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Bitcoin vs. Blockchain - The difference between blockchain and Bitcoin

There are many modern technologies and well-known cryptocurrencies that have recently been identified, including Bitcoin and others.


Bitcoin vs. Blockchain
The difference between blockchain and Bitcoin

Bitcoin

- Bitcoin is a type of cryptocurrency, created and held electronically on his computer or in a virtual wallet, and no one can control or see it, which is decentralized currency so no person, institution or bank controls it, and in 2009 when bitcoin exploded on the financial scene, computer devices all over the world and soon began to run advanced programs that would To be done by solving very complex mathematical equations, bitcoin mining means discovering or verifying new currencies because unlike traditional currency, currency cannot be printed.


- Online trading can be done quickly, without hassle from regulators, and ease of use and lack of trace have led to unheard flexibility in the financial world, but for all benefits, the currency has been withheld because of its unknown unregulated nature because it has become easier for people to use the currency for illegal transactions, which would keep out of the books.


Blockchain

– While Bitcoin had the power to make transactions untraceable, and it was the latest innovation that promised to make each transaction transparent and permanent, blockchain lay behind the use of Bitcoin, which is almost entirely the opposite of its most famous, blockchain has the ability to have permanent records of block transactions, and at any time people can see those changes online in real time, but that's not the only thing For BlockChain does differently than cryptocurrency it's led for a long time.


Blockchain can easily transfer everything from equity to stocks and currencies without having to go financial institutions such as SWIFT, while offering the same safety, high speed and low costs, and considering it from a financial point of view, and billions of dollars a day are transferred in the financial markets.


Banks prefer blockchain

- Bitcoin has received support from various financial institutions, and Goldman Sachs, JP Morgan, and Bank of America have expressed great interest in BlockChain by joining the alliance to implement it in banking practices, in addition to those large financial speculations and visas Nasdaq, Citi and others, which have also agreed to be clients of BlockChain, these large and long-established institutions feel that Block Chen has less negative image than those attached to Bitcoin, and because it seems more open to the technology experience.


- The rush towards blockchain is simple, and banks can increase the efficiency of their transactions using permissioned blockchains to record all transactions made by their customers, instead of trying to record all that data with different types of software that become obsolete, yet some experts like Don Tapscott of the University of Toronto think that banks should use blockchain technology not only to increase their banking capabilities, but to completely change how computing Banking.


- Outside traditional banking, blockchain services have allowed users to enter into already high-value currency transactions, and processing times in these transactions are very fast, allowing for the exchange and registration of a large amount of money.

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