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DIFFERENCE BETWEEN CRYPTO AND BITCOINS

DIFFERENCE BETWEEN CRYPTO AND BITCOINS

We will be dealing with the differences between CRYPTOCURRENCY and BITCOIN in which a lot of people are confused about the two.

QUESTION: Is Cryptocurrency and Bitcoin different?

ANS: Yes, they are different

QUESTION: What is the differences?

ANS: Cryptocurrency and Bitcoin are not a comparable entity. Let me first introduce you to the elementary concept of these two terms.

 

Cryptocurrency

Cryptocurrency is a subset of digital currency which uses cryptography (conversion of plain text into cipher text using encryption while sending and then converting it back to plain text at receiving end using decryption) to secure its transaction. It is a virtual currency with decentralized control and hence no mediators like the bank.

Bitcoin

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency. Its conception is peer-to-peer and transactions take place between users directly, without an intermediary.

  Thus, bitcoin is a type of cryptocurrency. Just as in the case of paper currency, types are US dollars, Indian rupees, etc. Bitcoin is often confused with cryptocurrency, as it is the first and foremost and the most popular cryptocurrency.