The evolution of Bitcoin

No, Blockchain is not Bitcoin. Yes, Bitcoin is (based on the) blockchain.

Bitcoin has been a buzzword for some time now. But many who are still not completely familiar with crypto, still think “Bitcoin” whenever someone mentions words like web3, blockchain, or cryptocurrency around them. But why is it so?

Disclaimer: This article is not about investing, why you should or should not invest in cryptocurrencies, buying or should not buy NFTs, or anything similar. I would rather want to discuss why those not familiar with the world of cryptocurrencies always think of Bitcoin whenever they hear any buzzword from the Web3 world.

What is a blockchain?

Blockchain is a concept, build on the principle of highly secure, open-for-all storage of information. This concept is then extended to different industries to create different types of products. For ex: cryptocurrencies were created in the finance industry, NFTs were introduced in the consumer products market, etc.

An NFT is basically proof that a certain “thing” is owned by a certain entity. This proof is stored on a blockchain that is open-for-all, meaning anyone in the world can look up the blockchain and verify that Vignesh Sundaresan owns the Everydays artpiece. This piece of information is also tamper-proof, meaning that is almost impossible for someone to hack their way in and change the ownership of this art piece to someone else’s name.