Bitcoin (abbreviated: BTC, currency symbol: ฿, standard currency code: ISO 4217 (XBT), is a user-autonomous, cross-border, decentralized cryptocurrency.
In 2008, “Satoshi Nakamoto” proposed the concept of Bitcoin. According to the white paper, he used the concept of openness, reciprocity, consensus, and direct participation as the benchmark, combined with the open source software working model and cryptographic principles, developed a currency issue and transaction on the P2P peer-to-peer network and distributed database platform.
Bitcoin Core is programmed to decide which block chain contains valid transactions. The users of Bitcoin Core only accept transactions for that block chain, making it the Bitcoin block chain that everyone else wants to use.
It is these users who keep Bitcoin decentralized. They individually run their own Bitcoin Core full nodes, and each of those full nodes separately follows the exact same rules to decide which block chain is valid.
There’s no voting or other corruptible process involved: there’s just individual software following identical rules —” maths”—to evaluate identical blocks and coming to identical conclusions about which block chain is valid.
This shared agreement (called consensus) allows people like you to only accept valid Bitcoins, enforcing Bitcoin’s rules against even the most powerful miners.
In addition to improving Bitcoin’s decentralization, Bitcoin Core users get better security for their Bitcoins, privacy features not available in other wallets, a choice of user interfaces and several other powerful features.
Unlike traditional currencies, the Bitcoin operating mechanism does not rely on the support of the central bank, government, or enterprises, or credit guarantees, but instead relies on network agreements reached in seed files in peer-to-peer networks to decentralize and self-improvement of the monetary system. In theoretically it ensuring everyone, organization, or government can manipulate the Bitcoin's currency or create inflation. Its monetary aggregates gradually increased at the rate scheduled for design, and the rate of increase gradually slowed, eventually reaching the limit of 21 million in 2140.
Price trends over the years
In 2009, when Bitcoin first appeared, it was able to buy 1,300 Bitcoins for one US dollar, and one Bitcoin can only be exchanged for around 0.005 RMB.
In 2010 and May 2010, an American programmer named Laszlo Hanyecz successfully traded 10,000 Bitcoins for two pizzas, and was considered the first transaction in Bitcoin history. At the time, 10,000 Bitcoins were only worth $30.
On April 14, 2011, the Bitcoin price reached US$1 for the first time. On June 9th, Bitcoin ushered in the first bubble in the growth process, and the price reached US$30. A week later, Bitcoin prices have plummeted, and this downturn continued in 2012 for a whole year.
In 2013, the Bank of Cyprus was in crisis, Bitcoin was undermined, and prices began to rise rapidly. However, it was not long shots and fell sharply after a week.
In 2014 and 2015, Bitcoin investors were underselling at the bottom. In early 2015, Bitcoin even fell to 900 yuan.
In 2016, Bitcoin’s rise was over 200%, surpassing any country’s currency, even surpassing real estate, commodities and other investment assets.
In 2017, with the frantic influx of ICO, Bitcoin prices have soared and have continued to refresh historical highs. In June, Bitcoin reached $3012.05 for the first time (approximately $20,606) and $3525.04 in August. On Saturday (September 2), Bitcoin prices rose by more than $5,000 (over $34,000) on multiple platforms. A new record high.
As of the night of November 20, 2017, the Bitcoin price had risen to 8195 US dollars/piece, setting a new currency record. Bitcoin has risen nearly 50% in the past 8 days, and this year's increase has exceeded 700%.
English Name: Bitcoin
R & D: Satoshi Nakamoto
Release Date: 2009-01-09 00:00:00
Number of currencies: 21 million
Main features: Blockchain Asset Founder, The Most Widely Used, High Trust Reputation