The concept of Bitcoin was first put forward by Satoshi Nakamoto on June 5438+065438+ 10/day, 2008, and was officially born on June 5438+1 0/3, 2009. 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 virtual encrypted digital currency in the form of P2P. Point-to-point transmission means a decentralized payment system.

Bitcoin is electronic cash similar to e-mail. Both parties need a "Bitcoin wallet" similar to e-mail and a "Bitcoin address" similar to e-mail address. Just like sending and receiving e-mail, the sender pays bitcoin directly to the other party through a computer or smart phone according to the address of the recipient.

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Unlike all currencies, bitcoin is not issued by a specific monetary institution, but 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 design to ensure the security of all links in 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 biggest difference between Bitcoin and other virtual currencies is that its total amount is very limited and extremely scarce.

Baidu Encyclopedia-Bitcoin