Q&As

What is the difference between bitcoin and blockchain?

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Published on LexisPSL on 05/04/2017

The following TMT Q&A provides comprehensive and up to date legal information covering:

  • What is the difference between bitcoin and blockchain?
  • What is bitcoin?
  • What is a blockchain?

What is bitcoin?

Bitcoin is a digital token that lets you send money to any person in the world to pay for goods and services.

It is a transparent, peer-to-peer payment network, and is now accepted by some real-life businesses as well as popular online services such as WordPress and Reddit. However, it is still very much in its early stages, and can be strongly affected by relatively small events.

It’s a digital currency based on cryptic formulae and rules. It has been around for a few years, but is still pretty niche in the UK. The basis of it is that a bitcoin is created every time a computer solves a mathematical puzzle, so more and more are issued, but every time a puzzle is solved it gets harder and harder. You could make a comparison

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