What exactly is Bitcoin and what is its function?

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.

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.

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Bitcoin network generates new bitcoins by "mining". The so-called "mining" is essentially to solve a complex mathematical problem with a computer to ensure the consistency of the distributed accounting system of Bitcoin network.

To exploit bitcoin, you can download a special bitcoin computing tool, then register various cooperation websites, fill in the registered user name and password in the computing program, and then click the operation to officially start.

The bitcoin network is robust, but the bitcoin trading platform is fragile. The trading platform is generally a website, which will be attacked by hackers or shut down by the competent authorities.

Baidu Encyclopedia-Bitcoin