What is the difference between Bitcoin and Q Coin?

People often ask, what is the difference between Bitcoin and Q Coin? Aren’t they both virtual currencies?

If your friend asks you this, how should you answer? Today Dabai will talk about their differences.

1. Different issuing entities

Q Coin is a relatively common consumption point in the platform issued by Tencent. It is not a currency. Similar to Q coins, there are game coins in various games and points on various online platforms. Behind them, the corresponding issuing entities, companies or institutions can be found.

There is no centralized issuance entity behind Bitcoin. It is a decentralized digital asset that is jointly issued by miners across the entire network through computing power competition. Miners can simply be understood as people involved in the issuance and accounting of Bitcoin.

2. Different credit endorsements

Q Coin is endorsed by Tencent. People recognize the value of Q Coin, purchase and use Q Coin based on their trust in Tencent.

Bitcoin is not endorsed by any institution or individual, and the ownership and use rights of Bitcoin are confirmed through the private key, which also reflects people's trust in the Bitcoin encryption algorithm.

3. Different accounting methods

Q coins are controlled by Tencent Issued by a chemical company, the income and expenditure of Q coins on each account are settled by Tencent. Tencent has the authority to modify the Q-coin assets of any account, that is, it can increase or deduct the number of Q-coins in your account.

The issuance and circulation of Bitcoin are jointly maintained by miners across the entire network, without the need for a central organization, and through the consensus algorithm of proof of work, the ledger cannot be tampered with by anyone. Bitcoin’s decentralized accounting method is more secure and reliable than Q Coin’s centralized accounting method.

The workload proof mechanism can be simply understood as: whichever miner completes the workload given by the system first will be rewarded. In the Bitcoin system, the reward is Bitcoin, and the job given by the system is to find a solution to a difficult problem.

4. Different application scenarios

The usage scenarios of Q coins are limited to Tencent’s For games and various services, Q coins cannot be used outside the business ecosystem built by Tencent. For example, Q coins cannot be used for shopping on JD.com.

Compared with Q coins that can only be circulated within Tencent’s ecosystem, Bitcoin’s usage scenarios and acceptance are much wider. It is now recognized globally, with well-known global companies such as Microsoft and Starbucks accepting Bitcoin payments. Bitcoin has received investment from many well-known investment institutions, such as Grayscale, Visa, Nasdaq, Citibank, etc. The daily transaction volume of Bitcoin exceeds 10 billion yuan. These are all manifestations of Bitcoin’s widespread recognition.

05. Summary

Finally, we review the differences between Q coins and Bitcoin through a table:

Now that you know the difference between Bitcoin and Q coins, go and share it with your friends around you!

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