Finally, someone can explain what Bitcoin is
👀Historical background
In 2008, the US subprime mortgage crisis caused a global financial crisis, resulting in the closure of a large number of banks, market collapse, economic recession, and tens of millions of people losing their jobs
🎯The birth of Bitcoin
On October 31, 2008, a person named Satoshi Nakamoto published a white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" in a secret cryptography discussion group. On January 3, 2009, Satoshi Nakamoto created the first block in the Bitcoin network, the Genesis Block, which officially marked the birth of Bitcoin
💡What is currency?
To understand what Bitcoin is, you must first understand what currency is. Currency is issued by the state and is not only used as a medium of exchange for commodities, but also a measure of value, a means of storage and a means of payment. Monetary policy is an important means for the state to regulate the macro economy, but what does currency consist of? Trust! Consensus.
🤖What is Bitcoin
Bitcoin relies on "blockchain" technology to create, trade and store. Blockchain is a decentralized, distributed and collectively maintained database technology. Simply put, Bitcoin is like gold in the cyber world, but it is a complex string of code. Bitcoin operates on the blockchain, a decentralized distributed ledger that records all transaction information, is open and transparent and cannot be tampered with. "Miners" add blocks by solving mathematical problems and get Bitcoin rewards, which is mining.
💫Characteristics of Bitcoin
Decentralization: A characteristic also at the core of Bitcoin. Bitcoin does not rely on any central institution, such as a bank or government, and its transactions and records are achieved through blockchain technology. This means that the issuance, trading and storage of Bitcoin are all based on a decentralized network without the involvement of intermediary institutions and countries.
Anonymity: No personal information is required when trading, and privacy is protected.
Global circulation: Bitcoin is not restricted by region and can be traded worldwide without any handling fees or exchange fees.
Musk Concept Ethereum Chain #puppies (ending with 6eb2), as a force that sticks to its original philanthropic aspirations and is committed to it, is leading Web2 users to steadily move towards a new era of Web3.
