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Author Topic: Why People Call Bitcoin Blockchain?  (Read 606 times)
Zemomtum
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August 02, 2020, 11:48:28 PM
 #41

The dominance of bockchain in finance space cannot be overlook but I am in disagreemnt that it has not been used in other sectors. Despite coming up gradually, blockchain has been used in transportation sector, housing and estate, supply chain, IoT just to mention a few.

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August 02, 2020, 11:50:48 PM
 #42

Block chain is open source and can't be trademarked, so many corporations have jumped on the train of this innovative idea to try and pretend they're in it for the technology and openness while it's merely them not wanting to miss out on potential profits.

Sadly or not, many corporations don't promote the free and open source aspects of blockchain projects like bitcoin, because they are after profit. They promote close ended block chains and claim their solutions are superior. Fear not though, they're going to be the ones promoting products with no real use while BTC continues being fully functional.

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August 03, 2020, 07:05:00 AM
 #43


Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

Because Bitcoin itself is money, digital currency, or payment system, it's purpose is for online payment and it could also be a good investment depending on the user, so this belongs to the financial technology which is relative to banking, and that's really the purpose of bitcoin, banking without a bank.

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August 03, 2020, 07:52:06 AM
 #44

In simple words blockchain is technology and Bitcoin is cryptocurrency based on that technology. Some people mix these two things or better to say they think that Bitcoin is equal to blockchain and vice versa. Of course, that is not true but because of that many informations connected with implementation and use of blockchain are interpreted in wrong way. Bitcoin can't function without blockchain but on the other hand blockchain as an independent technology can be used in many ways and in many industries.

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August 03, 2020, 09:29:23 AM
 #45

The problem here is more complicated than any other example like the ones you mentioned. This is a new technology and such a confusion would surely disrupt spreading the right info about it.
I moderate a local facebook group where users buy/sell bitcoin for local currency, and i ensure you that 90% of them use blockchain.com wallet and coinbase account as their main wallets. All my efforts to abstract the confusion about the difference between the three concepts bitcoin/blockchain/wallet lost with the fact that most of those users are not familiar with contents made in English and i found it harder to explain everything in my local language[arabic].

Indeed, in some languages it can be tough, especially with newbies.
And it's also not easy to always write clearly "Bitcoin's blockchain" or "blockchain.com (the company/wallet!)" since one doesn't know what's in the other party's mind when discussing.

I clearly understand your problem, since the Bitcoin Support subforum gets its share of confused/tricked people.





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August 03, 2020, 01:55:47 PM
 #46


What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

Considering the core features of Blockchain  which are security, decentralization, immutability, concensus and distributed ledger, it's best suited for the financial sector and that's why it's first application was for creating a digital currency. The blockchain is applicable in other sectors no doubt but when it comes to the industry that leverage and needs ot the most, it's the finance and coupled with the fact that people are looking for freedom over their financial lives makes finance a better industry for blockchain disruption
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August 03, 2020, 02:40:40 PM
 #47

~~~
The common approach is: "I have the solution, the blockchain. What do I have to do to fit the problem to my solution?".
While it is, in fact, the other way around: "I need a database with transparency, immutability, security, etc. What are the available solutions? Will blockchain do it?"

When thinking like this, most people will realize that they don't need blockchain at all at their industries.

While you're making a point but I'll not fully agree with you , where you say that block chain is not designed for other industries.

You may need to explain this further. To me block chain is a a software or digital technology that promises immutability and transparency. Such technology should help to solve some problems that border around the above.

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August 03, 2020, 02:47:57 PM
 #48

In short words, lack of knowledge. Bitcoin is currently the most famous and most successful project in blockchain technology. That's why many people know blochain because of the bitcoin. Also, Bitcoin is the first pTp encrypted currency and using blockchain technology for that purpose. However blockchain was existed before the start of bitcoin, but bitcoin popularized blockchain in all over the world.  

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August 03, 2020, 02:54:42 PM
 #49


Bitcoin has become popular because it was made popular by people who invested to it. From the beginning, people call bitcoin a hype as well but now the people who likes BTC now call other tokens hype.  Grin

Blockchain can apply to any industry but it just doesn't always need to be related to finance which the project can have a token for its economy. Blockchain can just serve as a database which I think would be much useful for suplychain and records for logs. 



Great. I have two things to point as a reaction to your comment. 1. Does block chain has its own economy? What I mean is this: should there be a token wherever we have a block chain? If yes, why.

2. The country called Estonia has a block chain platform that works like a government system.

So, must every block chain platform has its own token?

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August 04, 2020, 12:06:47 PM
 #50

(and Blockchain.com !!)
In my opinion, this company is responsible to spread a lot of confusions for every new comer. I felt into this confusion too for more than two years.

Keep in mind that one of the investors in that company is Roger Ver (the one selling bcash as Bitcoin).
Also, it's not uncommon in business/advertising do such (dirty) naming-to-trigger-confusion (mom's pickles, grandma's sunflower seed oil, countryside whatever product...
The problem here is more complicated than any other example like the ones you mentioned. This is a new technology and such a confusion would surely disrupt spreading the right info about it.
I moderate a local facebook group where users buy/sell bitcoin for local currency, and i ensure you that 90% of them use blockchain.com wallet and coinbase account as their main wallets. All my efforts to abstract the confusion about the difference between the three concepts bitcoin/blockchain/wallet lost with the fact that most of those users are not familiar with contents made in English and i found it harder to explain everything in my local language[arabic].

This is the advice i will give you as you seek to proffer a lasting solution to this challenge. Try to translate crypto contents in a proper way and properly edited before passing it to the local community. This will help them to understand better the differences among the three terms. knowledge is power and its absence is powerlessness.

This is the advise i will give to you. Why don't you try to translate the English content in a proper way and should be edited before passing it across to the local people. With this, they will be able to understand the contents and the differences between the above terms. knowledge is power and the absence of it is powerlessness.

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August 05, 2020, 04:29:00 PM
 #51


<snip>
Because it is irrelevant for most of the sectors. Apart from finance, there is only one sector where I have seen successful implementation of blockchain and i.e. Supply Chain. However, it is completely different from one used in finance. It is centralized and controlled by the core team of the company where every department of the company independently adds data (like transactions in cryptocurrency) which is validated by the core team and every department independently verifies it. This is to make sure every unit passes systematically through all departments and there is no double-counting as well as short-calculation.

Thanks for contributing from your wealth of experience. I want to bring to your notice that innovation in healthcare using blockchain is also fast rising. This Covid-19, there is a company that developed an app for testing people before being onboarded on a plane. so, in order not to have false claim, there is a blockchain integration that helps to store the data (test records) of such passenger.

Entrepreneur can use this technology to innovate solutions- i mean practical solutions.

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August 05, 2020, 04:36:36 PM
 #52

The title of your of the topic derails from the question is asked. It will be good if you can edit and provide a title that suits your question.
To answer your question. Blockchain technology is evolving and the reason, while it is most useful in the financial sector, is because of one purpose; to achieve a more transparent and fairer way of processing and implementing data. However, it has a huge limitation in some sectors such as health because it will be very dangerous to put medical records of patients on the blockchain that can be accessed by anyone.

what if blockchain is applied to keep records in the health sector but such records will not be accessible to everybody to to certain people. the record can be accessible to family members, governement and health professionals. The reason why application of blockchain technology to health record keeping is that it will help to reduce mortality rate due to emergency, as medical records of the patient will be accessed without delay.

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August 05, 2020, 05:12:32 PM
 #53

The answer to the question varies from person to person.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.

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August 05, 2020, 05:50:16 PM
 #54

The answer to the question varies from person to person.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.

Mostly, those who are new and only cares about using or trading bitcoin.

but to people who really paying attention to this system, they can differentiate this two
and they can tell what is bitcoin and whats is blockchain, Like how you give yours.

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August 05, 2020, 06:10:33 PM
 #55

The answer to the question varies from person to person.
Some people call it so, as they don't find any difference between two.
They cannot distinguish that BTC is a currency and Blockchain is a medium.
This is mostly seen be newbies who don't have at all any knowledge regarding cryptos.
They just come buy Btc, sell btc and go.
Due to lack of knowledge about altcoins, this confusion occurs a lot.

Mostly, those who are new and only cares about using or trading bitcoin.

but to people who really paying attention to this system, they can differentiate this two
and they can tell what is bitcoin and whats is blockchain, Like how you give yours.

if they are noobs yes but if they are traders its impossible that they wont know the difference because trading isnt an easy job and they need to learn different terms  in order to improve thier trading skills .

calling bitcoin a blockchain looks obviously wrong  but its okay to say bitcoin and cryptos i guess . i did this all the time and i know that btc is already a crypto but not just me , i saw lots of users mistaken it

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August 06, 2020, 02:30:06 PM
 #56

Bitcoin laid the foundations for blockchain technology. The popularity of Bitcoin confuses people for being blockchain. Blockchain's truth is much broader, it's a kind of technology. And bitcoin is just a product of blockchain technology. Everyone needs to be educated to understand Bitcoin and blockchain and other coins.
Blockchain used for economic purposes helps humans save resources and reduce labor time. That helps mankind progress faster. It also means the world will be better.

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August 06, 2020, 02:59:22 PM
 #57

Bitcoin laid the foundations for blockchain technology. The popularity of Bitcoin confuses people for being blockchain. Blockchain's truth is much broader, it's a kind of technology. And bitcoin is just a product of blockchain technology. Everyone needs to be educated to understand Bitcoin and blockchain and other coins.
Blockchain used for economic purposes helps humans save resources and reduce labor time. That helps mankind progress faster. It also means the world will be better.
Bitcoin is not a product of blockchain technology. Moreover, there is nothing technological in "blockchain technology". In a nutshell, blockcain is slow database, data structure that is most suitable for public ledgers like bitcoin. It is not very interesting to use slow databases to build your products and offer your services, really. Blockchain is just a component of bitcoin protocol, it is interesting because, bitcoin as whole ecosystem makes it interesting. With bitcoin, blockchain is becoming immutable, unstoppable, uncensorable system. No one can freely add additional lines into such database, proof of work needs to be done. Conversely, without bitcoin, blockchain is nothing.

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August 06, 2020, 04:47:43 PM
 #58

thoughts about my opinion blockchain might be made to complement and organize in a unified bitcoin system because blockchain as a place of performance in digital currency finance is not a product of goods but this can be used as a transaction in payment for a product or service on the internet, this is the function of blockchain and the advantage it is faster to send digital money to a market or a new address.

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August 06, 2020, 05:41:25 PM
 #59

It is true that when a brand becomes a verb or a noun to people, that brand has become mainstream.

That is how popular brands such as Google, Apple and Facebook have become overtime.

But, the fastest one to attain that status is Bitcoin. This digital product was developed by Nakamoto Satoshi in 2008 with the Blockchain underlying technology. Today, that product is called the technology and the technology is called the product.

What I want the forum to discuss is this:
I believe that the application of Blockchain cut across many industries such as healthcare, logistics, insurance, governement, education and so and so forth.
Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?
What do you think?

The part of transcation that has more importance and more concern to people is the financial world where loads of people tend to face independece and also looking for ways to avoid what the government has now turn into tax and institutions now regulate what is supposed to be ones personal property. Finance pulls more crowd than it does in any other sector.

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Rebek
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August 07, 2020, 10:26:08 AM
 #60

Some people have always assumed that bitcoin and blockchain technology are the same. Personally,  I used to think that way. The reason is simple, the easiest way for the ordinary person on the street to understand the concept of blockchain technology is by explaining how bitcoin operates as a digital currency. 
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