Bitcoin can be used to cash in and can be exchanged into the currencies of most countries. Users can use Bitcoin to purchase some virtual items, such as clothes, hats, equipment, etc. in online games. As long as someone accepts it, Bitcoin can also be used to purchase items in real life.

Bitcoin is a P2P form of digital currency. Peer-to-peer transmission means a decentralized payment system.

1. Bitcoin (Bitcoin: Bitcoin) was originally an online virtual currency that can be used to purchase items in real life. It is characterized by decentralization, anonymity, and can only be used in the digital world. It does not belong to any country or financial institution, and is not subject to geographical restrictions. It can be exchanged anywhere in the world. Therefore, it is used by some criminals as a money laundering tool. .

2. On January 7, 2014, Taobao issued an announcement announcing that it would ban the sale of Internet virtual currencies such as Bitcoin and Litecoin from January 14. On February 26, 2014, Democratic Senator Joe Manchin of West Virginia issued an open letter to multiple regulatory agencies of the U.S. federal government, hoping that relevant agencies could take action against the current situation that Bitcoin encourages illegal activities and disrupts financial order. We should pay attention to it and require action to be taken as soon as possible to completely block this electronic currency.

3. On May 12, 2017, a global Bitcoin virus madly attacked public and commercial systems! Nearly 74 countries around the world have been seriously attacked!

4. Starting from August 1, 2017, the global Bitcoin trading platform will suspend deposit and withdrawal services. The Bitcoin China digital asset trading platform will stop new user registrations from September 14th, and the digital asset trading platform will cease all trading operations on September 30th.

The concept of Bitcoin (BitCoin) was first proposed by Satoshi Nakamoto in 2009. The open source software designed and released based on Satoshi Nakamoto’s ideas and the P2P network built on it. Bitcoin is a P2P form of digital currency. Peer-to-peer transmission means a decentralized payment system.

Extended information

Unlike most currencies, Bitcoin does not rely on the issuance of a specific monetary institution. It is generated through a large amount of calculations based on a specific algorithm. The Bitcoin economy uses the entire P2P network. A distributed database composed of many nodes confirms and records all transaction behaviors, and uses cryptographic design to ensure the security of all aspects of currency circulation.

The decentralized nature of P2P and the algorithm itself ensure that currency value cannot be artificially manipulated by mass production of Bitcoins. Design based on cryptography allows Bitcoin to be transferred or paid only by real owners. This also ensures the anonymity of currency ownership and circulation transactions. The biggest difference between Bitcoin and other virtual currencies is that its total quantity is very limited and it is extremely scarce. The currency system had no more than 10.5 million coins in 4 years, after which the total number will be permanently limited to 21 million coins.

Baidu Encyclopedia: Bitcoin