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About Bitcoin


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What is Bitcoin

Bitcoin is a cryptocurrency and worldwide payment system, Bitcoin (BTC) is considered in part as a decentralized, non-universally universally-payable electronic cryptocurrency, and some view that Bitcoin is a virtual commodity, not Currency . Bitcoin was founded on January 3, 2009 by Satoshi Nakamoto, based on a peer-to-peer peer-to-peer network, using consensus open source software. Since the emergence of Bitcoin, Bitcoin has been the cryptocurrency with the highest total value of the legal currency market.

Anyone can participate in Bitcoin activities, which can be distributed through computer operations called mining. The maximum number of bitcoin agreements is 21 million to avoid inflation issues. Bitcoin uses a private key as a digital signature to allow individuals to pay directly to others without going through third parties such as banks, clearing houses, and securities companies, thereby avoiding high fees, cumbersome processes, and regulatory issues. Any user who has a digital device that can connect to the Internet can use it. Bitcoin Cash (BCH) on August 1, 2017 is a hard fork of Bitcoin, Bitcoin24mining.com.

The biggest difference between Bitcoin and other virtual currencies is that the total number of Bitcoin is very limited and it is extremely scarce. The currency system will only have no more than 10.5 million in the first four years, and the total amount will be permanently limited to 21 million. Another point is that any Internet user can use computer to produce Bitcoin.

When Bitcoin was born in 2009, each bounty was 50 Bitcoins. Ten minutes after the birth, the first 50 Bitcoins were generated, and the total amount of money at that time was 50. With 210,000 areas every 4 years, the rewards will be halved, from 50 Bitcoin to 25, and then from 25 to 12.5. Until reaching a total cap of 21 million in 2140, the total amount of Bitcoin dug up has exceeded 12 million. The market value exceeds 50 billion U.S. dollars.

Concept of Bitcoin

Some people think that the advent of Bitcoin is a result of people hating the surpassing of national sovereign currency in the commodity economy, monetary policy intervention, bitcoin24mining.com, and the result of community consensus monetary autonomy in the gift economy; Bitcoin exchange rate is a global investment. Increase or decrease the response; Bitcoin's underlying technology blockchain can be applied in all walks of life.

In general, the "Bitcoin" capitalized in the initial capital refers to the bitcoin technology and network it uses, bitcoin24mining, and the lowercase "bitcoin" refers to the currency itself. Bitcoin is also a blockchain payment system and virtual pricing tool. Because it uses cryptographic techniques to control the production and transfer of money, there is no central issuance organization that cannot issue additional issuances. Transactions are executed on global networks. There are special The secretiveness, coupled with not having to go through third-party financial institutions, has therefore become more widely used and has become a vehicle for illegal transactions. Users can use the encrypted wallet software in personal computers and smart phones, without any intermediary agencies such as banks, credit cards, and online payment companies, to exchange goods and services on the Internet anytime, anywhere. According to the latest news and study by the University of Cambridge in 2018, bitcoin24mining, there are as many as 6.5 million encrypted wallet active users worldwide, most of them using Bitcoin. At the same time, there are views that Bitcoin technology has been widely recognized and used, enabling humanity to usher in the era of blockchain.

As a billing system, Bitcoin does not rely on the central government to issue new money and maintain transactions. Instead, it is completed by blockchains. It uses digital encryption algorithms and the entire network to defend against the security of assets and transactions. The transaction records are collected and maintained by all network computers. The validity of each transaction must be verified by blockchain inspection.

As a unit of account, the smallest unit of Bitcoin is 0.00000001 (one hundred millionth) Bitcoin, which is called "1 Cong". If necessary, it is also possible to amend the agreement to split it into smaller units to ensure its easy circulation. The block returns will be halved once for every 210,000 blocks produced, about 4 years, and the most recent one will be halved in 20167. On the 9th of this month, the sum of such convergence sequences must be limited. By the year 2140, no new bitcoin will be produced. The bitcoin in circulation eventually will always be slightly lower than 21 million bitcoin24mining. As of March 2018, the supply of bitcoin is about 17 million, and the actual circulation will be further reduced due to the loss of private keys and other factors.