Bitcoin & Blockchain: What is the Difference?

[mattipikos]

Blockchain & Bitcoin have often been thought of as being one and the same, and one cannot blame anyone who belongs to this school of thought. The two have many similarities; furthermore, a digital ledger drives Bitcoin. Introduced in 2008 as the first virtual currency, Bitcoin is credited as being a creation of Satoshi Nakamoto, a Japanese national. People often confuse Bitcoin and Blockchain due to two reasons:

-- Bitcoin has become very popular as one of the first currencies
-- It is the platform on which people earlier formed a basis on the knowledge on Blockchain technology

Read the full article here:
https://www.tokens24.com/cryptopedia/ba ... difference

[JohnRichards]

Bitcoin is a virtual currency and payment method which was invented by a mysterious figure, Satoshi Nakamoto. Bitcoin is truly decentralized, open-source and uses the concept of Peer-to-Peer exchange. This means that users can exchange bitcoins and make transactions without any central system, middle man or intermediary.

Blockchain is a decentralized network that does not require any intermediate system for the exchange of services. It keeps a shared record of all the transactions distributed over a vast network of users. A blockchain is comprised of a series of data blocks wherein each block stores a small patch of transactions made by the users.

[Bitmannn]

I'll tell by example Coinbase
The main difference between Coinbase Bitcoin and Blockchain Bitcoin Coinbase owns the private keys while in regular Blockchain Bitcoin, you own the private keys. Whenever you transact on Coinbase, you are making a request for them to execute on your behalf, since they’re the ones that have the private key.

Coinbase acts as the middle man or central authority. Ironically, this goes against what Blockchain Bitcoin does and was invented to do.

The reason some people are okay with this, is they are willing to give up control for convenience. Coinbase makes it convenient for users, especially those who are new to Bitcoin and Blockchain. It’s like PayPal for Bitcoin.

[damntravis]

Bitcoin is only payment option, Blockchain has a lot of uses (like voting) and can be implemented in many areas of life.

[Erlee]

Bitcoin is a virtual currency and payment method which was invented by a mysterious figure, Satoshi Nakamoto. Bitcoin is truly decentralized, open-source and uses the concept of Peer-to-Peer exchange. This means that users can exchange bitcoins and make transactions without any central system, middle man or intermediary.

Blockchain is a decentralized network that does not require any intermediate system for the exchange of services. It keeps a shared record of all the transactions distributed over a vast network of users. A blockchain is comprised of a series of data blocks wherein each block stores a small patch of transactions made by the users.

Thanks for simplified explanation of terms. Initially, blockchain was invented for the bitcoin cryptocurrency, but it's not the same thing.

[Baloo]

The thing is that blockchain contributed to bitcoin's worldwide fame and high price, and a bitcoin in its turn famed this encryption technology as an absolutely safe one.

[JohnRichards]

Bitcoin is a cryptocurrency, mother of all altcoins. And blockchain is a digital ledger that provides a secure way of making and recording transactions, agreements and contracts – anything that needs to be recorded and verified as having taken place.

[Priyankasharma1]

In general, we all know that Bitcoin is a virtual currency while blockchain is the technology that offers Bitcoin many of its distinct features: a single system of record distributed across multiple synced ledgers; privacy; and the ability to bypass traditional market channels.

Some of the differences are mentioned below-
1. Bitcoin is a leading digital currency while if we talk about blockchain- its a distributed ledger with cryptographic integrity.
2. Bitcoin is favorite for speculators given its volatility and liquidity, with high-frequency trading & hedge fund participation. While blockchain’s applications extend to other networks where veracity is critical to performance
3. In bitcoin- numerous consumer/SME and financial service payment applications particularly in developing economies. The blockchain is a potential replacement for middleware networks and clearing houses in the financial transaction where third-party verification required.

To know more about bitcoin or blockchain then you can refer this website- http://www.unkrypted.com

[Geleas]

Bitcoin is a digital currency created by Satoshi Nakamoto in 2009 which is used for financial transactions. Blockchain is a series of records which is secured using cryptography. They secure the digital transactions and keep a record of them.

[Baloo]

Yes, bitcoin is the revolutionary virtual currency launched in back 2008. It has gathered the attention of the investors from all around the world. Now it has its own place in the field of currencies, commodities, and assets. It has a huge value of around $9000 currently which keep changes with every passing moment!

[samuel.north]

Bitcoin is a virtual currency and payment method which was invented by a mysterious figure, Satoshi Nakamoto. Bitcoin is truly decentralized, open-source and uses the concept of Peer-to-Peer exchange. This means that users can exchange bitcoins and make transactions without any central system, middle man or intermediary.

Blockchain is a decentralized network that does not require any intermediate system for the exchange of services. It keeps a shared record of all the transactions distributed over a vast network of users. A blockchain is comprised of a series of data blocks wherein each block stores a small patch of transactions made by the users.

I think this is the best explanation

[jitenrajput]

Bitcoin is a virtual currency and payment method which was invented by a mysterious figure, Satoshi Nakamoto. Bitcoin is truly decentralized, open-source and uses the concept of Peer-to-Peer exchange. This means that users can exchange bitcoins and make transactions without any central system, middle man or intermediary.

Blockchain is a decentralized network that does not require any intermediate system for the exchange of services. It keeps a shared record of all the transactions distributed over a vast network of users. A blockchain is comprised of a series of data blocks wherein each block stores a small patch of transactions made by the users.

Perfect explanation. In simple terms, just as Email works on Internet, Bitcoin works on Blockchain.

Cryptocurrencies are just one mere application of blockchain. Have a look at others: https://www.quora.com/What-are-other-us ... a-Rajput-1

[karllil]

I think you are not very aware of this matter. You need to learn separately what is bitcoin and what is a blockchain.

[bitcoinofamerica]

The blockchain is a new technology which is taking the world storm. Satoshi Nakamoto introduced Blockchain which has become the underlying technology behind Bitcoins. Growing use of Bitcoin is quite visible from the number of Bitcoin ATMs and online exchanges around the country. The blockchain is now considered to be a staple of future internet-based business.

Here's a great article on Blockchain in the banking sector: https://medium.com/@sales_88506/blockch ... 341201fd81

[bart1234]

Blockchain is essentially a fancy word for a database, with almost zero security if it's not distributed.

Bitcoin is the most secure crypto currency, blockchain is nothing by itself.

[Incryptsnews]

Bitcoin is digital currency. It is decentralized which means it can be sent from any point in the world to another and the users can exchange bitcoins and make transactions without central government or a central bank as an intermediate.
Blockchain is a decentralized technology and it is a platform where the transactions made in bitcoin are recoreded and maintained.

[Keron]

Bitcoin is the first cryptocurrency launched in 2009. It is a simple digital currency used to carry out transactions. Blockchain is an online journal that keeps track of all the financial activities. It helps in maintaining transparency in the crypto-world.

[SamNeels]

It's about virtuality and decentralization.

[Andreas Ray]

Bitcoin is a decentralized digital currency. Blockchain technology it's a system of data storage and transmission.

[martiel]

Let’s bet I can define the difference shorter than everybody here?:D Look: BTC – money, blockchain – tech. 4 words, 22 letters! That’s joke, of course, but people always try to make easy things too complicated. For newcomers, it’s enough to realize that Bitcoin stands for currency when blockchain refers to systems and technologies which make Bitcoin possible. And experienced investors may research more, of course.

[Keron]

Bitcoin is a cryptocurrency launched in 2009 by Satoshi Nakamoto. Whereas, Blockchain is a decentralized system that keeps track of all the financial activities going in the market. Both of them are completely different things with different set of protocols.

[Baloo]

Bitcoin is the first Cryptocurrency that was launched in 2009 by an unknown person named Satoshi Nakamoto. Blockchain is the technology that keeps track of all the financial transactions occuring in the cryptocurrency market. So, you can say that Blockchain powers the journal.

[BenFormer]

Bitcoin transactions are put away and transferred utilizing a distributed ledger on a peer-to-peer network that is open, public and anonymous. The blockchain is the underpinning technology that keeps up the Bitcoin transaction record.