Does bitcoin have a destruction mechanism

1. From the previous law, they all plummeted and then skyrocketed. Its speculative elements are large and big. Analysis of the reasons for the drop, mainly on the world's view of bitcoin and some stolen events are very sensitive. If another trading platform is hacked on that day, it goes without saying that it will fall sharply

2. Bitcoin transfer can transfer the balance of multiple addresses out or into multiple addresses at one time
for example, you need to pay Niuniu 5 bitcoins, but there are 1 / 2 / 2 bitcoins in each of your a / B / C addresses, and the balance of each address is not enough to pay for 5 bitcoins
at this time, you can initiate a transfer and transfer 5 bitcoins from a / B / C to Niuniu. Take chestnuts. If you have five bitcoin addresses, you only need to transfer one to Niuniu. You need to tell the miner when transferring money: I have five bitcoins, one of which will be transferred to Niuniu, and the other four will be transferred back to myself (can be the original address or create a new address)
don't forget to say, otherwise the remaining four bitcoins will be used as handling charges for miners. This is the change mechanism of bitcoin.

3. In 018, the explosive development of blockchain technology was much like the Internet in 1997. I believe that the development of blockchain technology will certainly be faster than the Internet. If you don't take in some knowledge of blockchain, maybe you will fall behind an era. This article will answer several questions about bitcoin
question 1: how was bitcoin born
on November 1, 2008, a person who called himself Satoshi Nakamoto posted a statement on micro v-bq Er Wu Ba y on a secret cryptography review group (cryptopunk), stating his new idea of e-money bitcoin
question 2: how to proce bitcoin
bitcoin network generates new bitcoin through "mining". In essence, the so-called "mining" is to solve a complex mathematical problem with a computer to ensure the micro v-bq consistency of the bitcoin network distributed accounting system. Bitcoin generates a block every 10 minutes, which contains all the transaction information in the past 10 minutes. Whoever can work out the figures will get the right to keep accounts. After obtaining the accounting right, it will broadcast and store to the whole network. It's uncertain who gets the bookkeeping right. Of course, the stronger your computing ability is, the higher the probability of getting the bookkeeping right is. Then the bitcoin network will generate a certain amount of bitcoin as a reward to reward those who have the right to keep accounts
question 3: what are the characteristics of bitcoin
it is impossible to control the number of issues without a fully decentralized issuing institution. Bitcoin does not need a third-party organization, and it is a peer-to-peer transaction with mutual trust. The establishment of trust is no longer based on large institutions, but on cryptography and code. Bitcoin can be managed on any computer connected to the Internet. No matter where you are, anyone can dig, buy, sell or collect bitcoin. The private key is needed to control bitcoin. It can be stored in any storage medium in isolation, and no one can get it except the user himself. As a means of payment from a to B, bitcoin has no cumbersome limit of quota and proceres. You can pay when you know the address of the other party's bitcoin
question 4: can bitcoin be imitated
it is difficult for the cat to survive. Because bitcoin algorithm is completely open source, anyone can download the source code, modify some parameters, recompile, and create a new P2P currency. However, these counterfeit currencies are vulnerable to 51% attacks. Any indivial or organization, as long as it controls 51% of the computing power of a P2P currency network, can manipulate transactions and currency value at will, which will be a devastating blow to P2P currency. Many Shanzhai coins die in this link. The bitcoin network is robust enough. If you want to control 51% of the computing power of the bitcoin network, the number of CPUs / GPUs required will be astronomical
question 5: why is the total amount of bitcoin 21 million
when bitcoin was born in 2009, each reward was 50 bitcoins. Ten minutes after its birth, the first 50 bitcoins were generated, and the total amount of money at this time is 50. Then bitcoin grew at a rate of about 50 every 10 minutes. When the total amount reaches 10.5 million (50% of 21 million), the bounty will be halved to 25. When the total amount reached 15.75 million (5.25 million new output, or 50% of 1050), the bounty was further halved to 12.5. And so on. According to its design principle, the total amount of bitcoin will continue to grow until it reaches 21 million more than 100 years later. However, the growth rate of bitcoin micro v-bq in the later period will be very slow. In short, bitcoin proction is halved every four years, and currently 12.5 bitcoins are proced every 10 minutes. In fact, 87.5% of bitcoin will be "g up" in the first 12 years. Moreover, 21 million is only theoretical data. In reality, e to the neglect of bitcoin in the early stage, many bitcoins were lost
question 6: what are the benefits of bitcoin miners
first of all, bitcoin will be rewarded directly after obtaining the bookkeeping right through calculation. But according to bitcoin's rules, as time goes on, the rewards will be less and less. In the future, the income will mainly come from the service charge generated by bitcoin transaction
question 7: why can't bitcoin be modified
for example, if a and B trade, a needs to pay B 100 bitcoins. But if a wants to default, he just wants to pay B a bitcoin. According to the rules of bitcoin, he has to obtain the bookkeeping right of the next 10 minute micro v-bq Er Wu Ba y before he can modify it; Similarly, he has to get another 10 minutes of bookkeeping rights, and so on. So modification is almost impossible
question 8: bitcoin transaction rate
theoretically, the bitcoin transaction rate is 7 transactions per second. In fact, bitcoin currently trades at only one transaction per second
question 9: why does bitcoin have such a strong vitality
if bitcoin is compared to a company, then it has no board of shareholders, board of directors, management, strict leadership, HR, Department Manager, staff, operating site and income. However, bitcoin has been running successfully for nine years without any problems, and its market value is hundreds of billions. The operation of the network relies on a set of mathematical algorithms, incentive mechanism and community for management and governance
question 10: what are the problems facing bitcoin
first, the transaction confirmation time is long. When bitcoin wallet is first installed with micro v-bq-y, it will consume a lot of time to download historical transaction data blocks. While bitcoin transaction, in order to confirm the accuracy of data, it will take some time to interact with P2P network, and the transaction will be completed only after the whole network is confirmed
Second, the public does not understand the principle, and the traditional financial practitioners resist. People who understand the principle know that bitcoin is not manipulated and controlled by a legal person. But the public doesn't understand, and many people can't even tell the difference between bitcoin and q-coin“ "No issuer" is the advantage of bitcoin, but in the view of traditional financial practitioners, "no issuer" currency is worthless.

4. Using computers to do a lot of arithmetic to "mine" bitcoin. When users "mine" bitcoin, they need to use the computer to search for 64 bit numbers, and then compete with other gold miners by repeatedly solving puzzles to provide the required numbers for the bitcoin network. If the user's computer successfully creates a set of numbers, then they will get 25 bitcoins.

5. Well, you have so many questions

mining is a process of consuming computing resources to process transactions, ensuring network security and keeping everyone's information synchronized in the network. It can be understood as the data center of bitcoin. The difference lies in its completely decentralized design. Miners operate all over the world, and no one can control the network. This process is called "mining" because it is similar to gold panning, because it is also a temporary mechanism for issuing new bitcoin. However, unlike gold panning, bitcoin mining provides rewards for services that ensure the safe operation of payment networks. After the last bitcoin, mining is still necessary. At present, mining is a very professional work, you need to buy a professional ASIC Avalon 3 generation miner for mining, and also need to join a mine pool

bitcoin is decentralized and not issued and controlled by any institution. Only bitcoin foundation is responsible for development and maintenance. The ore is free, but the equipment needs to be purchased. The exchange rate is high, which is a kind of trust in the bitcoin. It's a big social experiment. As long as you dig bitcoin, you won't worry about spending it. At present, thousands of businesses accept bitcoin around the world, such as the famous Dell company. There are also some businesses that accept bitcoin in China.

6. Banknotes are mainly maintained by national laws. For example, the laws of each country stipulate its own legal currency. Once the laws are not maintained, banknotes will be worthless. Paper money can only be used as commodity equivalent if it is built on a trusted national legal system. Bitcoin can circulate in a society that trusts bitcoin. For those who do not trust bitcoin, bitcoin is nothing more than a bunch of meaningless numbers. Therefore, bitcoin is something similar to a monetary system that is completely separated from the gold (paper money) standard. It does not have the advantage of devaluation e to abuse (printing more money) by regulators, but it also lacks support and supervision, The corresponding currency value fluctuation is also caused by the degree of trust
a mining machine is a combination of computer hardware and computer program software that runs a specific algorithm based on bitcoin security mechanism!

7. This article will not deal with the details of algorithms and protocols. I plan to write another article on the principle of bitcoin from the perspective of programmers, where I will explain some key data structures, algorithms and protocols in the bitcoin system from the perspective of technicians
in this article, I will give a virtual village called "bitcoin village". The whole article will tell you the motivation of bitcoin, what problems it has solved, and the goals and design schemes of some key components step by step in the way of storytelling
question
let's start with the motivation of bitcoin< In this world, there is a small village called bitcun, which has hundreds of families. The village is almost isolated from the world and lives on its own. Because there is no large-scale trade, the villagers of Biti village have been living a barter life. That is to say, there is no unified currency among the villagers. The trade between the villagers is basically that Lao Zhang's family exchanges a bag of flour for Lao Li's family's sheep, and Wang's sister-in-law exchanges a basket of wild fruits for Aunt Liu's two feet of cloth. The villagers have been living a simple life<

physical currency
finally one day, the villagers felt it was too inconvenient to barter all the time, so the whole village held a meeting to discuss how to solve this problem. It is suggested that, as a general equivalent, the corresponding relationship between other items and gold should be compiled into a table, such as one gram of gold corresponds to a sheep, one gram of gold corresponds to a bag of flour and so on. At this time, Lao Zhang no longer has to carry a bag of flour and pant to Lao Li's house to exchange sheep. He just needs to get a gram of gold from his home, You can go to Lao Li's house and bring back a sheep. Lao Li can exchange this gram of gold for a bag of flour from anyone who is willing to sell flour. Of course, he can also exchange it for anything equivalent to a gram of gold
at this time, bitcun entered the era of physical currency
symbolic currency
the good times are not long. After a period of time, the disadvantages of physical currency also appear. Because there are not many gold mines near bit village, it takes too much time and effort to mine and smelt gold. With the use of gold, it will be worn, lost or deliberately hoarded. Once again, the whole village sat together and began to discuss countermeasures. At this time, someone said that in fact, we don't have to really use gold. Just find a piece of paper and write "one gram of gold". As long as the whole village agrees that this piece of paper is equal to one gram of gold, the problem will be solved. Others agree, but at the same time, there are new problems: the real gold needs to be mined and smelted, and the gold mine is limited, so mining and smelting also need costs, so no one can make a lot of gold out of thin air in a short time, but writing is different. As long as I have enough paper and pen, I can write as much as I like, then it becomes who has more paper, Maybe ten thousand pieces of paper can be exchanged for a sheep (in fact, there will be inflation in Economics)
I think so. However, at this time, someone proposed a solution: This paper is not effective for everyone. We only know the words written by the respected old village head in the village, and everyone knows the words of the old village head. The old village head wrote some paper and gave everyone the same amount of paper according to the gold stock of each family. For example, when Lao Zhang's family had two hundred grams of gold, the old village head gave Lao Zhang 200 pieces of paper with "one gram of gold" written on it, and took Lao Zhang's gold as collateral. In this way, the old village head collected all the gold in the village into his own home, and gave the equivalent amount of paper with words according to the amount of gold handed in by each family. At this time, the villagers can trade with the paper as gold, and everyone can recognize the words of the old village head, and others can't forge them. In addition, if someone's paper is worn too seriously, he can get it to the old village head to exchange for the new equivalent paper. In addition, the old village head promises that if anyone wants to exchange for gold, he will return the equivalent gold to that person as long as he takes the paper back. Because the amount of gold in the paper written by the old village head is the same as that in the real home, so as long as the principle of destroying as many paper as new paper is strictly followed, every effective paper can always be exchanged for the corresponding real gold
at this time, bitcun entered the era of symbolic currency (paper money). The old village head took on the role of the government and the bank<

virtual currency of the central system
a few years later, the old village head has to check a large number of old banknotes every day, write new banknotes, and record various accounts carefully. One comes and two goes. The old village head is overworked and unfortunately drives to the West
bitcun held another plenary meeting to discuss what to do. At this time, er Gouzi, the son of the old village head, volunteered to take over his father's pen and assume the responsibility of currency issuance. The young village head Er Gouzi was very clever. He did it for a few days and found that he didn't really need to write so much paper. It can be done like this: Villagers hand in all the banknotes and destroy them, but Er Gouzi will record the amount of banknotes handed in by each household. If you want to pay later, for example, if Lao Zhang wants to exchange a gram of gold for Lao Li for a sheep, you should call Er Gouzi together to explain that you want to put a gram of gold in Lao Zhang's name under Lao Li's name. Er Gouzi takes out the account book to see if Lao Zhang has a gram of gold in his name. If so, you can subtract one gram from Lao Zhang's name and add one gram to Lao Li's name. In this way, the payment is completed, At this time, Lao Li heard Er Gouzi confirm that the transfer was completed on the phone, so he could rest assured that Lao Zhang would lead the sheep away
at this time, bitcun entered the era of central system virtual currency. Every villager doesn't need to pay in kind. The payment process becomes the change of the number in the account book maintained by Er Gouzi<

distributed virtual currency
the new two dogs are smart, but sometimes they are smart but they are mistaken for smart. One day, er Gouzi was staring at the account book, thinking that how much money each household in the village has is what I say, then I'm not. So his mind a hot, privately from the old Zhang's account to draw ten grams of gold to his name
I thought it would be perfect, but I didn't expect that Lao Zhang also had the habit of keeping accounts. One day, when he was about to pay, er Gouzi told him that his account was out of money. Lao Zhang checked his account book. It was clear that there were still ten grams left, so he took the account book to find Er Gouzi. This check found the transfer without Lao Zhang's consent
east window incident! Bit village is boiling. The impeachment of Er Gouzi is inevitable, but through this incident, we found that the account book is concentrated in one person's hands:
this system completely depends on the personal credit of the account book holder. If this person does not obey the rules and tampers with the account book at will, then the whole monetary system will collapse
if this family is on fire or the account book is stolen, It will also bring a devastating blow to the whole system.
just when people are at a loss, an otaku scientist named Nakamoto came to the stage and told everyone that he has designed a virtual currency system called bitcoin, which does not rely on any central processor, to solve the above problems. Then he spoke slowly about his plan
let's take a look at how Tsung Nakamoto designed this system<
infrastructure construction
account book disclosure mechanism
Nakamoto first explained that the existing account book should be transformed as follows:
the account book will no longer record the balance of each villager, but only record each transaction. That is to record the payer, payee and payment amount of each transaction. As long as the initial state of the account book is determined, each transaction record is reliable and chronological, how much money each person currently holds can be calculated
the account book is changed from private to public, so that any villager can obtain the current complete account book as long as they need it. The account book records all the transaction records from the creation of the account book to the current
as soon as this remark is made, it will be fried immediately. The first one doesn't matter, but the second one is simply unacceptable, because the account book records all the villagers' transactions, so that everyone's privacy is not completely exposed
Nakamoto is in no hurry and takes out a pair of strange things
identity and signature mechanism (public key encryption system)
Mr. Nakamoto said, don't panic. Under his system, no one trades with his real identity, but with a unique code name
he showed the magic things in his hand and said that these two things were called secret seal and seal scanner respectively. Later, he will give each household in the village a secret seal and a seal scanner. The functions of the two are as follows:
the secret seal can be stamped with a seal on the paper. The seal of each seal implies a unique string of characters in the whole village, but it can't be seen by the naked eye. We can't make the corresponding seal through observation
the seal scanner can scan a sealed seal, read out the hidden information, and display a string of characters on the LCD screen
with these two magical things, you can trade without revealing your real identity, and the string of characters implied in the seal is the code of the family. How to use secret seal and seal scanner to trade will be described in detail below<
establish a virtual miner Organization (Mining Group)
next, Nakamoto Tsung recruits virtual miners for the whole village. The recruitment requirements are as follows:
miners are divided into groups, one group can be a single family, or several families can be combined into a group
becoming a miner does not affect the normal use of currency
miners spend a certain amount of time every day engaged in bitcoin "mining" activities, However, unlike gold mining, virtual miners can complete their work at home without taking tools to do field work.
miners have a certain possibility of getting paid. The more efforts they make in mining activities, the more likely they are to get paid.
miners can quit at any time, or new miners can join in at any time.
soon, About a fifth of the villagers join bitcoin miners and are divided into seven groups
set up the initial account book (Genesis block)
next, Nakamoto announced that according to the account book in ergouzi's hand, all the gold mortgaged will be returned to each villager according to the balance recorded in the account book, and then the account book will be completely destroyed
then, Nakamoto takes out a new account book and records some transaction records on the first page of the account book. In particular, the payer column of these records is "system", while the payee is the hidden character corresponding to each seal, representing the initial time. The system allocates a certain number of bitcoins to each household by default, but the number is very small, only a few, Even some unfortunate villagers didn't get bitcoin
then Mr. Nakamoto said that since there are very few bitcoins on the market, you can go back to the era of using gold as currency. Since I'm not the village head, I don't have the right to force you to recognize bitcoin. You can decide whether to accept bitcoin or not. However, with the flow of bitcoin and the activities of miners, bitcoin will graally increase
payment and transaction