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Bitcoin is a cryptocurrency. Bitcoin is also a technology. You're conflating the two. You could have a cryptocurrency without a block chain and you can have a b
by debacle 11y ago
Bitcoin is a cryptocurrency. Bitcoin is also a technology. You're conflating the two. You could have a cryptocurrency without a block chain and you can have a block chain that has nothing to do with cryptocurrency.
- Aqueous 11y agoThey are very much linked to one another. If BitCoin didn't offer anything novel over and above other media of exchange, like fiat currency, its value would approach zero. Its differentiating quality is the blockchain and peer-to-peer distributed concensus. You could have a cryptocurrency without a block chain Perhaps, but then you'd need to solve the problem of trust-less peer-to-peer Byzantine concensus a different away, using a different mechanism. And that's exactly why the blockchain is novel.