The concept of Bitcoin was originally proposed by Nakamoto in 2008. According to the idea of Nakamoto, the open source software was designed and the P2P network was constructed. Bitcoin is a digital currency in the form of P2P. Peer-to-peer transmission means a decentralized payment system.
Unlike most currencies, Bitcoin does not rely on a specific currency institution for distribution. It is generated by a large number of calculations based on a specific algorithm. The Bitcoin economy uses a distributed database of nodes in the entire p2p network to confirm and record all transaction behaviors. And use cryptography to ensure the security of all aspects of currency circulation.
The decentralization of p2p and the algorithm itself ensure that the currency cannot be manipulated by mass-produced bitcoins. Cryptographic based design allows Bitcoin to be transferred or paid only by the actual owner. This also ensures the anonymity of currency ownership and circulation transactions. The biggest difference between Bitcoin and other virtual currencies is that their total quantity is very limited and extremely scarce. The currency system has only been no more than 10.5 million in four years, and the total number will be permanently limited to 21 million.
2. Basic Information
- Name: Bitcoin
- Abbreviation: BTC
- Founder: Satoshi Nakamoto
- Issue Date: 2008-11-01
- Total Supply: 21,000,000
- Core Algorithm: SHA256
- Consensus Mechanism: PoW
- Currency Unit: BTC
3. Related Links
Official website: https://bitcoin.org/en/
White paper: https://bitcoin.org/bitcoin.pdf
Block explorer: https://www.blockchain.com/explorer