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Author Topic: Cryptocurrency and Blockchain: same, same but different  (Read 57 times)
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November 11, 2019, 09:34:23 AM
Merited by tk808 (3)
 #1

When you’re new to the cryptocurrency and blockchain world, things can feel a little bit overwhelming. There’s quite a lot of jargon, and sometimes all that “tech” stuff can just fly over your head. Don’t worry though, we’re here to help! We’ll be examining the key differences between the two technologies, so you can get on top of all jargon in the crypto sphere. Cryptocurrency and blockchain: same same but different?

What is cryptocurrency? 

A cryptocurrency is a digital asset that works as a medium of exchange. Cryptocurrencies can be used for an almost endless number of things, from cross border transactions, to trading, and investments. Cryptocurrency is far more secure than fiat currency (pounds, dollars etc), as it works off of strong cryptography and a decentralized digital ledger called a blockchain.

Cryptocurrencies function outside of a central governing agency like a bank or a government. The very first cryptocurrency invented was Bitcoin (BTC). Satoshi Nakamoto released his whitepaper, “Bitcoin: A Peer to Peer Electronic Cash System”, detailing how the cryptocurrency would work, its purpose (it was a response to crash of the global financial markets in 2008), and what it would run on – blockchain technology.

https://www.youtube.com/watch?v=HLYuxoytR3s&feature=emb_title

What is a blockchain?

A blockchain is a digital ledger that is made up of blocks, linked using cryptography. A blockchain is a system where transactions made in bitcoin, or other cryptocurrencies, are recorded in a ledger that is maintained across various computers in the ecosystem. These computers are called miners, and they verify all of the transactions that take place on a blockchain, building blocks to add to the network.

Blockchains are generally thought to be inherently linked to cryptocurrency, but that just isn’t the case. Rather, cryptocurrencies are built on blockchains, which have endless uses outside of hosting a cryptocurrency.

For example, depending on the blockchain, you can:

- Verify transactions
- Consume content
- Certify a supply chain
- Prove your identity
- Share electricity with neighbors
- Prove ownership of an asset
- Issue shares
- Create smart contracts (Ethereum)

And that really is just the tip of the iceberg.

https://www.youtube.com/watch?v=SSo_EIwHSd4&feature=emb_title

Key Differences between blockchain and cryptocurrency

So, are cryptocurrency and blockchain same same but different? Let’s look at some of the key differences.


 

Blockchain and cryptocurrency: working together

Blockchain and cryptocurrency: same same but different? Ultimately, the two technologies are intertwined. However, it’s still crucial that you understand the difference between the two, as their functions are incredibly different. Blockchain works as the network that a cryptocurrency functions on, and a cryptocurrency is (in basic terms) a digital asset that works as a mode of transacting. Understand the difference between them, and you’re already on your way!

eToro is the world’s leading social trading platform. Discover resources like this and so much more at www.etoro.com.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.


https://www.etoro.com/blog/market-insights/cryptocurrency-and-blockchain-same-same-but-different/
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November 11, 2019, 09:44:54 AM
 #2

The meaning of cryptocurrency has already evolved through the years. When Bitcoin was created, it was done so with the goal in mind, that it will be used as an alternative to fiat. However, as years passed by and altcoins are coming into the crypto world, the case has changed. Many cryptocurrencies today are not anymore created as a medium of exchange. There are cryptocurrencies that are created as a form of stocks, or as a token used to participate in gambling, or as a token used to be able to get a loan, etc.

 
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November 11, 2019, 09:47:01 AM
 #3

Blockchain technology is a distributed ledger technology which features that can be apply in many sectors which include financial sector, education, law, insurance, health etc while cryptocurrency is a decentralized currency that fuel the operation of public blockchain ecosystem.

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November 11, 2019, 10:00:51 AM
 #4

Cryptocurrency and blockchain can't be considered the same although a vast majority of the community confuse this two words to mean the same thing. Here's an example that differentiate the two words, Ethereum {blockchain) and ether (cryptocurrency). Ethereum as a platform is the blockchain in which all the dApp operates on. Ether is the currency which fuels this blockchain and is been usually used as source of funds for the ethereum network. Another popular example is NEO and GAS both work hand in hand although Neo is the platform used for buidling the dApp that operate on the blockchain while Gas is the native token of the neo blockchain.

In simple terms, blockchain is the network while cryptocurrency operates using the network. In the community, generalization is a common problem and that's why the community is easier been confused through FOMO or FUD most times.

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November 11, 2019, 02:20:58 PM
 #5

A cryptocurrency is a digital asset
that's the problem though. a cryptocurrency is a "currency" as the name suggests not an asset. although altcoins are treated as such.

Quote
Cryptocurrency is far more secure than fiat currency
this is wrong because it depends on the coin itself.
there are cryptocurrencies such as bitcoin and a handful of others that are very secure but there are vast numbers of altcoins that are not secure at all. for example ethereum is not immutable, ripple is centralized and they control the entire network including your funds, small POW coins can be 51% attacked easily, POS coins are insecure by nature,.... and a lot more.

Quote
A blockchain is a system where transactions made in bitcoin, or other cryptocurrencies, are recorded in a ledger that is maintained across various computers in the ecosystem.These computers are called miners,
this is wrong.
these computers are called "nodes".


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November 12, 2019, 05:19:09 PM
 #6

A cryptocurrency is a digital asset
that's the problem though. a cryptocurrency is a "currency" as the name suggests not an asset. although altcoins are treated as such.

Quote
Cryptocurrency is far more secure than fiat currency
this is wrong because it depends on the coin itself.
there are cryptocurrencies such as bitcoin and a handful of others that are very secure but there are vast numbers of altcoins that are not secure at all. for example ethereum is not immutable, ripple is centralized and they control the entire network including your funds, small POW coins can be 51% attacked easily, POS coins are insecure by nature,.... and a lot more.

Quote
A blockchain is a system where transactions made in bitcoin, or other cryptocurrencies, are recorded in a ledger that is maintained across various computers in the ecosystem.These computers are called miners,
this is wrong.
these computers are called "nodes".


In blockchain, basically there are blocks or a growing list of records that are linked together using cryptography. Each block is linked with the previous one, containing its cryptographic hash or algorithm, a timestamp and the core thing, data. The two main features are it is distributed and decentralized. Crypto currencies are basically designed as digital medium of exchange that use blockchain technology. And you are also correct about nodes.

 
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November 12, 2019, 05:39:37 PM
 #7

To further simplify this, let me make this explanation with everyday products we use.. Nestlé is a large producer of consumables in Switzerland and one of their most notable products are their Chocolates, while we can say that the Chocolates are products of Nestlé, we cannot say that Nestlé are a product of the Chocolates ,that's how it applies to Blockchain and Cryptocurrencies.

Blockchain is the basic technology here and Cryptocurrencies happens to be the first product of that technology, blockchain is versatile and can be used for so many real world things but Cryptocurrencies are just basically decentralised currencies that uses the blockchain technology.



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November 12, 2019, 06:13:54 PM
 #8

I agree that Blockchain was hosting cryptocurrency, but they are working in a different way it depends on usage in the ecosystem by the coins itself. The further explanation you might read this article if you have a vacant time on it, https://www.wallstreetmojo.com/bitcoin-vs-blockchain/. Blockchain technology was a decentralized ledger that keeps all records and all transactions. Probably, many computers directly connected to form a peer-to-peer network.

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