Blockchain ≠ Bitcoin
Many people think that blockchain and bitcoin are the same. Blockchain is the basic technology of Bitcoin. They are closely related, but they are not the same thing.
In 2008, Bitcoin was launched as an unregulated digital currency created by Anonymous Satoshi Nakamoto. The blockchain is a ledger solution used to securely record the use of this new currency because there is no bank or government involved in monitoring or supervising transactions. Therefore, Bitcoin can actually be seen as the first use case of blockchain technology. Confusion between blockchain and bitcoin often occurs because both concepts are introduced at the same time.
Blockchain and bitcoin transactions
Since the introduction of blockchain technology, it has been extrapolated to serve as a ledger solution for many other industries related to assets other than currency. These areas include health care and patient records, trade finance and the owner of invoices or purchase orders, as well as insurance and ownership of the house or car.
Known as cryptocurrency, Bitcoin is the first discrete digital currency in its class. It is available as an open source solution that works without a central repository or a single administrator. Bitcoin transactions use distributed ledgers to transfer and store on open, public and anonymous shared networks. Blockchain is the underlying technology for maintaining transaction ledgers for bitcoin transactions.
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