Understand the relationship between Bitcoin and blockchain in an article

We know that revealing something new often has two heights: good and evil, and legends and evil also occur. This is because both, like cryptocurrencies, are provided by the unknown. But you have to be thankful for the past two years. Government surveillance and the power of the press have exposed many cryptocurrencies.

A: Is Bitcoin a blockchain?

Meng is never fuzzy, as both the terms bitcoin and blockchain are generally targeted. And although most cryptocurrencies (altcoins) today are based on or placed in the name of the blockchain, which leads to inconsistencies in the concept, only the Bitcoin and blockchain relationship if blockchain is the core technology. of currency, Bitcoin.

Based on distributed data, a blockchain can be understood as a distributed distribution that anyone can see and participate in. Generally speaking, it's like the old-fashioned way, every node is tied to a block, a new blockchain innovation is like tying a knot when something is happening, and those nodes are closed into nodes. : The new phone number and date, owner ID, benefits involved, or the status of the other specialty listed for the change.

Bitcoin is successful because it uses a blockchain to store and exchange prices. The difficulty with blockchain fraud lies not in the technology itself, but in the environment and strategies such as application scenarios and management issues.

Blockchains can be divided into public (individuals or groups can submit transactions and participate in the approval process), private (only general blockchain information is included) and share blockchains (multiple choices in advance by a special group). node is a list), and the main category is allowed and not allowed.

So the facts are: Cryptocurrency uses blockchain technology which is not limited to cryptocurrency.

2: The advent of Bitcoin and its weaknesses

The concept of Bitcoin was first developed by Satoshi Nakamoto on November 1, 2008 and was born on January 3, 2009 [1]. According to Satoshi Nakamoto, open source software has been developed and released, and a peer-to-peer network has been built on top of it. Bitcoin is a virtual cryptographic digital currency in the form of peer-to-peer. A point-to-point reference refers to an independent payment method.

Unlike all other currencies, Bitcoin is not dependent on a particular financial institution and is developed by several calculators following a special process. Business behavior and cryptographic design are used to ensure the security of all value-added connections. The decentralized nature of P2P and the algorithm itself can ensure that the value of the currency cannot be controlled by the mass production of Bitcoin.

The biggest problem with Bitcoin is that it is easy to manage, the exchange itself is not easy to manage, and the wave can cut every time Bitcoin goes up or down.

Third: blockchain is useless, just a waste of human resources

Mining: Uses mining and completes long and complex algorithms through computerized connections to ensure reliability and impact through the opening of a blockchain network. When the answer is correct, the “miner” who completes the calculation benefits the mining. The process is very labor-intensive as it uses servers around the world to generate millions of numbers in a second.

This misunderstanding is also caused by the confusion between the concepts of cryptocurrency (Bitcoin) and blockchain, and since 99% of blockchain projects currently on the market have received coins, several positions have been used in practice. Graphics card and electronic power supply The annual power consumption of the Bitcoin network is now equal to the annual power consumption in Denmark.

Bitcoin was originally like this, but going back to the beginning, the blockchain was not just for cryptocurrency coins.

As mentioned earlier, most blockchains fall into two categories: unauthorized and unauthorized. The blockchain is accessible to anyone or only to special participants.

Bitcoin's blockchain technology is an open, networked platform for everyone. While there are advantages to terminating the distribution (no control), there are also disadvantages. Bitcoin is a public blockchain. , this is why the electricity it consumes is equivalent to the electricity consumption of one or more countries.

The design of each block in an integrated blockchain is jointly determined by each screening, and the screening can be combined with the approval process and other options. Relevant people can participate in the business, but the financial process does not. is not important.

Private blockchains require owner permission and access is restricted. Participants using a private blockchain need permission and there is no need to dig as administrators or network participants analyze data across the chain. Since no data extraction is required, private blockchains are not a problem.

The only result of the myths is the excess of indulgence of blind faith, which does not lead to the growth and development of new technologies, the problem with modern technology. The urine itself falls through stories, surprises and innovations. Evils cause fear and resistance, and technology will be disrupted.

If you look at the blockchain correctly, you won't be the first to eat crabs, but nonetheless, you can forget how many crabs and where you can eat them.