Bitcoin fell below $52,000. Do you know what bitcoin is?

Bitcoin Concept 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. 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 design to ensure the security of all links in currency circulation. Mining? To generate new bitcoins. So-called? Mining? In essence, it is to solve a complex mathematical problem with a computer to ensure the consistency of the distributed accounting system of Bitcoin network. Bitcoin network will automatically adjust the difficulty of mathematical problems, so that the whole network can get a qualified answer every 10 minute. Then the bitcoin network will generate a certain amount of bitcoin as a reward to reward the person who gets the answer.

What are the advantages of Bitcoin? Bitcoin is the first distributed virtual currency, and the whole network consists of users without a central bank. Decentralization is the guarantee of bitcoin security and freedom.

1. exclusive ownership: manipulating bitcoin requires a private key, which can be stored in any storage medium in isolation. No one can get it except the users themselves. Low transaction cost: Bitcoin can be remitted for free, but in the end, a transaction fee of about 1 bit will be charged for each transaction to ensure the faster execution of the transaction.

2. No hidden cost: As a means of payment from A to B, there is no complicated procedure of limit and currency comparison. You can pay by knowing the other party's bitcoin address. Cross-platform mining: Users can explore the computing power of different hardware on many platforms.

3. Completely decentralized, without issuers, it is impossible to manipulate the number of issues. Its distribution and circulation are realized by open source p2p algorithm. Anonymous, tax-free and supervision-free. Robustness Bitcoin relies entirely on p2p network, and there is no distribution center, so it cannot be closed to the outside world. If you use bitcoin to trade, directly enter the digital address, click the mouse and wait for the p2p network to confirm the transaction, and a lot of money will pass. Without going through any regulatory agencies, no cross-border transaction records will be left.

Disadvantages of Bitcoin Most countries do not recognize that Bitcoin is a real currency, and the price of Bitcoin is also affected by national policies, because the fatal weakness of Bitcoin is that with the exchange of cryptocurrencies, black money can easily have a legitimate source. Money laundering is anathema to all countries. What is the need for money laundering? Drug trafficking, smuggling, fraud, corruption, bribery, tax evasion. It is also easy to make funds flee, also known as asset transfer. A businessman who wants to emigrate and turn all his assets into ready-made dollars needs to go through the State Administration of Foreign Exchange. Now the foreign exchange control is strictly 50 thousand, and he has to go through the formalities. The state will never give a large amount of foreign exchange to individuals. With bitcoin, it's different. You don't need to go through the SAFE. Among other risks, due to lack of supervision, cryptocurrency? May cause irreparable losses to all parties to the transaction? . Is payment possible? Including factors that may undermine people's confidence in the methods and tools currently used in payment? .