BTC Science Popularization

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Bitcoin is a kind of electronic currency / network virtual currency

bitcoin: also known as "bitcoin", is a kind of network virtual currency. Internet users can use bitcoin to buy some virtual goods, such as clothes, hats, equipment, etc. in online games. Internet users can also use bitcoin to buy real goods

on February 26, 2014, Joe Manchin, a Democratic senator from West Virginia, issued an open letter to a number of regulatory authorities of the US federal government, hoping that the relevant authorities would pay attention to the status quo of bitcoin's encouraging illegal activities and disrupting the financial order, and demanded that actions be taken as soon as possible to completely ban the electronic currency

from 12:00 noon on January 24, 2017, China's three major bitcoin platforms officially began to collect transaction fees

extended data:

currency features:

1, decentralization: bitcoin is the first distributed virtual currency, the whole network is composed of users, and there is no central bank. Decentralization is the guarantee of bitcoin's security and freedom

2, global circulation: bitcoin can be managed on any computer connected to the Internet. No matter where you are, anyone can dig, buy, sell or collect bitcoin

3, exclusive ownership: private key is needed to control bitcoin, which can be stored in any storage medium in isolation. No one can get it except the user himself

4, low transaction cost: bitcoin can be remitted free of charge, but a transaction fee of about 1 bitfen will be charged for each transaction to ensure faster transaction execution

5, no hidden cost: as a means of payment from a to B, bitcoin has no cumbersome limit of quota and proceres. If you know the other party's bitcoin address, you can pay

6, cross platform Mining: users can explore the computing power of different hardware on many platforms

advantages of bitcoin:

1, it is completely decentralized, without issuing institutions, it is impossible to manipulate the number of issues. Its distribution and circulation are realized through open-source P2P algorithm

2, anonymity, tax exemption and supervision free

3, robustness. Bitcoin is completely dependent on P2P network and has no distribution center, so it cannot be shut down externally. Bitcoin price may fluctuate and collapse, and many governments may declare it illegal, but bitcoin and its huge P2P network will not disappear

4, borderless and cross-border. Cross border remittance will go through layers of exchange control agencies, and the transaction records will be recorded by many parties. But if you trade with bitcoin, enter the digital address directly, click the mouse and wait for the P2P network to confirm the transaction, a lot of money will pass. It does not go through any regulatory agencies and will not leave any cross-border transaction records

5, Shanzhai people are difficult to survive. Because bitcoin algorithm is completely open source, anyone can download the source code, modify some parameters, recompile, and create a new P2P currency

but these counterfeit currencies are very fragile and vulnerable to 51% attacks. Any indivial or organization, as long as it controls 51% of the computing power of a P2P currency network, can manipulate transactions and currency value at will, which will be a devastating blow to P2P currency

many counterfeit coins die in this link. The bitcoin network is robust enough. If you want to control 51% of the computing power of the bitcoin network, the number of CPUs / GPUs required will be astronomical

the weakness of bitcoin

1, the fragility of trading platform. The bitcoin network is robust, but the bitcoin trading platform is fragile. Trading platform is usually a website, which will be attacked by hackers or shut down by competent authorities

2, the transaction confirmation time is long. When bitcoin wallet is first installed, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed

3, the price fluctuates greatly. Due to the intervention of a large number of speculators, the price of bitcoin for cash fluctuates like a roller coaster. Making bitcoin more suitable for speculation rather than anonymous trading

4, the public did not understand the principle, and the traditional financial practitioners resisted. Active netizens understand the principle of P2P network and know that bitcoin has no legal person to manipulate and control

but the public doesn't understand, and many people can't even distinguish between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless

3. Bitcoin is compared with gold. It's all money. Naked money has nothing to do with the government; Bitcoin and gold are there, whether GDP rises or the number of flows accelerates. But most people can't accept the concept of "code" or "number" as currency. Basically, all transactions in Sweden are digital, and the number is money. National currency is supported by national credit and enforced, which is reliable. If bitcoin is not used, it is worthless; But all kinds of attractive features, such as anonymity, lead to that there will always be people who want to use it, and it will be valuable when it circulates. See more answers & gt& gt;

4. The abbreviation of bitcoin is BTC, and the symbol is "&3647;", The concept of bitcoin was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009
unlike all currencies, bitcoin is not issued by a specific monetary institution. It is generated by calculation based on a specific algorithm
bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions
the total number of bitcoins is limited
this answer is provided by KangBo finance and economics. KangBo finance and economics focuses on the interpretation of financial hot events and the popularization of financial knowledge. It adheres to the profession and pursues fun. It is a financial content that people can understand and transmits financial value in a variety of vivid ways. I hope this answer will help you.

5. There are too many reports about bitcoin on CCTV. At the end of 2013, the soaring price of bitcoin was closely related to the media exposure. CCTV news has reported on bitcoin many times, leading to more people to understand bitcoin. Some people have questioned that the soaring price of bitcoin at the end of 2013 was carefully planned by a domestic team or investment institution or fund. The extensive coverage of the media may be the result of their promotion. However, since the central bank issued the risk notice on bitcoin at the end of 2013, bitcoin has been on a long-term decline. CCTV's reports also changed from positive reports to negative reports.

6. As long as your wallet is not stolen and your data is recovered again, the synchronized data bitcoin will not be lost. Just reply to the data. If you suddenly shut down when you open your wallet and are synchronizing data, you can synchronize data again after power on, and the data will not be lost, because the network is synchronizing. The age of bitcoin starts with Avalon!

7. When the global financial crisis broke out in 2008, someone used the pseudonym of "Nakamoto Tsung" to write a paper describing the mode of bitcoin. In 2009, bitcoin, which is not controlled by the central bank and any financial institutions, was born
bitcoin is a kind of "electronic currency", which is composed of a series of complex codes generated by computer. New bitcoin is manufactured through preset programs. With the increase of the total amount of bitcoin, the speed of new coin manufacturing slows down. Until 2140, the total amount of bitcoin reached the maximum of 21 million, and the total amount of bitcoin g out has exceeded 12 million
starting from the essence of bitcoin, the essence of bitcoin is actually a special solution generated by a bunch of complex algorithms. A special solution is one of the infinite (in fact, bitcoin is finite) solutions that can be obtained from the equations. And each special solution can solve the equation and is unique
in terms of RMB, bitcoin is the serial number of RMB. If you know the serial number of a banknote, you have the banknote.

8. A kind of digital currency in the form of P2P. As you say, whoever has strong computing power will be given the title

9. Have you ever played stock? Bitcoin makes almost as much money as stocks. It makes the difference between buying and selling.

10. Buy, sell
transaction.