What kind of virtual currency is bitcoin
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
bitcoin network generates new bitcoin through "mining". In essence, the so-called "mining" is to use computers to solve a complex mathematical problem to ensure the consistency of bitcoin network distributed accounting system. Bitcoin network will automatically adjust the difficulty of mathematical problems, so that the whole network will get a qualified answer about every 10 minutes. Then bitcoin network will generate a certain amount of bitcoin as block reward to reward the person who gets the answer
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. But in China, bitcoin is forbidden to circulate
unlike all currencies, bitcoin does not rely on specific currency institutions. 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 uses the design of cryptography to ensure the security of all aspects of currency circulation. 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
extended information:
Article 1 of the announcement on preventing the financing risks of token issuance accurately understands the essential attributes of financing activities of token issuance. Token issuance financing refers to the so-called "virtual currency" raised from investors by the financing subject through the illegal sale and circulation of token. In essence, it is an unauthorized illegal public financing behavior, suspected of illegal sale of token bills, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal criminal activities
Relevant departments will closely monitor relevant developments, strengthen cooperation with judicial departments and local governments, strictly enforce the law in accordance with the current working mechanism, and resolutely deal with market chaos. If suspected crimes are found, they will be transferred to judicial organs. The token or "virtual currency" used in token issuance financing is not issued by the monetary authority, does not have such monetary attributes as legal compensation and compulsion, does not have the same legal status as currency, and cannot and should not be used as currency in the marketArticle 2 no organization or indivial may illegally engage in token issuance and financing activities. As of the date of this announcement, all kinds of token issuance and financing activities shall be stopped immediately. Organizations and indivials that have completed the token issuance and financing should make arrangements such as refund, reasonably protect the rights and interests of investors, and properly handle risks. Relevant departments will seriously investigate and deal with the activities of token issuance and financing that refuse to stop and the illegal behaviors in completed token issuance and financing projects
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. 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. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to 21 million
bitcoin can be cashed and 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. As long as someone accepts it, they can also use bitcoin to buy real-life items[ 1-2]
on February 26, 2014, Joe Manchin, a Democratic senator from West Virginia, issued an open letter to a number of regulatory authorities of the US federal government, hoping that the relevant institutions would pay attention to the status quo of bitcoin's encouraging illegal activities and disrupting the financial order, and take action as soon as possible to completely ban the electronic currency[ 3]
from 12:00 noon on January 24, 2017, China's three major bitcoin platforms officially began to collect transaction fees.
bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's idea, open source software was designed and released, and P2P network was built on it. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. 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. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to 21 million
bitcoin can be cashed and 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. As long as someone accepts it, they can also use bitcoin to buy real-life items[ 1-2]
on February 26, 2014, Joe Manchin, a Democratic senator from West Virginia, issued an open letter to a number of regulatory authorities of the US federal government, hoping that the relevant institutions would pay attention to the status quo of bitcoin's encouraging illegal activities and disrupting the financial order, and take action as soon as possible to completely ban the electronic currency.