Episode 1: What’s the difference between Bitcoin and blockchain?

Hi Jason King here.

Co-founder of the Kingsland School of Blockchain at KingslandUniversity.

You can find us online at KingslandUniversity.com. So we’re going to be running through the top 100 questions asked to us by people about blockchain technology. If you’re familiar with blockchain a lot of the stuff is going to be refresher things that you’re probably very familiar with. But remember we all started somewhere. So there really are no bad questions. So the first question is what’s the difference between bitcoin and blockchain? Actually pretty good question if you’re not familiar with this at all. So bitcoin is the first application that utilized blockchain technology. Blockchain is actually the platform that allowed bitcoin to happen. Bitcoin is a electronic cash system started by Satoshi Nakamoto. White Paper in 2008 launched in 2009, so just over 10 years ago. And prior to bitcoin the concept of electronic cash seemed like it really couldn’t happen. If you think about things like an MP3 or a photo, if I’ve got one copy of it I can just make a million different copies of it. So if I have one digital dollar and I just create a million different copies of it, do I have a million dollars now? So blockchain technology is actually the power that allowed bitcoin to work. Basically blockchain is an immutable ledger, immutable is a big word but it really just means that it can’t be changed or at least it can’t be altered without everybody knowing that it’s been altered. 

That allows for this decentralized registry of all of the ledgers of people’s Bitcoin balances. So if I send you my bitcoin it’s publicly known that that address has now sent a bitcoin out. And so that’s that’s really the crux of the power behind bitcoin. And like I said bitcoin utilizes blockchain technology and we will be going further into depth on what blockchain technology is here in the next few questions.

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