What is Bitcoin (virtual currency)?

What is Bitcoin (virtual currency)?

The concept of BitCoin was first proposed by Nakamoto in 2009. According to Satoshi Nakamoto’s ideas, the open source software was designed and the P2P network was constructed. Bitcoin is a P2P digital currency. Point-to-point transmission means a decentralized payment system. http://www.pcbindex.com/ Unlike most currencies, Bitcoin does not rely on specific currency institutions to issue. It is based on a specific algorithm, generated by a large number of calculations. The Bitcoin economy uses a distributed database of multiple nodes in the entire P2P network to confirm and record all transactions. 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 it is not possible to manipulate the currency value by making large amounts of Bitcoin. The cryptographic design allows bitcoin to be transferred or paid only by the real owner. This also ensures the anonymity of currency ownership and liquidity 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 had no more than 10.5 million in 4 years, and the total amount will be permanently limited to 21 million. Bitcoin can be used to redeem and can be converted into the currency of most countries. Users can use Bitcoin to buy some virtual items, such as clothes, hats, and equipment in online games. If someone accepts them, they can use Bitcoin to buy items in real life. [1-2] West Virginia Democrat Senator Joe Manchin sent an open letter to several U.S. federal government regulators on February 26, 2014, hoping that the agency would be able to encourage Bitcoin to encourage illegal activities and disrupt financial order. Pay attention and require that action be taken as soon as possible to fully block the electronic currency. [3] At 12:00 noon on January 24, 2017, China's three largest bitcoin platforms formally began to collect transaction fees.

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