Understanding the Difference between Blockchain and Bitcoin

Despite what many people believe, bitcoin and blockchain are two different terms and are not interchangeable. So what sets them apart?

Understanding Blockchain 

To put it simply, blockchain is a computer file used for data storage. It’s also known as an open, distributed ledger, meaning that the data enclosed inside the blockchain is duplicated or distributed over multiple computers. It is then decentralized, making blockchain transformative. 

The blockchain technology can form Bitcoin as well. However, it is important to keep in mind that Bitcoin is not the only distributed ledger technology for blockchain. There are other diverse cryptocurrencies as well, and they feature their own blockchain and decentralized ledger frameworks. Distribution of the blockchain technology has ultimately resulted in detachment within the Bitcoin network, causing various offshoots of the ledger. 

Understanding Bitcoin

Bitcoin is a cryptocurrency made to facilitate transactions without the need of third party channels. Cryptocurrency is a digital type of currency that is stored electronically on the blockchain platform. You can purchase, trade, or invest in Bitcoin. Apart from the standard Bitcoin, Bitcoin Gold, Bitcoin Cash, and Bitcoin SV also exist. However, due to their smaller networks, they are more prone to hacking.

Differences between Bitcoin and Blockchain

The main difference between the two is that Bitcoin is a cryptocurrency founded on blockchain technology. It cuts down transaction charges and time beyond cross-border payments. On the other hand, blockchain is a distributed ledger technology. It is enduring, protected, and provides total transparency while facilitating fast settlements across the world. 

Capacity

However, Bitcoin does not have any other specific purpose apart from trading. It aims at enhancing system efficiency and facilitates the supply of financial services at low costs, giving users added freedom and power. With blockchain, there are consequences in nearly every sector, like asset management, supply chain management, digital advertising, and cross-border payments. As a result, leading tech companies are seeking to adopt more blockchain technology. 

Trading

Bitcoin is traded only as a currency, but blockchain technology can transfer property rights, tokens, and anything else of value. However, this is limited to currency exchange and allows asset owners to monitor and trade things of value. Moreover, it uses encryption to control and protect distributed private records and lessens conflict in business transactions. Blockchain can also track the origin of materials and products, adding to the variety of benefits. 

Benefit from Blockchain and Bitcoin Through Export Portal

To scale your business, you must adopt the latest technology. However, choosing the best technology for your business needs can be a difficult task at times. This is where Export Portal comes in.

Our panel of experts are qualified and experienced in both Bitcoin and blockchain technology. They will not only answer all your questions, but will also keep you updated on all the latest advancements. Our team will work with you to provide the best available options for your business. If you are interested in working with us, make sure to register today!