Confiscation of BTC

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

according to the notice on preventing the financing risk of token issuance, there is no approved digital currency trading platform in China. According to China's digital currency regulatory framework, investors have the freedom to participate in digital currency transactions at their own risk

warm tips: the above information is for reference only. Before investing, it is recommended that you first understand the risks existing in the project, and understand the investors, investment institutions, chain activity and other information of the project, rather than blindly investing or mistakenly entering the capital market. Investment is risky, so we should be cautious when entering the market
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2. Power consumption is too high. Although China does not support trading, it is not illegal to dig money

3. The relationship between bitcoin and gold
bitcoin, a blockchain based digital currency, is often regarded as a global safe haven asset like gold. In this age of global turmoil, even gold has become unreliable and may be confiscated as India has. Some people have begun to think that bitcoin can replace gold, because bitcoin not only has the reserve capacity of gold, but also has some capabilities that gold does not have, such as low handling charges, rapid transfer capacity, decentralization and so on. With the increasing popularity of bitcoin and the decreasing volatility, the status of gold has been threatened
will bitcoin shake the status of gold?
gold has a long history, almost as long as the history of human civilization, and has withstood numerous tests in history. Bitcoin is less than a decade old, but its value has risen sharply. There is no support behind bitcoin. Of course, since the end of the gold standard, there has been no support from other currencies, except that there is no support from the central bank behind bitcoin. It's hard to predict whether bitcoin will exist in the next decade, a hundred years or even a thousand years.

4.

Let's start with a simple conclusion: a year ago, the data showed that there were about 500000 BTC

two American brothers, Cameron winkleworth and Taylor winkleworth, claiming that they owned 1% of bitcoin [1] 1% of the world's bitcoin? At present, the total amount of bitcoin in the world is about 12 million, that is to say, the two brothers hold about 120000 bitcoins< maybe you don't think it's worth much, but note that the starting price of bitcoin for these two people is less than $10 / bitcoin

Please note that entities are used instead of people. In the analysis method of this paper, bitcoin wallets that may belong to the same owner are divided into the same entity, which may be not only a person, but also a trading organization like Mt. GOx in addition, through the analysis of the most active entity table given in this paper, the income of the people with the most income (excluding expenses) is less than 700000 BTC. In other words, the person with the most bitcoin will hold no more than 700000 bitcoins. How many people in the world own bitcoins? The paper concludes that as of May 13, 2012, 1.85 million entities hold bitcoin. If we assume that bitcoin users have grown linearly since the advent of bitcoin (January 2009), the current number should be 2.5 million. Because the number of entities is counted on paper, the actual number of bitcoin holders should be a little less than this number, but not much smaller, because after all, there are not many large trading platforms

In addition to the above two problems, [3] also gives many interesting conclusions, such as:

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about 55% of bitcoin can be saved without money

in places like GOx mountain, almost all deals are small ones

before May 2012, almost all large single transactions (& gt; 50000 BTC) are subsequent transactions of 90000 BTC on November 8, 2011. There are very strange patterns in this long list of transactions. For example, an entity divides 90000 BTCs into different sizes, sends them back to itself three times, and then sells them on Mt. GOx. 90000 BTCs sold are sent back to the entity through 90 different bitcoin addresses, with 1000 bitcoins per address. These operations indicate that the entity appears to be trying to hide the relationship between these transactions

5.

As of July 24, 2020, the state has not issued any laws to prove that bitcoin mining machine is illegal

bitcoin mining machine is one of the ways to obtain bitcoin. Bitcoin is a kind of network virtual currency proced by open source P2P software

it doesn't rely on the issuance of specific monetary institutions, and it is generated through a large number of calculations of specific algorithms. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction

extended data

the issue and transaction of bitcoin are realized by mining, and it is cast at a certain but slowing rate. Each new block is accompanied by a certain number of new bitcoin from scratch, which is used as a coinbase transaction to reward the miners who find the block

the reward for each block is not fixed. For every 210000 blocks mined, it takes about four years, and the currency issuance rate is reced by 50%. In the first four years of bitcoin's operation, each block created 50 new bitcoins. Each block creates 12.5 new bitcoins. In addition to the block award, the miner will receive a handling fee for all transactions within the block<

source: Internet - bitcoin mining machine

6.

It's not against the law

The laws and administrative regulations in China do not prohibit the proction, holding and legal circulation of bitcoin, nor do they prohibit the sale of bitcoin mining machines

2. The investment and transaction of "virtual currency" represented by bitcoin are on the rise. For this kind of virtual goods generated in the Internet environment after the development of Internet technology, there are policy and commercial risks in related transactions. However, under the premise of not violating the mandatory provisions of laws and administrative regulations, the contract signed by the parties is a valid contract

3. Bitcoin is generated by "miner" and "mining", and "miner" can be assumed by anyone in any place in the world. "Mining" is a process in which "miner" provides certain computer computing power according to the open source software provided by the designer, and obtains the special solution of the equation through complex mathematical operations, The miner who gets the special solution gets a certain amount of bitcoin reward

Because bitcoin is based on workload proof, it is related to computing power. To have computing power, we need to consume power, so its power consumption is very large. It is precisely because of such a large power consumption that the safe and stable operation of bitcoin system can be guaranteed

extended information:

according to the data of btc.com website, up to now, the computing power of the whole bitcoin network is about 51.65 eh / s, which is equivalent to 1.84 million bitcoin S15 (28T computing power, 1596w power) mining machines in operation, and the daily power consumption is about 69.92 million kwh. Divided by the current proction of 1800 bitcoins per day, excluding other costs, each bitcoin will consume 38800 kwh of electricity. "

from this point of view, although the current price of bitcoin is expensive, the cryptocurrency market website coinmarketcap.com shows that the current unit price is about $7900, but the cost of mining a bitcoin is not low at all

7. Blockchain applies the underlying architecture of bitcoin. You need to understand the mining mechanism of bitcoin first to understand what is blockchain! At present, the project is relatively hot, Alipay's ant clothing, ant commonweal, Tencent's public service search, and so on, are using block chain technology! It has the advantages of decentralization and traceability. But blockchain is really a great technology

8. Bitcoin is the virtual currency of American Games. At present, the price of a bitcoin is about $650. It's more than 3000 yuan in RMB.

9.

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10. It seems that there is a mortgage in general. Confiscate your mortgage and sue you according to the relevant laws. All these are possible, because bitcoin is defined as a special Internet commodity by the central bank in China. Zhou Xiaochuan, the governor of the central bank, said bitcoin is like a stamp, a tradable asset.