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Is Blockchain related to Bitcoin?

  • 9 days ago

The phrases blockchain and cryptocurrency are frequently used interchangeably. Even though they are two quite different technologies, they are inextricably linked. Blockchain is a digitized, decentralized public ledger that investors and developers can access at any time.

Simply said, it is a collection of digital data, or blocks, maintained in a public database, or, to put it another way, the chain. When verifiable transactions occur, the information is stored in blocks, and the blockchain expands. Because cryptocurrency is a decentralized, digital system, it uses the blockchain to operate. It is defined as a digital or virtual currency that employs cryptography for security and is not controlled by any authority, effectively making it immune to official control.

Although Bitcoin was the first and most well-known cryptocurrency, the list currently includes several more. Furthermore, at one point, Bitcoin was the sole blockchain. Despite numerous reservations and mistrust, it appears that both technologies have become integral parts of our economic systems, at least for the time being. Much has changed and progressed in recent years, but because the concepts are so closely related, there is still a lot of ambiguity.

Continue reading: https://foreignpolicyi.org/is-blockchain-related-to-bitcoin/

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