Blockchain and Cryptocurrency – What is the difference????

Many people get confused when trying to understand and define the two main featured words of DLT (Decentralized Ledger Technology).  Below are a few key features to help you better understand, define and apply the concepts behind the terms.

Blockchain is…

  • Controlled by nobody and everyone all at once.
  • A technology built on a series of rules and protocols agreed upon by the majority and decentralized from any single governing body.
  • The blockchain can only be added or changed by anonymous and unanimous consensus based on verification of truth.
  • There are no whimsical changes made by human board members, and no fees charged to cover the fancy buildings or lobby associations or executive bonuses.

Cryptocurrency is…

  • Blockchain technology (all of the above applies).
  • Decentralized digital money.
  • May valued by a represented technology .
  • May exist only as a traded currency.
  • Not always exchangeable for goods or services.
  • Absent  of governed control (Government or Corporation).
  • Equal in value regardless of where you live or pledge allegiance.
  • Taxable (in most countries as an asset, not a currency).