Blockchain
In Blockchain every block contains a cryptographic hash of the previous block, a timestamp, and transaction information. In other words, blockchain is a distributed database technology, which restricts bitcoin. In fact, any digital asset. It enables multiple parties to transact, share valuable data, and pool in their resources in a secure yet tamper-proof manner. Data contained within the blockchain is distributed across many computers and is therefore decentralized. Due to decentralized nature blockchains are incredibly secure as there is no single point of attack.
Bitcoin
Bitcoin is one of the earliest cryptocurrency to use blockchain technology in facilitating peer to peer payments. Through a decentralized network, bitcoin offers a reasonably low transaction fee compared to popular payment gateways.
| S.No. | Basis of Comparison | Blockchain | Bitcoin |
|---|---|---|---|
| 1. | What is it? | A Distributed Database | A cryptocurrency |
| 2. | Main Aim | To provide a low cost, safe and secure environment for peer to peer transactions | To simplify and increase the speed of transactions without much of government restrictions. |
| 3. | Trade | Blockchain can easily transfer anything from currencies to property rights of the stock | Bitcoin is limited to trading as a currency. |
| 4. | Scope | It is more open to changes and hence has the backing of many top companies. | The scope of bitcoin is limited. |
| 5. | Strategy | Blockchain can be adapted to any changes and hence it can cater to different industries. | Bitcoin focuses on lowering the cost of influencers and reduced the time of transactions but is less flexible. |
| 6. | Status | As blockchain works with various businesses, it should have compliance with KYC and other norms. Hence blockchain is transparent. | Bitcoin likes to be anonymous and hence even though we can see the transactions in the ledger, they are numbers that are not in particular sequence. |
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