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What is Bitcoin Zhihu (What is Bitcoin)

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What is Bitcoin Zhihu

What is Bitcoin Zhihu according to Zhihu news, and what is Bitcoin? Zhihu is an open platform to answer all questions about Cryptocurrency. Users can view their wallet address and related activity records when conducting transactions using Zhihu’s blockchain browser and node software; Based on the user’s BTC balance and other information (such as sending it to friends or family), a specific number of wallet IDs can be obtained, and a snapshot of the assets in that account can be taken

About what Bitcoin is, there have been some statements on the Internet: “You can access a decentralized network through the network”, but these “Bitcoin” are not real Bitcoin, “Bitcoin is a digital token, a new technology that people use to buy, sell and Exchange value.”

What is Bitcoin

What is Bitcoin In the past few years, people’s understanding of special currency has undergone a significant transformation. Although many people compare Bitcoin to “digital gold”, most people do not understand it so deeply – after all, Bitcoin is a member of Cryptocurrency (such as Satoshi Nakamoto) What is Bitcoin? Simply put, it is a type of encrypted asset issued based on blockchain technology, peer-to-peer networks, and immutability, with the aim of addressing price manipulation issues caused by the opacity of the global economic and financial landscape. Bitcoin, currently one of the world’s largest cryptocurrencies, is also known as a means of storing value or a medium of exchange According to Coindesk, as of January 14, 2019, the market value of Bitcoin exceeded $2 trillion, accounting for about 2% of the total valuation of the entire encryption market. Despite this, Bitcoin is still an interesting presence. Since 2009, the protocol has been using Bitcoin to pay for goods and services and receive returns, which means that any buyer can earn transaction fees from it Over time, more and more people are paying attention to this field, and this growth may be related to other parts of the encryption market, as they are typically used to pay for goods or services, but they are actually investing in Bitcoin. If someone is willing to sell these products at a high price, it will generate a higher premium Why buy Bitcoin as a reserve asset? This is because Bitcoin is highly variable and Scarcity. For example, Bitcoin can only process 10 transactions per second, so even if you want to use one block, you can generate 100 new blocks, and the time for each new block creation is fixed Therefore, since Bitcoin can be transmitted anytime and anywhere like paper money, its price is very expensive and difficult to track. At the same time, in order to make it a safe and effective form of trading, miners must invest their workload in the process of mining Bitcoin. The purpose of doing so is to ensure that one does not suffer losses due to excessive expansion; On the other hand, due to the lack of built-in features in Bitcoin, mining costs will also increase; In addition, Bitcoin is also decentralized, and only users can control its private key, which is known as a “smart contract” How to ensure the security of users’ funds Firstly, there needs to be a public account book to record the ownership status of each holder, and then send it to the designated wallet. When you have a certain token, you can view your account balance and historical balance through the exchange. If you want to receive this amount, please verify it through the BitPay application. In addition, you can also set your own wallet address and password to avoid malicious attacks Secondly, the working principle of Bitcoin is similar to that of fiat currency. It is an algorithm written by a computer and calculated by the computer to form an accounting unit, thereby eliminating multiple fault points on the system; Bitcoin runs between two nodes, two of which are synchronized; The first node is responsible for confirming whether the hash distribution of Bitcoin is consistent.

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