BTC-Bitcoin Introduction Details
The concept of Bitcoin (BitCoin) was originally proposed by Satoshi Nakamoto in 2008. According to Satoshi Nakamoto's idea, the open source software was designed and the P2P network was constructed. Bitcoin is a digital currency in the form of P2P. Point-to-point transmission means a decentralized payment system.
Unlike most currencies, Bitcoin does not rely on a specific currency institution to issue it. 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 transaction behaviors. And use cryptographic design to ensure the security of all aspects of currency circulation.
The decentralized nature of p2p and the algorithm itself can ensure that the currency value cannot be manipulated by making large amounts of bitcoin. The design based on cryptography allows Bitcoin to be transferred or paid only by the real owner. This also ensures the anonymity of currency ownership and circulation transactions. The biggest difference between Bitcoin and other virtual currencies is that their total number is very limited and they are extremely scarce. The currency system used to be no more than 10.5 million in 4 years, after which the total number will be permanently limited to 21 million.
Bit, is a computer terminology, is a unit of information volume, is derived from the English BIT transliteration. The information contained in one bit of a binary number is one bit, for example, the binary number 0100 is 4 bits. Well, the concept of bit is connected with currency. It is not difficult to see that bitcoin is not a real currency, but a computer electronic virtual currency, which is stored on your computer.
At present, this brand new virtual currency is not controlled by any government or any bank. Therefore, it has not been legalized.
How to get Bitcoin
If you are interested in it, the non-trumpet can tell you that you can not only buy bitcoin in the trading market, in the very early days, when the computing power of bitcoin is very low, you can also use a computer to perform a large number of operations according to the algorithm. "Mining" Bitcoin.
When users “mining” Bitcoin, they need to use a computer to search for 64-bit numbers, and then compete with other gold prospectors through repeated puzzles to provide the required numbers for the Bitcoin network. If the user’s computer successfully creates a Group numbers, then you will get the bitcoin rewarded by the block.
However, due to the rising value of Bitcoin, the number of users currently mining Bitcoin is very large. There are millions of professional mining machines mining at the same time, and the output of Bitcoin every 10 minutes is very limited, forming 10 million. The situation where a person grabs a block appears, so if you use a personal computer to mine alone, you may not be able to grab a block throughout the year. In this case, people have come up with a team mining The mining method, and the mining pool was born.
The mining pool is a server designed by a specific algorithm. All users connected to the mining pool server will team up for mining. Although the performance of the personal computer is small, thousands of people will team up for mining. The overall performance It will become very powerful. In this case, the success rate of mining will be greatly improved. Once the team in the mining pool has successfully created a block, all the people in the team will pay dividends according to each person's computer performance.
Bitcoin currently has a hash rate of 56.48 EH/s on the entire network, a difficulty of 7,409,399,249,090-7.41 T on the entire network, and a gain of 1T per 24 T * 24H = 0.00003394 BTC (data as of June 20, 2019).
It is expected that by 2020-05-05, the output of Bitcoin will be halved, and by 2140, the upper limit of Bitcoin in circulation will reach 21 million. In other words, the Bitcoin system is self-sufficient, uses coding to fight inflation, and prevents others from damaging the code.
Features of Bitcoin
Bitcoin is the first distributed virtual currency. The entire network consists of users and there is no central bank. Decentralization is the guarantee of Bitcoin's safety and freedom.
Bitcoin can be managed on any computer connected to the Internet. No matter where you are, anyone can mine, buy, sell, or collect Bitcoin
Manipulating your Bitcoin requires your private key, which can be isolated and stored on any storage medium. No one can get it except you.
Low transaction fees
Currently, bitcoin can be remitted for free, but in the end, a transaction fee of about 1 bit will be charged for each transaction to ensure faster execution of the transaction. Details about transaction fees.
No hidden costs
As a payment method from A to B, Bitcoin has no cumbersome quotas and formal restrictions. Payment can be made by knowing the other party's Bitcoin address.
Bitcoin is the love of technical people! The computing power of different hardware can be explored on many platforms. Geek users who are not trumpets should feel the same way: it’s already a pleasure in itself.
How does Bitcoin work?
Bitcoin uses a public key system. Each coin includes the public key of its owner. When the coin is paid from user A to user B, A adds B's public key to the coin, and then the coin is signed by A with a private key. B owns the coin now and can use it in the future, but A cannot use the coin again, because the previous transaction record is included and maintained by all network computers. Before each transaction, the validity of the coins must be checked and confirmed.
How much is Bitcoin worth?
When Bitcoin was first born, it was almost worthless, and an average of 1309.03 Bitcoins could be bought for 1 USD, but the price of Bitcoin once surged to 15,000 USD. Interested friends can learn about Bitcoin’s Real-time quotes.
Can Bitcoin be exchanged for cash?
The answer is yes. You only need to get in touch with the bitcoin trading organization to complete the exchange. Among them, Huobi.com and Binance (please advertise to the editor of the trumpet editor when you see it here) are currently the most popular bitcoin trading platforms. In addition, there are many exchanges of varying sizes that are able to exchange and trade Bitcoin.
Is Bitcoin anonymous?
Bitcoin is not anonymous, on the contrary, strictly speaking, Bitcoin is completely public and traceable. Bitcoin is more anonymous than real name. For example, if you are on a non-small number, you do not need to register with your real name and do not fill in personal information. Your unique code is your id, which is called a non-real name; if you post an anonymous user, this is called anonymous.
All transfer records of addresses in the Bitcoin world can be traced. Simply put, if you transfer a sum of money from the exchange to Bitcoin and then use it for black market transactions, no matter how many transactions you make, if you want to check it soon Can trace the origin of your money to track you. Just as you use the same ID for non-small numbers, as long as you have exposed personal information, you can always be human.
So Bitcoin is not anonymous, but non-real name.
The real anonymity includes Monero (XMR), Big Zero (ZEC), Dash (DASH), etc. Non-small numbers include a total of 40 anonymous currencies, of which XMR, DASH, ZEC generated earlier, and the market value is relatively Large, widely used, and called the three anonymous currencies. You can click to compare.
What can Bitcoin do?
Smart contracts, information disclosure, investment hedging, payment of remittances, hype, value storage, currency issuance and social fairness, money laundering, gambling, etc. Oh, yes, and buying pizza.
The non-trumpet reminds investors that bitcoin is good, and the law is the first priority.
Why should you pay attention to Bitcoin?
Bitcoin represents a completely anonymous and cost-free transaction method. Bitcoin does not belong to any country and is not subject to geographical restrictions. It is a currency that users can freely convert anytime, anywhere. For this fresh and promising currency form, we have no reason not to pay attention to it.
The non-trumpet found that some people always looked at our market and opened the exchange... Please rationally speculate!
Are Bitcoin transactions legal?
In December 2013, the “Notice on Preventing Bitcoin Risk” issued by the People’s Bank of China and other five ministries and commissions prohibited financial institutions from intervening in Bitcoin, but at the same time believed that:
"Bitcoin is a specific virtual commodity that does not have the legal status equivalent to currency, and cannot and should not be circulated in the market as currency. However, bitcoin trading is a commodity buying and selling behavior on the Internet. Have the freedom to participate at your own risk."
According to relevant national laws and regulations, buying and selling bitcoin is legal.
According to the current statement of the five ministries, Bitcoin is a commodity and the transaction is legal.
Non-trumpet added here, ICO is illegal, be careful not to confuse ICO/MLM with Bitcoin transactions.
The bitcoin (aka fork) split from the hard fork was generated by changing the blockchain protocol and sharing bitcoin's transaction records up to a certain date and time. The first hard fork of Bitcoin occurred on August 1, 2017, which led to the emergence of Bitcoin Cash (BCH).
The following is a list of the three hard forks that split Bitcoin by date/block:
Bitcoin Cash: Forked Block: 478558, Date: August 1, 2017, customers can get 1 Bitcoin Cash for every 1 Bitcoin held
Bitcoin Gold: Forked Block: 491407, Date: October 24, 2017, customers can get 1 Bitcoin Gold for every 1 Bitcoin held
Bitcoin SV: Forked Block: 556766, Date: November 15, 2018, customers can get 1 Bitcoin SV for every Bitcoin Cash they hold
The non-small trumpet found through collection that currently there are 105 bifurcation projects that can be counted by Bitcoin. Among them, there are 45 Bitcoin forks that can still be traded.
Among the 105 Bitcoin fork projects, some projects only added some simple suffixes after the word Bitcoin, such as Bitcoin Pizza, Bitcoin Boy, Bitcoin Hot ( Bitcoin Hot), etc., a total of 16 Bitcoin forked coins were included on the non-small platform.
As of now, the price of most Bitcoin forked coins has been close to zero. In terms of market value, the top Bitcoin forks outside of BCH and BSV are Bitcoin Cash (BCH), Bitcoin SV (BSV) and Bitcoin Gold (BTG).