Virtual currency transaction triggers mining

1. Reason: with the rapid development of information technology, real money is far from meeting people's demand for capital flow. If there are enough people to recognize the value of a virtual currency, it may become a substitute unit of material exchange, and the existence of virtual currency will inevitably cause another upsurge in the financial sector
in view of the possible risks of virtual currency, many international organizations and central banks have responded publicly to the supervision of virtual currency system. These responses can be roughly divided into four categories: warning and risk warning, supervision and registration permission, legislative norms, and explicit prohibition
(1) warning and risk warning
some central banks and regulators have issued risk warnings against the special currency and virtual currency system. The federal financial regulatory authority of Germany, the Bank of France, the central banks of the Netherlands and Belgium have issued public warnings against the possible money laundering and terrorist financing caused by the use of bitcoin. In the report released at the end of 2013, the European Banking authority (EBA) warned consumers of many risks of virtual currency, such as exchange loss, e-wallet theft, unprotected payment, price fluctuation and so on. Although Spain did not have a similar risk warning, it issued a timely information announcement related to virtual currency
(2) supervision and registration license
generally speaking, international organizations believe that the supervision of virtual currency should find a balance between risk prevention and innovation promotion. Since 2012, Sweden has required transactions related to virtual currency to be registered with financial regulators. Other countries pay attention to qualification supervision, so as to make it indirectly meet the requirements of prudential supervision. In other countries, the regulation mainly focuses on the business model of virtual currency transaction. The financial prudential regulatory authority of France regards the provision of bitcoin circulation and trading services and the act of earning funds in the process as a payment service and requires the authorization of the government. In addition, some countries focus on the intermediary institutions related to virtual currency. The German federal financial regulatory agency and Danish regulators believe that the provision of intermediary services for virtual currency needs to be authorized< (3) legislative norms
at present, some countries have proposed legislation to regulate virtual currency transactions. Canada plans to legislate to allow the government to supervise the transaction of bitcoin, and to include the transaction of more than US $10000 into the scope of suspicious supervision. The United States hopes to adjust the relevant legal structure should be compared with the development of the special currency. In order to make the Bank Secrecy Act (BSA) applicable in the context of network, the financial crime enforcement network (FinCEN) of the U.S. Department of the Treasury issued the explanatory guidance on the behavior and subject definition of private generation, holding, distribution, trading, acceptance and transmission of virtual currency in 2013. The European central bank stressed that it should strengthen international cooperation under the existing legal framework, and regulate virtual currency from the European and global level under the existing legal framework. More countries believe that bitcoin is not a currency in circulation, has no legal status, and does not meet the definition of financial instruments, such as Finland, Sweden, Malaysia and Indonesia
(4) it is forbidden
in some countries, bitcoin related transactions are prohibited. In December 2013, the people's Bank of China banned financial institutions from trading in bitcoin, which was subsequently extended to payment service providers. The central banks of Thailand and Indonesia share the same attitude. The circulation of anonymous internet currency (including bitcoin) is prohibited by the Russian judicial inspection department as a substitute for currency. The Central Bank of Russia has earlier included the provision of bitcoin services in the scope of suspicious transaction monitoring. The U.S. Securities and Exchange Commission (SEC) has banned the issue of unregistered shares in exchange for bitcoin, and unregistered online securities trading activities in virtual currency.

2. Qwertycoin, which has been popular recently, was built by the geek team in Germany for 18 months. It is a secure anonymous coin that focuses on privacy and is used for global
secure payment. Qwc has no pre excavation and ICO, and adopts cryptonight algorithm (supporting mainstream mining machine X3 and A8 +) POW mining.

3. At present, bitcoin is the only reliable virtual currency. Bitcoin is a kind of virtual currency generated by the corresponding algorithm, which needs to use a large number of mining machines, that is, servers for mining. At present, only the virtual currency issued by the central bank is legal in our country, and the others are illegal
I hope I can help you. Thank you for your adoption.

4. The mining of virtual currency is a process of using computer hardware to do mathematical calculation for virtual currency network to confirm transactions and improve security. As a reward for their service, miners can get the Commission included in the transaction they confirm, as well as the newly created virtual currency. Mining is a professional and competitive market. The bonus is divided according to the amount of calculation
however, some Shanzhai coins are purely tools for developers and users to earn money. There are two main ways to make money by using virtual coins: one is mining. For example, if you want to obtain bitcoin, you must use a professional ASIC miner to mine (Avalon miner), and the bitcoin obtained from mining can be traded on the trading platform; The other is trading on the trading platform and making money by using the price difference

5.

"Transaction is mining" is a typical platform operation mode. Users mine through transactions. Some platforms will issue their own tokens as rewards for users' trading behavior

Relevant introction:

in June 2018, the cryptocurrency exchange fcoin put forward the concept of "trading is mining", and in a short period of time, the daily trading volume rose to the first in the world, triggering a war between exchanges

"transaction is mining" is actually a return mechanism of personal transaction fees based on platform currency. Strictly speaking, there were similar playing methods before the establishment of fcoin. For example, bibox had a mechanism to return a certain proportion of fee income to platform currency holders

extended data

fcoin's "transaction is mining" is repackaged. Following the allocation rules of bitcoin mining, 51% of platform currency ft is taken as the mining reward pool. Through "mining (trading on fcoin)", FT is graally unlocked. Once 51% of FT is fully fed back, "mining" is automatically terminated

in terms of specific implementation, fcoin trading means mining starts at 0 o'clock every day (GMT + 8), and the transaction fees generated by users will be converted into ft for accumulation every hour. The conversion price is calculated according to the average price of FT in that hour (the average price is calculated as total transaction amount / total trading volume)

6. The concept of bitcoin was first proposed by Nakamoto on November 1, 2008, and was officially born on January 3, 2009. According to the idea of Nakamoto, the open source software is designed and released, and the P2P network on it is constructed. Bitcoin is a virtual encrypted digital currency in the form of P2P. Point to point transmission means a decentralized payment system
unlike all currencies, bitcoin does not rely on a specific currency institution to issue. It is generated by a large number of calculations 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, and uses cryptography design to ensure the security of all aspects of currency circulation. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction. The design based on cryptography can make bitcoin only be transferred or paid by the real owner. This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity

warm tips:
1. The above information is for reference only, without any suggestions
2. According to the notice on preventing the financing risk of token issuance, there is no approved digital currency trading platform in China. According to the regulation of digital currency in China, investors have the freedom to participate in digital currency transactions at their own risk
response time: February 2, 2021. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html

7. There are too many virtual coins on the Internet now. You'd better not play with them. My family doesn't admit that bitcoin is popular from abroad first. It has value only after it becomes popular. If it doesn't become popular, it has no value at all. So I don't want to make bitcoin.

8. Mining is the most primitive "exploration method" to obtain digital currency. In essence, it is to solve a complex mathematical problem with computer. If blockchain is compared to a large account book, the block in which is a page in the account book, and all miners are bookkeepers, the process of mining is bookkeeping, and also to maintain the normal operation of the whole network
the process of mining is very simple. Take bitcoin as an example. Every 10 minutes, all the miners work out a math problem together. Whoever works out the answer first is equivalent to digging this block and getting the corresponding bitcoin as a reward. Mining equipment is the first to use computers. With the rising price of bitcoin, more and more people participate in mining. CPU mining has graally turned into a professional graphics card. In recent years, it has become a specific mining machine. This evolution is e to the problem of computing power. As I said just now, mining means "all miners work out a mathematical problem together." the higher the computing power, the stronger the hardware computing power and the faster the speed. Suppose that the computing power of the computer is 1, the computing power of the graphics card is 5, and the computing power of the mining machine is 100, then the mining efficiency of the mining machine is 100 times that of the computer, It's almost impossible for computers and mining machines to dig bitcoin together

warm tips: investment has risks, so we should be cautious in choosing. According to the notice and announcement issued by the people's Bank of China and other departments, virtual currency is not issued by the monetary authority, does not have monetary attributes such as legal compensation and compulsion, is not a real currency, does not have the same legal status as currency, and cannot and should not be used as currency in the market, Citizens' investment and transaction of virtual currency are not protected by law
response time: April 2, 2021. Please refer to the official website of Ping An Bank for the latest business changes
[Ping An Bank I know] want to know more? Come and see "Ping An Bank I know" ~
https://b.pingan.com.cn/paim/iknow/index.html