Let's begin by outlining the difference between these two terms. Blockchain is the technology behind Bitcoin and was developed specifically for Bitcoin. Thus, Bitcoin was the first example of a functioning blockchain, and without blockchain, there would be no Bitcoin. This is why these two names are so often used interchangeably.
Key points to understand:
- Bitcoin promotes anonymity, while blockchain promotes transparency. For use in certain sectors (especially banking), blockchain must comply with strict Know Your Customer guidelines.
- Bitcoin transfers currency between users, and blockchain can be used to transfer all kinds of things, including information or property rights.
Bitcoin as a decentralized peer-to-peer payment system allows faster payments while maintaining anonymity. Moreover, there is no way for a third party (bank or government) to interfere in the process. The introduction of bitcoin and other cryptocurrencies for receiving and sending payments significantly saves the budgets of companies on the commissions that large companies such as Visa and Mastercard charge for each transaction.
If you are wondering which cryptocurrency to choose for its implementation in payments in your business, it is best to choose the most popular ones. For example, Ethereum or Bitcoin. These are more reliable and stable in their development. But if the choice is too large for you, don't be afraid to start with just the one, and the Cratos crypto exchange will keep it safe as well as provide comfortable conditions for exchanging the selected currency.