What is bitcoin? Why is it so expensive?
Let's talk about what bitcoin is today. What is its charm?
Bitcoin uses distributed databases throughout P2P network nodes to manage currency issuance, transaction and account balance information.
Nakamoto adopts the principle of cryptography to ensure that all bitcoin nodes reach a consensus according to the established protocol, so that you can ensure the security of all aspects of currency circulation.
II. Anonymity, tax exemption and free of Supervision: no central management organization or bank is required
III. There is a ceiling on the total volume: it is impossible to manipulate the circulation and not cause inflation
IV. Borderless, cross-border and cross-border remittance: no transaction record will be left without any control organization._DJMINER
When it comes to distribution, let's first understand what mining is.
Mining is the process of confirming the transactions in the bitcoin system within a period of time and recording the formation of new blocks on the blockchain. The miners are called miners.
In short, mining is the process of bookkeeping, miners are bookkeepers, and blockchain is the book.
Mining is the process of producing bitcoin. On average, one block is generated every ten minutes.
In the first four years of the bitcoin network, a total of 10500000 BTCs will be generated. This number is automatically halved every four years, that is to say, 5250000 BTCs will be generated in the fourth to eighth years, and only 2625000 BTCs will be generated in the eighth to twelfth years, and so on. By the end of the day, the total number of bitcoins generated was close to 21000000 BTC.
Scarcity is one of the reasons why bitcoin's price has soared._DJMINER
Birth of bitcoin
The concept of bitcoin (BTC) was first proposed by Nakamoto in 2008. On November 1, 2008, Nakamoto published a technical paper bitcoin white paper: a point-to-point electronic payment system. On January 3, 2009, Nakamoto released the first version of bitcoin client. Since then, bitcoin was officially born._DJMINERBitcoin features
Bitcoin is an innovative payment network, which is a new currency. It is independent, does not rely on central institutions for currency issuance, its operation does not rely on the support or credit guarantee of the central bank, the government, large enterprises.Bitcoin uses distributed databases throughout P2P network nodes to manage currency issuance, transaction and account balance information.
Nakamoto adopts the principle of cryptography to ensure that all bitcoin nodes reach a consensus according to the established protocol, so that you can ensure the security of all aspects of currency circulation.
There are four characteristics in summary:
I. robustness: no distribution center, everyone can participate, and the external cannot be closedII. Anonymity, tax exemption and free of Supervision: no central management organization or bank is required
III. There is a ceiling on the total volume: it is impossible to manipulate the circulation and not cause inflation
IV. Borderless, cross-border and cross-border remittance: no transaction record will be left without any control organization._DJMINER
Bitcoin issue
When it comes to distribution, let's first understand what mining is.
Mining is the process of confirming the transactions in the bitcoin system within a period of time and recording the formation of new blocks on the blockchain. The miners are called miners.
In short, mining is the process of bookkeeping, miners are bookkeepers, and blockchain is the book.
Mining is the process of producing bitcoin. On average, one block is generated every ten minutes.
As mentioned above, there is a ceiling on the total amount of bitcoin issued. What is the ceiling?
In the first four years of the bitcoin network, a total of 10500000 BTCs will be generated. This number is automatically halved every four years, that is to say, 5250000 BTCs will be generated in the fourth to eighth years, and only 2625000 BTCs will be generated in the eighth to twelfth years, and so on. By the end of the day, the total number of bitcoins generated was close to 21000000 BTC.
Scarcity is one of the reasons why bitcoin's price has soared._DJMINER
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