Are Blockchain and Bitcoin the same?

Are Blockchain and Bitcoin the same

Are Blockchain and Bitcoin the same?

Bitcoin and blockchain are not the same though they are related. Many people inadvertently use the two terms interchangeably. This is because one works using the other and they made their appearance into the market together.

Blockchain is the underlying technology that runs the bitcoin network as well as many other cryptocurrency networks and applications. Bitcoin was the first digital currency launched by Satoshi Nakamoto in 2008.

The concept behind the innovation was to create a currency system that would not be dependent on third parties like governments and central banks. This was after the financial market crisis that occurred in that year as a consequence of certain financial institutions’ poor decisions.

Removing these third parties from the equation required more than just a currency. It also required a system on which transactions would be carried out and monitored. This system is the blockchain.