Thursday, July 7, 2022
Thursday, July 7, 2022
Home Bitcoin Why People think Bitcoins and blockchain are same

Why People think Bitcoins and blockchain are same

by James Musoba
0 comment

Whenever a person starts using a specific type of an application or software he has initially a lot of questions about that and he often confuses the main concepts of the element he is using. Lesson mode is applicable to digital trading particularly when they are dealing with Bitcoin digital money. Bitcoin is a digital currency that has gained a lot of success and popularity being a new fight in every small duration of time. 

Introduction

From the time when it was first introduced in the market till date it has seen a lot of ups and downs in its popularity, preparation demand and rates.

Today we are going to elaborate the concept of Bitcoin by critically analysing and comparing it with the Bitcoin blockchain database. Often it is observed that people consider Bitcoin and blockchain as one entity. But the reality is the bitcoin blockchain database and the Bitcoin digital currency are two entirely different things. The only similarity they have is that they both belong to the Bitcoin industry.

History

There is no doubt that Bitcoin has been in use all over electronic and social media along with print media from the last 10 years. This has made people think about it, write about it and search about it more often. People who are not users of Bitcoin cryptocurrency are just curious to know about this digital currency but they often conceive  the basic concepts wrong. This article is going to help not only Bitcoin to currency users but it will also help newbies to understand Bitcoin cryptocurrency and blockchain databases in a more elaborated and detailed way. We have tried our best to convert all the topics and technical details of these to astonishing concepts. So tighten your seatbelts and dig into the amazing Galaxy of Bitcoin cryptocurrency and its blockchain database. 

Objective

The purpose of this article is not to break a myth because whenever reality is combined with conception of minds they form myths and to be very honest some it’s our are not only myths when it comes to Bitcoin cryptocurrency. People may have a number of areas related to Bitcoin to conceive but the reality is that cryptocurrency and blockchain databases do entirely different things and there is no way that you can mix and match both of them. For more please visit british bitcoin profit.

Bitcoin cryptocurrency and blockchain database are two simultaneous concepts that work in coordination with one another; both of them are necessary evil for each other and one is dependent on the other for the proper functioning and execution of the Bitcoin network. 

Let’s understand this concept by considering the basic definition of both of these. 

Bitcoins Cryptocurrencies

Bitcoin cryptocurrency is a type of digital money that exist in the form of a software or computer files which is used to transfer specific amount from one person to the other person and the only compulsion is that both of them should be cryptocurrency users having their own cryptocurrency wallet. Bitcoin cryptocurrency has a value for example nowadays it is hitting $60,000.

This currency is considered one of the most valued and authentic cryptocurrency because it works in end to end encryption without the involvement of any other third party.

Block chain DataBase

Whenever a transaction is made on a cryptocurrency network the details of this transaction is immediately uploaded on a public generated platform which is called a blockchain database. All the transaction details are in the form of blocks in the chain of cryptocurrency database and this forms the amazing platform of the Bitcoin blockchain database which is very important for keeping track of all the transactions so that the threat of duplication or other malicious activities can be minimised.

For understanding both of these concepts you can consider Bitcoin as an entity and blocks in the database as a box that contains all the necessary details of that entity and every element of it. A bitcoin is very specific to the user who is owning that Bitcoin but blocks in the database is a platform that can be approached by anyone around the globe at any time.

All the details of transactions are updated on the platform of blockchain but the address of the users both the receiver and sender are not uploaded for the security purpose. 

Updating The Blockchain

Bitcoin miners are the persons who are responsible for updating the Bitcoin blockchain database and do this by solving a number of arithmetical puzzles and at the end of each way they are awarded with some specific Bitcoins. 

Bottom Line

Now you have seen that Bitcoin cryptocurrency and Bitcoin blockchain database are two entirely different concepts and they are not interchangeable at all ever both of them are connected when it comes to working and execution of Bitcoin blockchain Network and Bitcoin digital  currency.

You may also like

%d bloggers like this: