What is Bitcoin?


Bitcoin (BTC, abbreviated as BTC) is a digital currency with a constant total amount of 21 million, which has the same characteristics as the Internet, such as decentralization, globalization, and anonymity. Transferring bitcoins to the other side of the earth is as simple as sending an email, low cost, and without any restrictions. Bitcoin is therefore used in cross-border trade, payment, remittance and other fields. Due to its broad prospects and huge room for imagination, Bitcoin's price has continued to rise since its birth in 2009. In 2011, the price of the currency reached 1 U.S. dollar, and in 2013 it reached a maximum of 1,200 U.S. dollars. The price of more than 1 ounce of gold is more than 1 ounce of gold. The current currency price is about 450 U.S. dollars)

Bitcoin began in 2008 with the mysterious character Satoshi Nakamoto's paper "Bitcoin: A Peer-to-Peer Electronic Cash System (Chinese Version)". In the six years since its birth, Bitcoin, as an unprecedented new currency, has experienced countless market tests and technical attacks, and has always stood firm. Now Bitcoin has grown into a currency system with millions of users around the world, tens of thousands of merchants accepting payments, and a market value of up to tens of billions of dollars. Bitcoin-related companies have also attracted nearly one billion U.S. dollars in venture equity investment from hundreds of well-known venture capital funds, companies, and individuals, including traditional financial giants such as Visa, Nasdaq, and Citi: "Visa, Nasdaq Daq and other giants invested in the blockchain company Chain 30 million US dollars; MasterCard (MasterCard): "MasterCard, New York Life Insurance joined the digital currency group in a new round of financing"; Goldman Sachs, IDG Capital: "Bitcoin company Circle received 5000 Ten thousand US dollars financing"; PayPal co-founder, eBay co-founder, Qualcomm: "Start-up Bitcoin company 21 received huge financing of 116 million US dollars"; New York Stock Exchange (NYSE): "Coinbase officially completed 75 million US dollars in Series C financing" ; Yahoo founder Yang Zhiyuan, Li Ka-shing's venture capital: "BitPay, a commercial trading platform for Bitcoin, raised 30 million US dollars, with a valuation of 160 million US dollars" and so on. There are also some venture capital funds that directly purchased Bitcoin. For example, in the US FBI's auction of seized Bitcoin on the dark web, one of Silicon Valley's most well-known investors Tim Draper (Baidu, Hotmail, Skype, Tesla) People) spent 20 million US dollars to buy 32,000 bitcoins, the Bitcoin Investment Trust in the United States bought 48,000 bitcoins and so on. (Netease News "Three anonymous bidders took the "Silk Road" 50,000 Bitcoins") The Internet has broken the geographical and national boundaries of information dissemination. Freedom of information has greatly promoted the development of human economy, politics, and culture. Bitcoin will Further breaking down financial and value communication barriers based on national boundaries will have a profound impact on the world. Bhagwan Chowdhry, a professor of finance at the University of California, made the following evaluation when he nominated Satoshi Nakamoto as a candidate for the Nobel Prize in Economics: I strongly recommend that this award be awarded to Satoshi Nakamoto. The invention of Bitcoin is simply revolutionary. Satoshi Nakamoto’s contribution will not only completely change the way we think about money, it is likely to subvert the central bank’s role in monetary policy, and will destroy high-cost remittance services such as Western Union, and completely eliminate Visa and MasterCard. They charge 2-4% intermediary transaction tax with Paypal, which eliminates bothersome and expensive notary and intermediary services. In fact, it will completely change the way of legal contracts.


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