Glossary

The words of Crypto by the Bitsapiens team.

Bitcoin

A distributed computer network powers the cryptocurrency known as Bitcoin (nodes). But in a larger sense, the term “Bitcoin” is frequently used to refer to a number of other concepts, including a protocol, a decentralized public ledger, a digital currency, and the vast ecosystem that includes all of these. These capabilities do differ from one another in several important ways, though.

In the first place, bitcoin is the name of a peer-to-peer (P2P) digital money. It is also known as bitcoin (with a lower “b”) or simply BTC. The term “Bitcoin” refers to a type of digital currency that is secured using cryptographic methods.

The first Bitcoin block, also known as the genesis block (or block 0), was mined on January 3, 2009, making it the first cryptocurrency to exist.
Second, blockchain refers to the decentralized public ledger used for Bitcoin.

Although they are closely connected, Bitcoin and blockchain are distinct ideas.

The framework that enables trustless and secure broadcasting and recording of Bitcoin transactions is maintained by the blockchain technology.

Because the blockchain system is supported by computer code and mathematical algorithms, the term “trustless” in this sense refers to the fact that it does not require any type of trust to operate.