What is Bitcoin

Bitcoin is a P2P form of digital cryptocurrency. It is a peer-to-peer, decentralized digital asset with extremely strong scarcity.

The concept of Bitcoin (BTC) was first proposed by Satoshi Nakamoto in 2008. It is a peer-to-peer, decentralized digital asset. And in 2009, the Bitcoin network was born with its founder creating the first Bitcoin block. Bitcoin is a P2P form of digital cryptocurrency. It is expected to be issued in 2140, with a total of 21 million pieces, which is extremely scarce. Germany is the first country to recognize Bitcoin, and Microsoft and Dell also accept Bitcoin payments.

Characteristics of Bitcoin

1. ##Decentralization: Does not rely on any In a central accounting system, there is no central bank. Instead, everyone maintains a ledger, and anyone can grab the accounting rights. Decentralization is the guarantee of Bitcoin’s security and freedom.

2. Untamperable: Each block is stamped with a timestamp, and all blocks are connected end to end. Once you want to change the data in the block, the timestamp It's not right; and everyone is watching. If you want to tamper with it, at least half of the people must be willing to work with you.

3. Open and transparent: The current accounts of any account can be checked on the blockchain. When you transfer money to someone else, you don’t have to worry about the other party accepting the money and not recognizing it, as it will be clearly remembered on the blockchain.

4. Internationalization, borderless circulation: Because Bitcoin only exists on the Internet, if you want to transfer, pay, or purchase Bitcoin, you only need to operate online. Nearly half of the countries in the world accept Bitcoin, which is more international than currencies such as the US dollar and the RMB. Cross-border remittances will pass through layers of foreign exchange control agencies, and transaction records will be recorded by multiple parties. But if you trade with Bitcoin, you directly enter the digital address, click the mouse, and wait for the p2p network to confirm the transaction, and a large amount of money will be gone. Without going through any regulatory agency.

5. anti-inflation: There is no upper limit on the total amount of currency issued by banks. The government prints a large amount of money every year. The upper limit of Bitcoin is 21 million. Anyone can No changes are allowed.

6. Exclusive Ownership: Manipulating Bitcoin requires a private key, which can be isolated and stored on any storage medium. No one can obtain it except the user himself.

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