People often get confused between Blockchain and Bitcoins. The reason for this is because Bitcoin was the first widely accepted entity developed using Blockchain. It is also often considered as Blockchain technology as well by the people.
However, with the public introduction in 2008 as the technology used in Bitcoin, blockchain has shown larger benefits and has gained wider recognition. The technology is growing at a very faster pace and now catering to multiple other industries.
In this article, we will explain the differences between Bitcoin, a cryptocurrency, and blockchain, the technology in depth. But before we move on to our main topic let’s
Facts about Bitcoin
1. The 1st ever thing bought using Bitcoin is Pizza. A man paid 10,000 BTC for a Pizza. Which cost only $41 USD in 2010.
2. The investor of Bitcoin is still unknown. There are even speculations that Samsung, Toshiba, Nakamichi, and Motorola together created Bitcoin.
Samsung and Toshiba —- Satosh
Nakamichi and Motorola —- Nakamoto
3. Bitcoin can only be accessed using the private key. If someone loses the private key the Bitcoins will be lost forever. More than 25% of the bitcoins are lost forever as the users have lost access to the private key.
4. The total number of bitcoins that can be generated is 21 million. The last Bitcoin will be mined in 2140.
5. Price of Bitcoin in 2010:- $0.0015 and as of today 07-07-2021, the time of writing this blog, the bitcoin price is USD 34,699.80
What are the ways to buy Bitcoin?
So, are you thinking of taking a step towards owning Bitcoin? Here are some of the ways you can own a Bitcoin.
1. One can buy Bitcoin using cash.
2. Businesses can accept payments in the form of Bitcoin.
3. Bitcoin can be generated by mining.
What Is The Difference Between Bitcoin And Blockchain?
Bitcoin Is a well-known cryptocurrency. After a decade of presence 4,000(alternative variants of Bitcoin, or other cryptocurrencies) are in circulation. There is no single administrator for Bitcoins, this makes sending it from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
Blockchain is a type of distributed ledger technology. It is used to record transactions between two parties efficiently and in a secured and permanent way. Blockchain became known by masses underpinning technology and capability enabling the existence of cryptocurrency. However, blockchain technologies can be used for a variety of purposes, bitcoin and altcoins are few examples of it.
What Can We Use Them For?
The objective behind the creation of Bitcoin to speed up cross-border transactions, and reduce the government’s control over them. Simplifying the whole process without having third-party intermediaries was also one of the core reasons behind the formation of Bitcoin.
Is a technology that can provide a low-cost, safe and secure arena for peer-to-peer transactions and cut out the 3rd party involvement significantly? As a type of distributed ledger, blockchain is one of the most reliable ways of helping in storing data and accessing it.
What is the use of bitcoin and blockchain in the real world?
Bitcoin is limited to trading as a currency. It is often used for transactions.
Blockchain can be used to transfer valuable stuff, from currencies to property titles or stocks among others. Blockchain technologies found their uses in public as well as private industry.
Blockchain technology used in the public sector includes storing public health records and land registries, offering immutable voting platforms, guaranteeing secure identity management, etc.
Big technology companies in the private sector have invested huge money into the blockchain market and are now providing solutions to other industries. Blockchain technology found its maximum use in the banking and Fintech industry. Supply chain management and logistics is also a vital industry where the Blockchain has been used to achieve transparency and to build numerous transactions. Other industries, which use Blockchain are the automobile industry, aviation, telecom, music, and entertainment.
Besides its uses by the companies, Blockchain-based Smart contracts permit the stakeholders to exchange goods without the involvement of a 3rd party.
What is the scope of bitcoin and blockchain?
The scope of Bitcoin is limited. Some countries have accepted it more openly, while other governments have banned or restricted its transaction.
Blockchain Can Be Used For Multiple Aspects
Technology has grown a lot over the past decade and is expected to continue to rise. Governments are launching Blockchain initiatives and opting for this technology to ensure the trust, transparency, and security of the system.
It is a computer code that is capable of facilitating, verifying, or negotiating a contract agreement of the Government. It is prepared using Blockchain. Smart contracts operate under a set of conditions that users agree to. When those conditions are met, the terms of the agreement are automatically carried out.
Suppliers can use blockchain for recording the origins of materials that they have purchased. This would allow companies to verify the authenticity of their products and have a well-maintained record as well.
Health care providers can securely store the information of the patients using blockchain technology. When a medical record is generated and signed, it can be done in the blockchain. These personal health records could be encoded and stored on the blockchain with a private key. This will make data accessible by certain individuals and ensure privacy.
Bitcoin Vs Blockchain – Conclusion
From the technology that made the existence of Cryptocurrencies possible to a technology that has the makings to revolutionize all industries and government processes – Blockchain has come a long way over the last few years. However, its full capacity is yet to be discovered.
Bitcoin, on the other hand, has gone through lots of turbulence. It is the first Cryptocurrency, but since 2009 many alternative coins have been invented and used. As a result, the popularity and importance of Bitcoin have decreased significantly.
To sum up, Bitcoin and Blockchain are different when it comes to their functionality, where they can be used, however, they do have something in common as well they have always been used to improve our day to day life.
Published by Lyla Phillips