Why can’t Bitcoin be checked for ownership (Bitcoin cannot be seen or touched)
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Why can’t Bitcoin be checked for ownership? Why can’t Bitcoin be checked for ownership Blockchain technology is an important component of the Internet, providing a new way to trade, transfer, or exchange data and value. But currently, there is no technology that can directly record this information to support the issuance and circulation of this new digital currency, and the emergence of this new technology has brought some problems In the network we are discussing today, many people claim to have mastered Bitcoin. However, in reality, this is not the case. Because Bitcoin has not been used by any institution (including multiple countries such as China), and there is still a lack of demand and recognition for this asset. Therefore, it is difficult for such individuals to understand the real intention behind the Cryptocurrency they hold
But for ordinary people, you don’t need to know how many Cryptocurrency are in their wallets or which currencies are worth buying! Below is a brief introduction: What is a blockchain network Blockchain is a distributed ledger protocol. There are various types of data storage and transmission methods. For example, databases on the public chain such as Ethereum can be used to store various files. Due to each node having its own private key, various accounts in the blockchain network can access these accounts and receive corresponding rewards. If a user uses a smart contract to verify whether an address truly contains your Bitcoin, it will automatically generate a corresponding number of Bitcoins and send the corresponding amount of information to the block Bitcoin, as a special form of payment method, has the characteristics of immutability, transparency, and traceability, making it not only safe to store anywhere but also suitable for use in the financial field, while also ensuring the protection of users’ funds from losses
In addition, Bitcoin is also a point-to-point Electronic cash system. Although Bitcoin does not belong to private companies or government organizations, it represents the legal status of a country. In this sense, it can be said that it is a very important infrastructure – the Bitcoin network The underlying technology of Bitcoin is the “consensus mechanism” computer programming language. It can help people create a way to minimize trust in accounting, thereby reducing friction costs between intermediaries Bitcoin was dug up by miners and after a period of time, it became a fully effective economy. In order to prevent ASIC chips from being cracked, many developers have adopted the SHA256 algorithm. According to the design principle of the hash value model, “randomly selecting timestamps” and “hash functions”, i.e. “time intervals”. When the ‘Proof of Time’ is confirmed, a new block is generated and enters the block header, and Bitcoin completes the entire task. Of course, as more and more hardware devices are added, this process becomes more complex
Bitcoin cannot be seen or touched
According to CCN, Bitcoin prices began to decline after reaching a peak of nearly $20000 last Friday. From the current price trend, BTC has recently fallen by over 60%. But if this low point is classified as a long-term bottom, it may be the top. In addition, in recent days, Bitcoin has experienced significant fluctuations, indicating that the market still maintains a cautious and optimistic attitude towards digital currencies. According to media reports, in March this year, investors stated that they would invest in a portion of digital currency assets as their ability to hedge against inflation is declining.
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