What does BTC mean?

BTC refers to the cryptocurrency Bitcoin (Bitcoin), which was proposed by Satoshi Nakamoto on November 1, 2008, and was officially born on January 3, 2009. It is generated through a large number of calculations based on a specific algorithm. .

BTC refers to the cryptocurrency Bitcoin (Bitcoin), which was proposed by Satoshi Nakamoto on November 1, 2008 and launched on January 1, 2009. Officially born on March 3rd.

Unlike most currencies, Bitcoin does not rely on the issuance of a specific monetary institution. It is generated through a large number of calculations based on a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network. To confirm and record all transactions, and use cryptographic design to ensure the security of all aspects of currency circulation. The decentralized nature of P2P and the algorithm itself ensure that currency value cannot be artificially manipulated by mass production of Bitcoins. Design based on cryptography allows Bitcoin to be transferred or paid only by real owners. This also ensures the anonymity of currency ownership and circulation transactions. The total number of Bitcoins is limited. The currency system once had no more than 10.5 million in 4 years, and the total number will be permanently limited to 21 million thereafter.

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.

The above is the detailed content of What does BTC mean?. For more information, please follow other related articles on the PHP Chinese website!