Is Bitcoin a public blockchain? / Is Bitcoin a blockchain? / Is Bitcoin a blockchain platform?

30 Sep 2022 By PAYCEC

Blockchain is the technology that enables the existence of cryptocurrency, with bitcoin being the most well-known example. So, is Bitcoin a blockchain? Yes, you can say that. But is Bitcoin a blockchain platform? Not really.

Bitcoin, at its most basic, is a decentralized currency that allows you to exchange value directly through a peer-to-peer (P2P) network, eliminating the need for third-party involvement (like a bank).

Blockchain is based on this transaction model to provide a universal data set that allows actors to confidently exchange digital assets.

When someone loses their key, the value of Bitcoin rises as its supply decreases. Many argue that mining Bitcoin requires a lot of energy, but that is another story.

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