Introduction: Blockchain technology is the underlying technology of Bitcoin, and Bitcoin is the first application of blockchain.
Blockchain is a technology that can be used in many applications based on this technology. Bitcoin is one of the hottest and best-known applications.
Blockchain technology is an unexpected product of Bitcoin’s development, which has brought unexpected surprises to contemporary society, so in fact, blockchain and Bitcoin are concomitant.
What exactly is the blockchain?
In simple terms, it is a way of bookkeeping, and all the people can participate. Its technology guarantees absolute openness and fairness. In a somewhat more technical language, blockchain technology refers to a way for all people to participate in bookkeeping, and there is a database behind each system.
So what are the benefits of the blockchain?
Decentralization: without intermediary participation, the process is efficient, transparent and low cost, and data is highly secure. Therefore, it is safe, absolutely open, fair and just, and the credit of intermediary has been greatly improved.
What is Bitcoin?
Bitcoin (BTC): It is a token asset with a constant total amount of 21 million. It has the important characteristics of decentralization and blockchain. The concept of constant total amount was developed by Nakamoto to follow the example of gold (fixed global gold reserves).
Unlike the currency we use, Bitcoin is not issued by a specific monetary institution, and the “authority” of this currency is in the hands of every participant (node) on the Bitcoin blockchain. That is to say, the transaction behavior of Bitcoin, without the supervision of the regulatory body, is to ensure the process and amount of each transaction through each “node” involved, which is called “decentralization.”
Blockchain is the core and infrastructure of Bitcoin
Blockchain technology is the underlying technology that guarantees the normal operation of the Bitcoin system, and Bitcoin is the first application of the blockchain and the most successful application of the blockchain.
So bitcoin is based on block chain technology, but blockchain is not equivalent to bitcoin. Bitcoin is not brought about by blockchain, although it is only an application based on blockchain, but blockchain technology is because of it, the two are inseparable!
Blockchain is not just a technology, but a new combination of technologies. Bitcoin is an internet data model invented by Nakamoto that is full of imagination and has great experimental value. And Bitcoin may have grown beyond his original vision, and this crazy virtual feast is obviously far from the time to cease the fire.