverson]

With due respect, I think you should at least make more explanation to justify your claim, because most people knew bitcoin is part of crypto currency but you said bitcoin itself is crypto currency. Do mean crypto is bitcoin as well or bitcoin is crypto like ethereum and all other coins?

The main point OP was trying to make is that blockchain is not synonymous with Bitcoin and other cryptocurrencies. I'm not sure where your confusion comes from because all he really said is that Bitcoin is cryptocurrency, and that it's the best among all of them.

[bitvalak]

I see that very often people here start talking about blockchain or crypto or Bitcoin only to later use one of the others as a synonym to the former. This is seriously wrong, because there a huge difference between them, and they most likely have different future.

First, Bitcoin and cryptocurrencies. Bitcoin is a cryptocurrency, but just because it is working so well, it doesn't meant that all other cryptocurrencies are as good as Bitcoin or even better than it. Cryptocurrency requires big proof of work, network and community to be secure, it needs talented developers who write quality code. Almost all altcoins lack those things, they only exist because of the hype.

Second, cryptocurrency and blockchain. People think that those things are the same, that all these tokens and coins with platform is the same blockchain technology that is being praised by corporations and governments. But in reality, they are talking about their own centralized, private blockchains, and they are unlikely to support decentralized, open platforms. Also, most of this blockchain technology either exists only in whitepapers or in early stages of development or just disappointing.

So, the main point here is that Bitcoin is not just a cryptocurrency or an application of blockchain technology, it's overall the best cryptocurrency and the best use case of blockchain (guess why? because blockchain was invented as a part of Bitcoin). Don't talk about them like they are the same thing.

right, sometimes there is still a lot of wrong understanding about Bitcoin, Cryptocurrency, and Blockchain. Not all altcoins use Blockchain, but all altcoins adopt blockchain systems. Where blockchain is part of bitcoin itself.

[hatshepsut93]

With due respect, I think you should at least make more explanation to justify your claim, because most people knew bitcoin is part of crypto currency but you said bitcoin itself is crypto currency. Do mean crypto is bitcoin as well or bitcoin is crypto like ethereum and all other coins?

The main point OP was trying to make is that blockchain is not synonymous with Bitcoin and other cryptocurrencies. I'm not sure where your confusion comes from because all he really said is that Bitcoin is cryptocurrency, and that it's the best among all of them.

Yep, I've created this thread because I often see newbies making comments like "Bitcoin will succeed because blockchain technology will succeed" or "cryptocurrency will go up because Bitcoin will go up", and sometimes they just use those terms interchangeably, they start talking about Bitcoin and then start saying "crypto" or "blockchain" as if they were the same thing.
I'm arguing that Bitcoin, cryptocurrency and blockchain are independent from each other, they can all have different future, and Bitcoin is even more different from both blockchain and cryptocurrencies, because it's not vaporware.

[zubrr51]

I agree, Bitcoin was the first tool that introduced the concept of blockchain to the masses and after it began the development of other crypto-currencies.

[Pursuer]

With due respect, I think you should at least make more explanation to justify your claim, because most people knew bitcoin is part of crypto currency but you said bitcoin itself is crypto currency. Do mean crypto is bitcoin as well or bitcoin is crypto like ethereum and all other coins?

The main point OP was trying to make is that blockchain is not synonymous with Bitcoin and other cryptocurrencies. I'm not sure where your confusion comes from because all he really said is that Bitcoin is cryptocurrency, and that it's the best among all of them.

Yep, I've created this thread because I often see newbies making comments like "Bitcoin will succeed because blockchain technology will succeed" or "cryptocurrency will go up because Bitcoin will go up", and sometimes they just use those terms interchangeably, they start talking about Bitcoin and then start saying "crypto" or "blockchain" as if they were the same thing.
I'm arguing that Bitcoin, cryptocurrency and blockchain are independent from each other, they can all have different future, and Bitcoin is even more different from both blockchain and cryptocurrencies, because it's not vaporware.

it is not always newbies though. I have seen multiple times that the news sites start talking about bitcoin in their title then continue it with purely speculating about altcoins. or for instance they are clearly talking about bitcoin in their article but they use the word "crypto" or "crypto market" for it as if it is general and what happens to bitcoin will happen to the rest of them!

[squatter]

Yep, I've created this thread because I often see newbies making comments like "Bitcoin will succeed because blockchain technology will succeed" or "cryptocurrency will go up because Bitcoin will go up", and sometimes they just use those terms interchangeably, they start talking about Bitcoin and then start saying "crypto" or "blockchain" as if they were the same thing.
I'm arguing that Bitcoin, cryptocurrency and blockchain are independent from each other, they can all have different future, and Bitcoin is even more different from both blockchain and cryptocurrencies, because it's not vaporware.

it is not always newbies though. I have seen multiple times that the news sites start talking about bitcoin in their title then continue it with purely speculating about altcoins. or for instance they are clearly talking about bitcoin in their article but they use the word "crypto" or "crypto market" for it as if it is general and what happens to bitcoin will happen to the rest of them!

News sites are completely clueless. In fact, they're newbies themselves -- and that goes for both cryptocurrency media and the mainstream. I've found that both are totally pathetic, nearly across the board.

I saw someone make a cogent point recently about a particular phenomenon with news stories. When you're knowledgeable about a subject e.g. Bitcoin, you notice when journalists are constantly screwing up explanations regarding BTC, blockchain technology, ICOs, etc. But then you turn the page and take everything else they say at face value. But really, most everything journalists say is bullshit -- they are newbies about virtually everything they report on, and yet they're always attempting to dumb down things they don't even understand. That's their job.

[pehuk]

Actually many people are in the wrong concept about these issues as they think all these three as one. This is due to the ignorance of the market but now many people know the differences and in future such problem will be reduced more.

[Cryptogid]

You are very correct, especially the newbies,they don't and can hardly differentiates these words,cryptocurrency,block chain,and bitcoin.I will just explain it short and simple terms,bitcoin is one of the digital cryptocurrency,while block chain is a technology, Crypto is a concealed, secret.then cryptocurrency is all types of digital currency..

[IamKnowledge]

People used Bitcoin, blockchain and crypto interchangeably because they did not know the diffrerences between those words. Now that they know, I think they would put a stop to it.

[xena2]

With due respect, I think you should at least make more explanation to justify your claim, because most people knew bitcoin is part of crypto currency but you said bitcoin itself is crypto currency. Do mean crypto is bitcoin as well or bitcoin is crypto like ethereum and all other coins?

I'll explain for him.
Cryptocurrency is a digital Currency. (Ex. (Litecoin, Ethereum , Bitcoin etc.)are all Cryptocurrency
Bitcoin as he said is a cryptocurrency and Bitcoin is the first and leading cryptocurrency today. In regarding with blockchain, it is a network where these cryptos are processed digitally and encrypted.
Correct me if I'm wrong.This is my own understanding.

[InformerKin]

This just shows how uneducated about the whole subject are peole entering the market with their money. Education and research should always come first before money.

[realcrypto]

To simplify this three terminologies to a lay man. Cryptocurrency is made up of different types of money  like dollar,  pounds and Euro if we want to compare it to our fiat that we are familiar with while bitcoin is the first and one of the most prominent amoung them and blockchain is like a house where the sending, receiving and confirmation takes place.

[o_e_l_e_o]

READ SMALL PRINT: "this example assumes 7% returns"
LOL.. bank account offering 7% interest.. pfft

dare you to open excel and do a chart with REAL interest rates.
ill give you a hint at 0.05% interest Chris would invest $200k and get $200,390 bank balance after 40 years

Firstly, $200,000*(1.0005^40) = $204,039, so your maths is wrong.

Secondly, if your bank account is only offering 0.05%, you are getting ripped off big time. You can easily find accounts of 2-4% at the moment.

Thirdly, pension savings are not that same as bank accounts. The average pension fund last year returned 10%: https://www.yourmoney.com/retirement/average-pension-fund-returned-10-2017/

[franky1]

READ SMALL PRINT: "this example assumes 7% returns"
LOL.. bank account offering 7% interest.. pfft

dare you to open excel and do a chart with REAL interest rates.
ill give you a hint at 0.05% interest Chris would invest $200k and get $200,390 bank balance after 40 years

Firstly, $200,000*(1.0005^40) = $204,039, so your maths is wrong.

Secondly, if your bank account is only offering 0.05%, you are getting ripped off big time. You can easily find accounts of 2-4% at the moment.

Thirdly, pension savings are not that same as bank accounts. The average pension fund last year returned 10%: https://www.yourmoney.com/retirement/average-pension-fund-returned-10-2017/

firstly this topic is about bitcoin terminology.. i tried to just mention bank interest and then bring the topic back inline..
secondly its not invest $200k and hold $200k.. its invest $5k every year..
EG year one $5k interest = $2.50
your math is year one $200k, interest $100
so your math is trying to assume $100 * 40 =$4k extra)
thats not interest of actual deposits and balances. and its not compounding that interest either..

and thirdly the guy that meandered about how he thought people not saving was stupid because they dont understand compounding.. he never mentioned retirement. he just said 'save'.

anyway
fiat saving/investing/retirement. is stupid.
put $5k into any fiat investment. and after fiats hypr inflation that will happen once the FIAT government bond bubble bursts and they are demanded to repay the contract rather than the minimal payments.. hypr inflation will make the $5k only buy a loaf of bread for the whole $5k (research zimbabwe dollar)

thats why im sticking with crypto. to hedge the fiat debt/hyperinflation events of the future
lastly. end VALUE of pension can be less than you put in. (use the "how many loaves of bread will that buy me" whn thinking of the future of FIAT savings/retirement plans)

[croptodic]

The real thing is that Bitcoin is not just a currency, it is the first and the largest cryptocurrency that based on blockchain system. And should not think that these are same things.

[Soeracyone]

It is a common mistake made by users. They mix up the terms bitcoin crypto currency and Blockchain. These three are fully different to each other. Crypto currency is a form of currency which digitally based, bitcoin is a form of Crypto currency aand Blockchain is a platform where all transactions of Crypto currency is recorded.

[o_e_l_e_o]

anyway
fiat saving/investing/retirement. is stupid.
put $5k into any fiat investment. and after fiats hypr inflation that will happen once the FIAT government bond bubble bursts and they are demanded to repay the contract rather than the minimal payments.. hypr inflation will make the $5k only buy a loaf of bread for the whole $5k (research zimbabwe dollar)

thats why im sticking with crypto. to hedge the fiat debt/hyperinflation events of the future
lastly. end VALUE of pension can be less than you put in. (use the "how many loaves of bread will that buy me" whn thinking of the future of FIAT savings/retirement plans)

I don't disagree that fiat is inflationary, and as you say, your value can be less than you put in, but with 40 years of compound interest it can also be a lot more than you put in. It is wise to spread your wealth over various markets - I wouldn't suggest anyone puts all their savings in fiat, just as I wouldn't suggest anyone puts all their savings in crypto.

[Impulseboy]

I agree with everything that you said. Do you think that perhaps the mixed up was due to lack of knowledge about the crypto world?