Sep By Mr Singh 5 369 0 Comments
What is the relationship between bitcoin and blockchain?

Blockchain is Bitcoin’s underlying technology, and Bitcoin was its terribly 1st application. As mentioned before, every Bitcoin transaction is recorded on a decentralized ledger, which is the blockchain.

Bitcoin is digital payment system running on Blockchain technology the system was designed to work without any central authority.

Bitcoin is a digital currency, created with the intention to simplifying online transactions by bypassing government controller currency. This is done by storing in transaction currency over a network called blockchain - rather than using the central banking system.

You buy and sell Bitcoin using dollars. What it actually is to you is money. Each of your transaction is stored in a bank database.

The blockchain that underlines the bitcoin has some crucial similarities, but also a key differences to a blockchain built for business.

Blockchain technology may be a term that's relating a system that enables for transparent record keeping. it's a public ledger, and lots of cryptocurrencies rely on blockchain so as to store transactions and make sure that there's not a risk of fraud occurring. whereas this new and exciting technology without doubt owes an large portion of its reputation and popularity to the actual fact that triple-crown cryptocurrencies run on its system, blockchain technology is not exclusively related to the world of finance..

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