What is the relationship between blockchain and bitcoin
blockchain technology is not only the underlying technology of bitcoin, but also the core and infrastructure of bitcoin bitcoin has been running without any centralized organization operation and management. Later, bitcoin technology was abstracted, which was called blockchain technology or distributed ledger technology
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disadvantages of blockchain technology applied to digital currency:
first, there is no circulation management organization for "decentralization" blockchain technology is essentially a distributed database system with one-way linked list logic structure and P2P network design mode, which determines that there is no unified central control system for virtual currency based on blockchain technology
Second, it is difficult to effectively control the quantity supply the circulation of virtual currency based on blockchain technology is fixed, and according to Fisher Equation, the total transaction volume of the whole society under a certain price level in a certain period has a certain proportion with the required nominal currency volume, while the constant currency volume obviously can not meet the requirements of the growing total price of social goods Thirdly, "mining mechanism" is difficult to create recognized value bitcoin itself has no value and no national credit support. Some people think that "by continuously consuming computing power and energy to inject value into virtual currency", but it is obviously not the most efficient choice to consume millions of calculations in order to find a hash value that meets the requirements Fourthly, procers and early holders are easy to get high seigniorage any virtual currency based on blockchain technology is held by a few people at the initial stage of its development. Take bitcoin as an example. At first, bitcoin was only a proct of a few people's game. The first bitcoin purchase in May 2010 was $10000 BTC's purchase of $25 pizza. The first bitcoin transaction completed in July of the same year was $0.04/btcBlockchain technology is the underlying technology of bitcoin. Bitcoin has been running without any centralized organization operation and management. Later, bitcoin technology was abstracted out, which is called blockchain technology or distributed ledger technology
bitcoin is the first application of blockchain, which will be extended to more and more instries in the future
blockchain technology, known as distributed ledger technology, is an Internet database technology, which is characterized by decentralization, openness and transparency, so that everyone can participate in database records
However, bitcoin is a kind of currency that does not rely on specific currency institutions to issue. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of currency circulation
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characteristics of bitcoin currency:
Decentralization: bitcoin is the first distributed virtual currency, and the whole network is composed of users without a central bank. Decentralization is the guarantee of bitcoin's security and freedom
Global Circulation: bitcoin can be managed on any computer connected to the Internet. No matter where you are, anyone can dig, buy, sell or collect bitcoin
exclusive ownership: private key is required to manipulate bitcoin, which can be stored in any storage medium in isolation. No one can get it except the user himself
low transaction cost: bitcoin can be remitted free of charge, but a transaction fee of about 1 bitfen will be charged for each transaction to ensure faster transaction execution
no hidden cost: as a means of payment from a to B, bitcoin has no cumbersome quota and proceres. If you know the other party's bitcoin address, you can pay
cross platform Mining: users can explore the computing power of different hardware on many platforms
reference: network blockchain network bitcoin
Blockchain is a technology used by bitcoin and a database technology
bitcoin is an application of blockchain and a digital currency
blockchain technology was born with the birth of bitcoin, but blockchain technology is not limited to bitcoin, or even digital currency, but has a very wide range of applications
In 2008, Nakamoto published a paper on bitcoin, commonly known as the white paper on bitcoin. Among them, the concept of blockchain was put forward in Nakamoto's white paper. A blockchain is a series of data blocks (called "blocks") generated by using cryptographic correlation. New data blocks can always be linked to the last block, that is, the end of the whole blockchain. Bitcoin's peer-to-peer network stores all transaction history in a "blockchain."since the advent of bitcoin, more and more digital cryptocurrencies using blockchain technology have been introced, and up to now there are nearly 3000 kinds.
see: all digital currencies
but in addition to the field of cryptocurrency, blockchain technology has been widely used in finance, Internet of things, logistics, insurance, digital right and other fields