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Basics of Blockchain: The Difference Between Blockchain, Bitcoin, and NFTs

Many people might have heard of Bitcoin, the world’s first digital currency that many predict will revolutionize the existing financial system and payments — or prove to be a massive fraud — depending on what you read and believe.

The birth of Bitcoin is also the birth of blockchain technology — blockchain is the technology that underpins the cryptocurrency Bitcoin.

Before investing in cryptocurrencies and diving deeper into blockchain-driven innovations, it is important to understand blockchain’s basic concept.

In this article and the video attached, we have brought an introduction session with Hank Kuo, Director of Business Development at XREX. Hank helps us understand in detail what blockchain is. Watch the video below and feel free to share your thoughts with us!

Below are key takeaways from Hank’s introduction on the basics of blockchain:

➤ What is Blockchain?

Blockchain is a consensus technology. A blockchain is a growing list of transaction records, called blocks, that are securely linked using cryptography. Time-stamped blogs cruise each block containing data in any given block and cannot be changed without altering all blocks together. The database in the blockchain is managed by a public distributed ledger. We need to understand blockchain is not the same as Bitcoin. It’s a technology and can be used in different scenarios.

➤How is cryptocurrency related to blockchain technology?

Santoshi Nakomoto, the father of Bitcoin, released the Bitcoin White Paper in 2009 and revealed that he had worked on a new electronic cash system that is fully peer-to-peer with no trusted third party. Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented.

➤Where is blockchain used?

There are multiple applications of blockchain technology. We are still at the early stages, but we’ve seen rapid innovations such as cryptocurrencies, NFTs, GameFi, DeFi, payments, and more.

➤What is NFT?

A non-fungible token (NFT) is a form of financial security consisting of digital data stored in a blockchain. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. There are different projects of NFTs: some are for games, some are for community building, and some are for memberships. One of the most popular cases is STEPN, a move-to-earn app that allows users to earn tokens by walking, jogging, and running.

About XREX

XREX is a neo-fintech leveling the playing field by partnering with banks, regulators, and verified individuals to redefine banking together. Our blockchain-driven solutions create a collective financial system that empowers all to participate and contribute to the global economy.

Founded in 2018 and headquartered in Taipei, XREX comprises a team of world-leading experts in cybersecurity, fintech, compliance, and cryptocurrency to offer a full suite of innovative products such as 數位支票 BitCheck, XREX 俱樂部, and Risk Level Detector to solve the dollar-liquidity shortage issues faced by cross-border merchants in emerging economies.

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