What is Bitcoin?
Bitcoin is a peer-to-peer, decentralized storage of encrypted digital currency. The concept was proposed by Nakamoto on January 3, 2009 and is currently the most widely used digital currency.
Unlike most currencies, Bitcoin does not rely on any central authority to issue, but is generated by a large number of calculations based on a specific algorithm. This way of producing bitcoin is called mining.
Bitcoin uses a distributed database of nodes in the entire P2P network to identify, verify, and record all transaction behaviors, and to ensure the security of all aspects of currency circulation through cryptographic design. The use of Bitcoin is a digital signature by means of a private key, allowing individuals to pay directly to others without having to go through third parties such as banks and clearing brokers, thus avoiding the problems of high fees, cumbersome processes and supervision.
The decentralization of P2P and the algorithm itself ensure that the currency cannot be manipulated by mass-produced bitcoins. Cryptographic-based design allows Bitcoin to be transferred or paid only by the real owner, which also ensures the anonymity of currency ownership and circulation transactions. The biggest difference between Bitcoin and other virtual currencies is that their total quantity is very limited and extremely scarce. The currency system has only been no more than 10.5 million in four years, and the total number will be permanently limited to 21 million.
Issue Date: 2009-01-03 Total Issues: 21,000,000
Total liquidity: 17250000 Circulation market value: 110.6 billion USD
White paper: https://bitcoin.org/bitcoin.pdf
Official website: https://bitcoin.org/en/
Block query: https://www.blockchain.com/explorer