Bitcoin is an electronic currency and digital currency generated by open source P2P software. It is a network virtual asset. Bitcoin is also translated as "bit gold".

In summary, Bitcoin is based on a set of cryptographic codes and is generated through complex algorithms. This rule is not interfered by any individual or organization and is decentralized; anyone can download and run the Bitcoin client. And participate in the production of Bitcoin; Bitcoin uses electronic signatures to achieve circulation, and checks repeated consumption through the P2P distributed network. The generation and consumption of each block of Bitcoin will be recorded through the P2P distributed network and notified to the entire network, and there is no possibility of forgery.

Bitcoin does not rely on the issuance of a specific monetary institution. It is generated through a large number of calculations by specific algorithms. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behaviors. The decentralized nature of P2P and the algorithm itself can ensure that currency value cannot be artificially manipulated by mass production of Bitcoins. Design based on cryptography can ensure that Bitcoins can only be transferred or paid by real owners. This ensures the anonymity of currency ownership and circulation transactions.

For more information about what Bitcoin is used for, enter: /ask/71fe541615824686.html?zd to view more content