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The concept of Bitcoin was first proposed by Satoshi Nakamoto on November 1, 2008, and was officially born on January 3, 2009.

According to Satoshi Nakamoto’s The open source software released by Idea Design and the P2P network built on it. Bitcoin is a P2P form of digital currency [52]. Bitcoin’s transaction records are open and transparent [50]. Peer-to-peer transmission means a decentralized payment system.

Unlike most currencies, Bitcoin does not rely on the issuance of a specific monetary institution. It is generated through a large number of calculations based on a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm All transactions are recorded, and cryptographic design is used to ensure the security of all aspects of currency circulation. The decentralized nature of P2P and the algorithm itself ensure that currency value cannot be artificially manipulated by mass production of Bitcoins. Design based on cryptography allows Bitcoin to be transferred or paid only by real owners. This also ensures the anonymity of currency ownership and circulation transactions. The total number of Bitcoins is limited. The currency system once had no more than 10.5 million in 4 years, and the total number will be permanently limited to 21 million thereafter.