Bitcoin is a decentralized, globally applicable electronic cryptocurrency that does not require third-party institutions or individuals and is based on blockchain as payment technology. 1 Bitcoin was invented and created by Satoshi Nakamoto on January 3, 2009, based on a borderless peer-to-peer network and using independent open source software. It is the ancestor of cryptocurrency and blockchain, and is also the current popularity and market Cryptocurrency with the highest total value. Anyone can participate in Bitcoin activities, which can be issued through computer operations called mining. The number of Bitcoin protocols is capped at 21 million to avoid inflation issues. The use of Bitcoin uses private keys as digital signatures, allowing individuals to pay directly to others without going through third-party institutions such as banks, clearing centers, securities dealers, etc., thereby avoiding high handling fees, cumbersome processes, and regulatory issues .

2 Blockchain technology is the underlying technology of Bitcoin, but not many people paid attention to the underlying technology of Bitcoin in the early days. But when Bitcoin is operated and managed without any centralized organization, it has been running very stably for many years without any problems. Therefore, many people have noticed that the underlying technology may have a large mechanism, and it may not only be used in Bitcoin, but may be applied in many fields. So from a certain perspective, Bitcoin can be seen as the first application of blockchain, and blockchain is more similar to underlying technologies such as TCP/IP, which will expand to more and more industries in the future.

3 Taking the financial industry as an example, if hacker attacks or system errors cause accounting data to be tampered with or damaged, it may lead to a crisis or even collapse of the entire system. In addition, because of the uniqueness of the ledger, this operating model relies on the credit of the center, that is, the credit of the bank. If there is a problem with the credit of this "center", such as the bank tampering with data without authorization, the rights and interests of customers will also be violated. In order to prevent single points of failure and systemic risks, traditional financial institutions need to conduct layer-by-layer audits to control financial risks, but this also results in high internal costs. According to a report released by Santander, Spain's largest bank, if all banks around the world use blockchain technology internally around 2020, they will save approximately US$20 billion in costs per year.