The concept of Bitcoin was first put forward by Satoshi Nakamoto in 2009. According to Satoshi Nakamoto's idea, open source software and P2P network were designed and released. Bitcoin is a P2P digital currency. 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 biggest difference between Bitcoin and other virtual currencies is that its total amount is very limited and extremely scarce. The monetary system once did not exceed1050,000 for four years, and the total will be permanently limited to 21050,000.

Bitcoin can be cashed and converted into the currencies 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, you can also use Bitcoin to buy real-life items.

On February 26th, 20 14, Senator Joe Manchin, Democrat of West Virginia, sent an open letter to several regulatory departments of the US federal government, hoping that the relevant departments could pay attention to the current situation that Bitcoin encourages illegal activities and disrupts the financial order, and demanded that action be taken as soon as possible to completely ban the electronic money.