How Blockchain Is Different From Cryptocurrency?

How Blockchain Is Different From Cryptocurrency?

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  HOW BLOCKCHAIN ISDIFFERENT FROM CRYPTOCURRENCY?
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  BLOCKCHAIN AND CRYPTOCURRENCY Themost common topic of discussion these days is Blockchain vs. Cryptocurrency. Everyone wants to know whether they are similar or possess some difference. Now you must be thinking the answer for this very simple question. Yes, there are some differences, but at the core Blockchain and Cryptocurrency are interconnected. Bitcoin (Cryptocurrency) is the first and most successful application of Blockchain. Initially, they were used interchangeably, but with advancement, some difference can be noticed. ENDIVE SOFTWARE 2
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  WHAT IS CRYPTOCURRENCY? Cryptocurrency isa digital asset that came into existence in the year 2008. It gained immense popularity because no government can control it. Thus, we got a new kind of currency. Bitcoin and Ethereum are kinds of virtual currency. This system of exchanging money became popular because: - No third party is involved - The processing fees are very low - The speed of transactions globally is quick. ENDIVE SOFTWARE 3
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  WHAT IS BLOCKCHAIN? •The blockchain is the technology behind the transfer of money online. It is a distributed ledger on a peer-to- peer network, public and anonymous. • The blockchain is storage units that keep records. These records can be shared over thousands of computers. If there is a change even in one record, it needs to be accepted by all the systems within the network. • This blockchain technology has all the features which are required for a virtual money transaction. It is safe, secure, transparent, and anonymous and not governed by anything. All the transactions regarding cryptocurrencies are stored on the Blockchain. ENDIVE SOFTWARE 4
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  HOW THEY WORKTOGETHER? • Blockchain and Cryptocurrency are intertwined and neither will work without the other. • We have read the difference between the two, and they are substantial. But it is also true, that they both are dependent on each other for transforming the financial scenario. • Cryptocurrencies are the tokens that this network uses for transferring value. They are a tool of this technology and serves as a resource. They can also be used to monetize the value of an asset. • They both together make an ecosystem, where Blockchain is the base and Cryptocurrency a part of it. They both depend on each other for better functioning. Crypto is often needed for the transaction through Blockchain, while this technology is required to store and record the details of most transactions. ENDIVE SOFTWARE 5
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  DIFFERENCE Blockchain Cryptocurrencies- TheDifference Between The Two Blockchain Cryptocurrency- Versatility Blockchain technology is more versatile with multiple features. This technology is being used in many applications in almost every field. From healthcare to management, every industry is using this tech for developing better functioning apps. While Cryptocurrency is less versatile and unregulated. This is probably the biggest reasons why many nations avoid using this digital asset. Blockchain and Cryptocurrency- what it holds for the future? Blockchain technology will transform the economy and the future of the world. As more companies shift to this dynamic technology, positive change is expected. Since the data once entered in this, it can’t be changed or altered, businesses are more inclined to use too. Whereas Cryptocurrency was developed for the same. But with its growth, businesses are apprehensive to it and its future is a little bleak. ENDIVE SOFTWARE 6
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