Blockchain and cryptocurrency have dominated the world. Blockchain has emerged as the future of technology due to its ability to eliminate third parties involved in the transaction. Besides this, cryptocurrency such as Bitcoin has gained the largest market capitalization, which has reached over $130 billion. It is also expected that the market cap of this digital currency would reach more than a trillion dollars in the future. Today, several platforms provide the latest news of Bitcoin. In this article, we will have a deep look at Bitcoin and Blockchain.
What Is The Difference Between Bitcoin And Blockchain
Bitcoin is a cryptocurrency and blockchain is the underlying technology of cryptocurrency. A cryptocurrency is just an application of blockchain technology which allows it to complete a transaction without involvement of any third-party. Blockchain is the technique to store data in blocks, and these blocks are linked together to form a chain. The technology uses some form of cryptography to secure transactions between the two parties(i.e. sender and receiver). There are millions of computers involved in the blockchain network that records every change made within the blockchain system. Every single change in the network is reflected on all the computers connected which are connected with each other.
Besides cryptocurrency, blockchain technology can be used in a variety of core industries such as food processing, banking, healthcare, law firms and many more.
Also Read: Top Five Ways You Can Purchase Ethereum
Bitcoin, The Biggest Cryptocurrency
Bitcoin leads in the crypto world when it comes to the largest market capitalization. Currently, it dominates in the cryptocurrency market with the market cap more than a billion dollars. The cap is also expected to reach trillion dollars in the future. In 2009, this cryptocurrency was introduced by Satoshi Nakamoto. The cryptocurrency was launched by an unknown group of people who used Satoshi Nakamoto as an alias to hide their identity. Earlier when Bitcoin started its journey, its value was less than a dollar. The value surged sharply, and it has now reached more than 10000 USD. With the rise of Bitcoin, several popular crypto exchanges such as Binance, BitMex, Coinbase, Poloniex etc. also emerged and allowed trading with Bitcoin and other popular cryptocurrencies. Countries like China, USA and many more started mining Bitcoin. At present, China has become the largest cryptocurrency miner all around the world.
Blockchain, The Future Of Technology
Blockchain is a decentralized technology which digitally records transactions. The technology was introduced to eliminate third-party which are involved between the sender and the receiver. Currently, there are many third-party platforms such as Paytm, PayPal etc. which are dominating in the field of payment. With the introduction of blockchain technology, it could be expected that the fee charged for completing a transaction could fall sharply. Many countries across the world such as Russia, Japan, China and the USA have embraced blockchain technology. Moreover, it could find applications in many core sectors to provide transparency in the process. With the advancement in this technology, several other forms of blockchain have evolved which could be centralized as well as decentralized.
In this article, I have given some details about Bitcoin and blockchain technology. Bitcoin has gained massive attention from people across the globe. Moreover, this digital currency has surged up drastically, and now, it has gained the largest market capitalization in the world of cryptocurrencies. As discussed above, blockchain, which is an underlying technology behind Bitcoin, could find applications beyond cryptocurrency. Today, a blockchain magazine is enough to provide information on this technology. Finally, it can be said that maybe blockchain is the latest trend in the tech world, it would dominate in each and every area that exists or could exist in the future.