The concept of Bitcoin was first put forward by Satoshi Nakamoto in June 2008 at 5438+065438+ 10/,and was officially born in June 2009 at 5438+1 0/.
According to Satoshi Nakamoto's idea, open source software is designed and published, and a P2P network is built on this basis. Bitcoin is a P2P digital currency. The transaction records of Bitcoin are open and transparent [50]. Point-to-point transmission means a decentralized payment system.
Unlike most currencies, Bitcoin is not issued by a specific monetary institution. It is generated by a large number of calculations according to a specific algorithm. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transaction behaviors, and uses cryptography to ensure the security of all aspects of currency circulation. The decentralized nature of P2P and the algorithm itself can ensure that the currency can not be manipulated artificially and create a large number of bitcoins. The design based on cryptography can make bitcoin only transferred or paid by the real owner. This also ensures the anonymity of currency ownership and circulation transactions. The total amount of bitcoin is very limited and scarce. The monetary system once did not exceed105,000 for four years, and the total will be permanently limited to 2 10/05,000 [52].
In June, 20021,El Salvador passed the Salvadoran Bitcoin Law, making Bitcoin the legal tender of the country. [43] On September 7th, Bitcoin officially became the legal tender of El Salvador, becoming the first country in the world to give digital currency legal status. [43]
On September 24th, 20021year, the People's Bank of China issued a notice to further prevent and deal with the speculative risk of virtual currency transactions. The notice pointed out that virtual currency does not have the same legal status as legal tender.