What is bitcoin made of

1. 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

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Every other time, the bitcoin system will generate a random code on the system node. All computers in the Internet can search for this code. Whoever finds this code will generate a block and get a bitcoin. This process is often called mining

at present, one bitcoin is divided into eight decimal places based on the current data structure, that is, 0.00000001btc. The smallest unit of bitcoin g by miners is 0.00000001btc

generally speaking, bitcoin is like a gold mountain with a total amount of 21 million gold coins. To get it, players need to use the computing power of the computer to calculate a group of numbers according to the existing algorithms

extended data:

unlike all currencies, bitcoin does not rely on specific currency institutions to issue. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, And the use of cryptography design to ensure the security of all aspects of money circulation

the decentralized feature and algorithm of P2P can ensure that it is impossible to artificially control the value of bitcoin by mass manufacturing. 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

3. Bitcoin is a digital currency designed by a mysterious person named Satoshi Nakamoto in January 2009. Nakamoto believes that bitcoin can allow users to complete payment in a decentralized, peer-to-peer network, without requiring a central clearing center or financial institutions to clear transactions. Users only need internet connection and bitcoin software to pay to another public account or address
compared with fiat money, bitcoin does not have a centralized issuer, but is generated by the calculation of network nodes. Anyone can participate in the manufacture of bitcoin, and it can circulate all over the world. It can be bought and sold on any computer connected to the Internet. No matter where they are, anyone can dig, buy, sell or collect bitcoin, And in the transaction process, foreigners can not identify the user's identity information.

4. My friend, there is a saying like this: poor people do things, rich people do markets, and businessmen do trends. No matter what you do, you must be a trend oriented instry suggestion Network -
teacher Ling Xiang.

5. The silk road well shows one of the application scenarios of bitcoin, and also brings a bad impression of bitcoin to the outside world. After being involved in drugs, it makes people worry that the government may encircle bitcoin.

6. Bitcoin is a kind of virtual currency proced by open-source P2P technology software. This concept was first proposed by Satoshi Nakamoto (or pseudonym) in 2009. Bitcoin currency system is independent, and its operation does not depend on the support or credit guarantee of central bank, government, large enterprises
at the beginning of its birth, bitcoin was just a geek's toy. Now it is the fastest growing virtual currency
in the past, US $1 = 1300 bitcoins. Now, US $1 = more than US $200. Its value has increased nearly 300000 times.