Why People Call Bitcoin Blockchain?

[Wratheye]

Many people confuse these concepts due to the fact that they are interconnected between me

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[wack slacker]

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.

Bitcoin is important, but let's see what is made of bitcoin and blockchain. Bitcoin and blockchain are primitive beginnings, but that is an inspiration for developers. From the primitive form used for quick payments has moved to smart contracts, managed blockchain, blockchain DEFI. The following generations of upgraded bitcoin evolve rapidly and we have a series of protocols for validation in the blockchain in addition to POW that is POS, POA, POB, POC, BPFT ... Lots of different validation forms.

[witcher_sense]

Bitcoin is important, but let's see what is made of bitcoin and blockchain. Bitcoin and blockchain are primitive beginnings, but that is an inspiration for developers. From the primitive form used for quick payments has moved to smart contracts, managed blockchain, blockchain DEFI. The following generations of upgraded bitcoin evolve rapidly and we have a series of protocols for validation in the blockchain in addition to POW that is POS, POA, POB, POC, BPFT ... Lots of different validation forms.

It is obvious that we need a solid ground for payment networks, solid foundation that is robust, safe, simple, on top of which we can build more layers. Currently, bitcoin is arguably the best choice for such purposes, because he has been proving its robustness for many years, it deserves to become that solid ground. Proof of work is ideal consensus algorithm for the base layer, because it provides the best security possible. Other algorithms haven't proved their solidity yet, they haven't been under such big attacks like bitcoin was. Their algorithms more complex, attack surface more wide, turing completeness makes things more complicated and whole system more vulnerable. We are yet to discover the best solution for every problem, some problems even haven't showed up yet.

[wack slacker]

It is obvious that we need a solid ground for payment networks, solid foundation that is robust, safe, simple, on top of which we can build more layers. Currently, bitcoin is arguably the best choice for such purposes, because he has been proving its robustness for many years, it deserves to become that solid ground. Proof of work is ideal consensus algorithm for the base layer, because it provides the best security possible. Other algorithms haven't proved their solidity yet, they haven't been under such big attacks like bitcoin was. Their algorithms more complex, attack surface more wide, turing completeness makes things more complicated and whole system more vulnerable. We are yet to discover the best solution for every problem, some problems even haven't showed up yet.

I agree with you about that. Bitcoin has now reached a near-stable level of decentralization, and the number of people using bitcoin as a payment instrument is quite high. Currently, China is testing their own cryptocurrencies and the governments of the countries are researching their own coins on the Blockchain platform. In the world today there are more than 10,000 Crypto created on smart contract platforms and private blockchain development. We have to wait to know if Bitcoin can be replaced. The Crypto market has only been around for 10 years and the currency history is very long.

[taufik0911]

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?

In my opinion, why blockchains are more popular in finance is because the initial use of blockchains was for digital currency transactions so blockchains are seen as a future finance system
why are blockchains applications in other sectors not so popular? In my opinion, the answer is very easy because there is no mass adoption of industries that use blockchains

[Artemis3]

Some corporate guys don't like Bitcoin, but they love the buzzword blockchain, because its "cool", while Bitcoin is scary...

But as others have said, a blockchain alone is "a solution in search of a problem". It could be fitted to some use cases, here and there, but its no universal database replacement. Without the rest of its elements, its nearly pointless.

This is why i don't buy this "blockchain" parlance to those guys who won't mention Bitcoin to not scare their bosses.

What if you have a blockchain running in a single node? You are losing nearly all the advantages of Bitcoin, might as well use a traditional database.

[Wenbing]

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.

Marvelous comment. Here is a correction i will like to make to your comment. Bitcoin is a financial product as well as other altcoins. They are product because they offer better value proposition to end users, thats what make them desirable than fiat. However, one of the technologies that make this possible is blockchain.

It is obvious that we need a solid ground for payment networks, solid foundation that is robust, safe, simple, on top of which we can build more layers. Currently, bitcoin is arguably the best choice for such purposes, because he has been proving its robustness for many years, it deserves to become that solid ground. Proof of work is ideal consensus algorithm for the base layer, because it provides the best security possible. Other algorithms haven't proved their solidity yet, they haven't been under such big attacks like bitcoin was. Their algorithms more complex, attack surface more wide, turing completeness makes things more complicated and whole system more vulnerable. We are yet to discover the best solution for every problem, some problems even haven't showed up yet.

I agree with you about that. Bitcoin has now reached a near-stable level of decentralization, and the number of people using bitcoin as a payment instrument is quite high. Currently, China is testing their own cryptocurrencies and the governments of the countries are researching their own coins on the Blockchain platform. In the world today there are more than 10,000 Crypto created on smart contract platforms and private blockchain development. We have to wait to know if Bitcoin can be replaced. The Crypto market has only been around for 10 years and the currency history is very long.

China is very strategic when it comes to economic planning. they know that value is in the trend, in this case, digital trends. China development of their cryptocurrency has shown that they have seen blockchain and cryptocurrency to be the future of systems and currencies respectively.

[moderator's note: consecutive posts merged]

[RondoAnyar]

because many people think if bitcoin is blockchain and vice versa, that's an easy mention for many people and it's actually wrong, but it's not a problem because it doesn't affect anything including the price of bitcoin so keep calm and it's funny

[bayu7adi]

because the central activity of everyone is a transaction, and every transaction will certainly use financial science. When you pay and use blockchain technology as your payment technology, you will indirectly be familiar with blockchain technology, which also over time, you will be comfortable with blockchain technology.
Yes, it was from here that blockchain technology began to be massively adopted for other purposes as you mentioned above
This is good, and just need to get used to it to be used by everyone as a daily technology in financial transactions

[junnar1968]

Is Blockchain same as Bitcoin? Bitcoin is a cryptocurrency, while blockchain is a distributed database. By spreading its operations across a network of computers, blockchain allows Bitcoin and other cryptocurrencies to operate without the need for a central authority. This not only reduces risk but also eliminates many of the processing and transaction fees.

[josephinerosdy]

because blockchain is designed for finance but blockchain can also be applied in many fields, not only finance. Maybe many people think that sectors other than finance do not need to use blockchain.

[0nline]

BTCBTCWell I believe that bitcoin is the brand name of cryptocurrency, ask some people what is crypto and see them answer ' bitcoin? ', ' like bitcoin?' or ' you mean bitcoin', coz that's how it worked for people to know a stuff, you need an outstanding crypto for branding, just like shoes we have nike and adi, phone for samsung and iphone. But for bitcoin it is quite different, bitcoin being a brand leads the market and it keeps growing mainly because of bitcoin.

[MusaMohamed]

Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?

Blockchain technology can be applied in many sectors and is not restricted on finance sector.

What you hear of recently (DeFi?) is because of many new projects are created to join the party of DeFi. Last 2 months, people talkative about DeFi and it misleads you on how Blockchain technology can be applied in life.

Many sectors can use blockchain.

[n0ne]

Blockchain technology is applicable for any sector, and can get effective output. When it comes to transparency the financial sector is much need of it, than other logistics, healthcare and other sectors. This can change in future, as people prefer much into a decentralized living system.

With financial sector the transparency help in eliminating the corruption. Bitcoin and blockchain are tied together, and that's the reason people term bitcoin as blockchain and vice versa.

[TedMosby]

Why is the application of Blockchain to finance has this popularity than application of Blockchain to other sectors?

there are 3 things on a table,
a multi-vitamin (worth $15), a course membership (worth $20), and $10 of money.
you have to choose one, go.

[ichi]

I think the current Blockchain is more appropriate for putting away coins, exchanges, and other light information.

Blockchain is one of the main pieces of the Bitcoin Network. The entire Bitcoin Network resembles an Autonomous Nation (not at all like Google or Facebook that are claimed and constrained by barely any incorporated forces) ... The Bitcoin Network can be supposed to be made of other decentralized applications/frameworks cooperating in concordance. Congruity can be accomplished when everybody is concurring and working as per the essential acknowledged standards/rules of the entire Network. Its standards and standards should be unmistakably illustrated, official to organize members and organizations for security purposes.

You can have other decentralized parts that are like Blockchain however don't really call them Blockchain.