The biggest myth about bitcoin and blockchain is that bitcoin and blockchain are the same things. Is this myth right? Because there is too much confusion about whether bitcoin and blockchain are the same things. It is right that bitcoin is nothing without blockchain. So in this article, we clear the myth or confusion about bitcoin and blockchain. So without wasting time, let’s see the real facts.
Is Bitcoin = Blockchain?
This is the main myth or confusion, is bitcoin equal to blockchain? Well, the answer is no, bitcoin does not equal the blockchain. So first, we have to understand the difference between bitcoin and blockchain.
Bitcoin:- Bitcoin is a form of digital money, or in today’s era, it got a common name called cryptocurrency. We use bitcoin as a digital currency that is globally accepted except in some countries because there is not the real owner of this, so it is not taxable, and this is the reason bitcoin is banned in some countries.
Blockchain: Blockchain is a platform where all the transactions occurred. This website is public, which means you can see all the transactions of bitcoin all over the world and can also see the transactions of a particular individual, i.e., the sender of bitcoin and receiver of bitcoin. So in simple words, blockchain is the platform where all the cryptocurrency transactions occurred or were listed.
So it makes sense that bitcoin is a digital currency, and blockchain is the platform where all the bitcoin transactions happened. So the myth is cleared that bitcoin and blockchain are not equal.
How did this myth arise?
The biggest reason for arising this confusion or myth about bitcoin and blockchain is at the time of its formation. So let’s understand from the beginning of the formation of blockchain and bitcoin.
Blockchain came into existence in 2008 that was the starting of the internet generation; people think that was a stupid idea; what is blockchain? What would be the use of blockchain? What would be the benefits of blockchain? And many types of questions arose.
When the blockchain came into existence, the first digital currency or product, or we can say application that was checked or tested on the blockchain, was the first digital currency that was bitcoin. Since bitcoin was the first digital currency that was tested on the blockchain, people started thinking blockchain and bitcoin are the same things.
People might be right in their place that bitcoin and blockchain are the same things because the first platform was blockchain and the first product that was tested on that platform was bitcoin, so it is apparent for confusion.
At the initial stage of bitcoin and blockchain, there was no proper information about the use of bitcoin and blockchain, and people were admitted that only bitcoin could be exchanged on the blockchain, but by the passage of time, bitcoin became more and more popular, and in today’s era the price of one bitcoin equals to $48,368 at the time of writing this article, so this is the common thing to understand bitcoin and blockchain is the same thing. Trading is the quick way to earn money through bitcoin through https://the-wealthmatrix.com/ platform.
Blockchain on other areas
Blockchain is a problem-solving service, and I know many people will think about how blockchain is a problem-solving service? At the beginning of the blockchain, it was used only for bitcoin transactions, but with time, people discovered many uses of blockchain, and although many large organizations use blockchain to solve problems, it is a cause of certain issues for some organizations.
There are different uses of blockchain that are helping the companies, and many organizations use the blockchain for different purposes according to the need or specification. Blockchain has existed since 2008, and so there is much use for it. The new or existing blocks cannot be replaced or deleted from the blockchain, and this is the biggest benefit of blockchain because the database of blockchain is very large and existed all over the world because it is a decentralized system that means there is no control or one person on it instead it is running on many computers.
From the above information, we have learned that the myth (blockchain and bitcoin is the same thing) is wrong or incorrect. The cause of arising that myth was blockchain and bitcoin was introduced at the same time, and it was a common thing for arising that myth.