Blockchain and cryptocurrencies are a topic that attracts people from all over the world. The number of people investing in cryptocurrencies is increasing every day. However, blockchain and cryptocurrencies are different in various ways.
What is Blockchain?
If you are familiar with banking, investing and cryptocurrency topics, then you are bound to come across the term “blockchain”. Well, a blockchain is a special type of database. On top of that, it works differently than traditional databases. Blockchains store data in blocks and string them together.
Once new data is saved, it goes into a new block and then appends to other previous blocks after filling. Blockchains store different types of information and are often used as a ledger of transactions. In the case of Bitcoin, the blockchain is decentralized to allow all users to have collective control, which hinders the control of a single user.
What is Cryptocurrency?
These are digital coins that cannot be counterfeited. They are secured by cryptography and are decentralized networks that operate under blockchain technology. What Makes Crypto Different? They are not issued or managed by any central authority. Cryptocurrencies are resistant to government interference or manipulation.
You can pay your phone bill with cryptocurrencies. Bitcoin is also accepted in some online casinos like Baccarat NetBet Casino.