The relevance of blockchain in relation to cryptocurrency

By Wirba Brice Divine Ransinyuy. [email protected]

Cryptocurrency is the first platform or technology or application made upon blockchain techonology. Looking at it closely, the numerous and different coins are just one application of the blockchain techonolgy. Blockchain and cryptocurrency are two sides of a same coin, each having its own role to play. They really get along with each other as they match equitably. Though they seem to be one, there are some differences that exist between the two. We can’t really say there are differences, knowing they are sides of the same coin.

Blockchain is a sort of platform that brings cryptocurrency into play. Blockchain is the technology that plays the role of a distributed ledger that creates the network. This network creates the means for transactions and permits the sending and transferring of value and information from one person to another person in the form of cryptocurrencies using cryptography. On the otherhand, cryptocurrencies are the things used within these networks to send value and pay for these transactions. At times, they serve as a resource or utility function.

Despite the fact that cryptocurrencies give the impression to serve and work for blockchain, in a deeper sense, they work for each other. So blockchain can be seen as that initial place where everything takes place, whereas cryptocurrencies is at the forehead of everything.

Therefore in a more general manner, blockchain is the technology that gives place to the sending and receiving of cryptocurrencies which can be seen as an asset class that is it can be seen as a tool or resource on a blockchain network as it deals with anything such as buying, selling, investing, microtipping and other monetary aspects.

Cryptocurrencies have brought a different outlook to blockchain as cryptocurrencies don’t end just at bitcoins, cryptocurrencies goes beyond that. They are inseparables and are one, as we can see the relevance of blockchain in relation to cryptocurrencies as each play its own role. Due to the rise of the cryptocurrencies especially Bitcoin, so many people view it as a real opportunity in investment as it does offer people the opportunity of making more money than they could ever imagine, thus reducing the rate of poverty in the world. Moreso, the cryptocurrencies transactions are safe and secure as they rely onto blockchain which records and distributes safely.