The popularity of Bitcoin and Blockchain has skyrocketed. Every industry wants to capitalized on the newest technology trend. Although, what is Bitcoin and Blockchain? How can it benefit your business?
When discussing cryptocurrency, the first buzzword is Bitcoin. There is a common misunderstanding that Bitcoin is only form of cryptocurrency. This is not true. Bitcoin and blockchain are so frequently used together and in many cases become practically interchangeable. This contributes to the misinformation and confusion of cryptocurrency.
Blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. A very common mistake is grouping Bitcoin and Blockchain as one entity. Bitcoin is not blockchain and blockchain is not bitcoin. Bitcoin is one of the many different kinds of cryptocurrencies while blockchain is used to create cryptocurrencies such as bitcoin.
The connection between the two is bitcoin is a kind of cryptocurrency that is made by using blockchain. There are numerous technological components and concepts used to make and manage cryptocurrencies such as Bitcoin. The best analogy to explain the difference between bitcoin and other cryptocurrencies is comparing bitcoin to money. There are numerous kinds of global currencies such as euros, dollars, yuan and much more. This also applies to cryptocurrencies. Bitcoin is currently the most popular cryptocurrency. This might not be the case for long. As time goes on and companies use their stocks or economic value to align with their cryptocurrencies there will be many more cryptocurrencies that will have the same (if not more) power as money and credit.
Charter Global has the tools to create cryptocurrency such as bitcoin for your business. Find out how we can get you started in the next big industry success. Joe Gelet, Chief Strategy Officer of Blockchain FinTech Development and Management gives some insight into how blockchain is becoming the next industry necessity: