Take you one minute to understand what Bitcoin is

What is Bitcoin?

Bitcoin is a decentralized digital currency created by Satoshi Nakamoto in 2008. It is different from fiat currency, such as the U.S. dollar or euro, issued by a central bank or government.

How does it work?

The way Bitcoin works is based on blockchain technology. Blockchain is a distributed ledger that stores the history of all Bitcoin transactions. This record is public and cannot be tampered with, which guarantees the security of Bitcoin.

Decentralized

Bitcoin is not controlled by a central authority but is maintained by a network of computers on a global network. This means no one can control it or manipulate its value.

Main Features:

• Decentralization: Not controlled by any central authority.
• Anonymity: While all transactions are recorded on the blockchain, they are not tied to personal identities.
• Security: Blockchain technology and cryptography make Bitcoin highly secure.
• Scarcity: Only 21 million Bitcoins will be mined.
• Transferability: Send and receive Bitcoin quickly and easily around the world.

Use:

Bitcoin is primarily used as a store of value and a medium of exchange. It is also increasingly used as a payment method, especially in online transactions.

The above is the detailed content of Take you one minute to understand what Bitcoin is. For more information, please follow other related articles on the PHP Chinese website!