How is Bitcoin related to Blockchain Technology?

Bitcoin is a digital currency or, a cryptocurrency, the idea behind it was first published as open source by an alias Satoshi Nakamoto in 2009. The transactions on the Bitcoin network are anonymous unlike current payment methods.

Transactions made with cryptocurrency or bitcoin are stored in the blockchain network which is a digital decentralized network, once the transaction is made and entered into the blockchain it can neither be removed nor altered, an added feature of the blockchain technology, by which we can say that all the transactions are safe and there is no possibility of double spending.

The time required to add an extra block in the blockchain is taken as block time and the block time of bitcoin is 10 minutes and is 20 seconds for Ethereum which is used as an alternative or “altcoin” to bitcoin.

Bitcoin and altcoins hype is being increased as they are being widely accepted in many fields as payments, shopping, online trading, online bitcoin gambling and etc.

To have more detailed information on Bitcoin and Blockchain technology take a look at the below given infographic.

 

 

This article and infographic was originally published at Bitcoinfy.net.