Cryptocurrency

 

Difference between blockchain and Bitcoin !

Most of the People get confused to Bitcoin as Blockchain, But It’s the Other Way Around, Bitcoin is a  Derivative or the Product of Block Chain Technology.

What is Blockchain ?

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.

A blockchain is a growing list of records, called blocks, that are linked together using Cryptography. Each block contains a cryptographic hash of the previous block, a Time Stamp, and transaction data (generally represented as a Markle Tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered without altering all subsequent blocks.

blockchain was invented by a person using the name Satoshi Nakamoto in 2008 to serve as the public transaction Ledger of the Bitcoin.

Bitcoin (₿)

Bitcoin is a decentralized digital currency, without a central bank or administrator that can be sent from user to user on the peer-to-peer Network without the need for intermediaries.

Bitcoin was invented by a person/Person’s using the name Satoshi Nakamoto in 2008.

Bitcoins are created as a reward for a process known as mining and it works on Proof of Work Concept.