Differences between Blockchain, Bitcoin & Cryptocurrency

As the world goes online in all parts, from education, business, healthcare, and even interactive communication with loved ones. It really is no stretch of belief to think that the world economy would shift online as well. With terms such as Blockchain and Bitcoin dominating the markets, cryptocurrency is at an all-time high.

Large incorporations and even world banks have adopted these forms of currency and blockchain technologies. Marketers and industrialists are making use of blockchain technology to regulate their ledgers. While converting their funds and finances to the more typically used cryptocurrency of bitcoin.

But in order to make sense of what these terms are and how they matter in the world of today – is a different matter.

Because believe it or not, blockchain isn’t a cryptocurrency, and Bitcoin isn’t blockchain. But Bitcoin is a cryptocurrency. And both these latter terms have a great deal to do with blockchain.

Let us dive into what they are, separately.

What is Cryptocurrency?

Cryptocurrency is a digital or virtual currency, sometimes called crypto. It is a form of currency not bound to a bank, nor does it exist in physical format. You can’t carry it around in your pocket or your wallet. It exists in the digital plane. Making it easier for users to access whenever they want.

This digital payment system has an online database repository that helps with online transactions. It is easy to encrypt as the currency is encrypted. The advanced transactions allow users to store and transfer their money, or to conduct purchases.

The cryptocurrency is stored in digital wallets with ledgers created to show every transaction. While the encryption system helps protect and secure your cryptocurrency.

What is Bitcoin?

Bitcoin was made in 2009. Making it the first cryptocurrency to exist. And while there have been many other examples of cryptocurrency since then. Bitcoin is still considered the best.

There are millions of users around the globe who trade in Bitcoin. It has active regulations in various countries of the world. The peer-to-peer Bitcoin network allows users to easily verify their transactions. Making sure that they aren’t being manipulated by a hoax.

What is Blockchain Technology?

As Bitcoin is a decentralized format of cryptocurrency – its transactions have to be stored in a ledger. This is where the blockchain technology comes into play.

Every transaction, bank statement, fund transfer, purchase, or other form of trading is stored in the blockchain. Users can simply view the blockchain to verify their crypto trading.

Since online transactions seem like a ludicrous initiative. Especially considering that the chances of outside tampering are high. Making it a dangerous and unsafe medium of trade. For this reason, the blockchain was invented. To solicit trust and ensure that your online dealings are made safe. And that you aren’t being conned online.

In a business sense, the use of a blockchain helps reduce the cost of trust. Investments would be considered safe to execute. And there is a definitive increase in the per capita.

It is a great technology that guarantees trust among individuals.

Final Thoughts:

The initiative of creating cryptocurrency was met with fraudulent systems. All in a desperate bid to get the upper hand. Cryptos like Bitcoin, Ripple, Ethereum, Litecoin, etc. gaining popularity around the world. There was bound to be a need for a more securer method to deal with these online transactions.

Giving rise to Blockchain technology to help manage our cryptocurrency.

It secures your trading and fund-transferring needs and protects your investments. While giving users a clear view of every little movement. It helps in verifying that you are in safer hands.

At MERNsol, clients work with us for our expertise, but they love us for our accessibility. We create a mix of our creativity and drive for innovation to set a path for our customer’s growth throughout all aspects of their business.

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