Blockchain vs. Cryptocurrencies

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Feb 20, 2024

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1 Blockchain vs. Cryptocurrencies Blockchain vs. Cryptocurrencies Courtney B. Hanley American Public University BUSN202: Leading in the Technology Age Dr. Doris Blanton October 15, 2023
2 Blockchain vs. Cryptocurrencies Blockchain vs. Cryptocurrencies Blockchain and cryptocurrencies are two terms that the public often mixes up. While they have a similar meaning, they are two different things that cannot be used interchangeably. Think of it like your bank account and money within that bank account. Cryptocurrency is equivalent to the money within your bank account, and blockchain is equivalent to your account holding your money that keeps a log of what you are spending your money on. Blockchain is a record of transactions within cryptocurrency that does not have the ability to be altered. It is a collection information stored in database, similar to a spreadsheet, but stored in “blocks” and groups which is different than a spreadsheet. When a block is full or reaches its storage limit, it then is chained to a new block to be filled. Cryptocurrency is essentially just virtual money, which can consist of stablecoins and non-fungible tokens kept within your digital wallet to purchased things within the metaverse and outside the metaverse. While blockchain works with digital money, there is so much more to blockchain to include recording transactions in banking, healthcare, supply chain, and retail.
3 Blockchain vs. Cryptocurrencies Blockchain Record of transactions within cryptocurrency that does not have the ability to be altered. Cryptocurrency Digital currency given in tokens as a type of payment to use within an online system. Crypto Exchange Allows investors to buy and sell digital currencies. Similar to the stock exchange. Digital Currency Digital money used only in electronic format to exchange currency instead of other forms of payment. No physical dollar or coin. Digital Wallet Allows you to make payments from your digital device instead of having physical payment like cash, coins, or a card. Fiat Currency Money that is based on what the public says it is worth or the price of the commodity. Comparable to pricing gold and silver. Metaverse A virtual place where you can interact with other people using digital avatars. You can do and buy things with cryptocurrency within this virtual space. Non-fungible Token (NFT) Digital tokens that cannot be replicated. Similar to a unique asset that cannot be replicated like an original piece of art. Easier to transfer to anyone anywhere around the world. Stablecoin A coin within cryptocurrency that remains at a stable price maintaining its value. Virtual Currency This currency does not have real-world value. Typically used in things like gaming. For example, “Robux” in the game Roblox. Glossary
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4 Blockchain vs. Cryptocurrencies References: 1. Blockchain Vs Cryptocurrency | Similarities And Differences . (2023, August 16). https://zebpay.com/blog/blockchain-vs-cryptocurrency#:~:text=Cryptocurrencies%20are %20digital%20currencies%20that 2. Fin Tech and Cryptocurrency Terms and Definitions . (n.d.). CT.gov - Connecticut’s Official State Website. https://portal.ct.gov/DOB/Consumer/Consumer-Education/Fin- Tech-and-Cryptocurrency-Terms-and-Definitions

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