Reading this note, trust me, will help you deepen your understanding of Bitcoin and blockchain

What is bitcoin?

A virtual cryptocurrency in the form of a P2P, made up of complex strings of computer-generated code.

Who and when was the founder of Bitcoin?

Satoshi Nakamoto, born on January 3, 2009.

How do you create a new Bitcoin?

Created by preset programs, specifically, the Bitcoin network “mines” new bitcoins. “Mining” is essentially a computer solution to a complex mathematical problem to ensure the consistency of the bitcoin network’s distributed accounting system. The bitcoin network automatically adjusts the difficulty of the math questions so that the entire network gets a qualified answer about every 10 minutes. The bitcoin network then generates a certain amount of new Bitcoin as a block reward for the answer.

What’s the difference between Bitcoin and other fiat currencies?

Currency monetary authorities don’t depend on the specific issue, it according to the specific algorithm, through a lot of calculation, who are likely to be involved in manufacturing COINS, and can circulate around the world, can be on any computer connected to the Internet business, no matter where, anyone can dig, buy, sell, or collecting COINS.

How much is the bitcoin mining reward?

When Bitcoin was born in 2009, the block reward was 50 bitcoins. After 10 minutes, the first 50 bitcoins were created, and the total amount of money was 50. Bitcoins then grew at a rate of about 50 every 10 minutes. When the total reaches 10.5 million (50% of 21 million), the block award is halved to 25. When the total reaches 15.75 million (5.25 million new output, or 50% of 1050), the block reward is halved again to 12.5 blocks. The system had no more than 10.5 million for four years, after which the total number will be permanently limited to about 21 million.

Why 21 million bitcoins?

Satoshi nakamoto himself did not give an answer, which gave everyone a variety of imagination, so the Internet has a wide range of opinions.

  1. Satoshi nakamoto’s vision is that bitcoin will eventually replace gold as the hard currency everyone recognizes in the Internet age.
  2. Experts have calculated that while the earth’s gold reserves are huge, the total amount that can be mined is 210,000 tons (21 million bitcoins).
  3. As of now (early 2018), the total amount of gold mined in human history is about 160,000 tons.
  4. By 2045, all known gold available for mining will have been mined, leaving us with about 210,000 tons of gold. (By 2045, 99.95% of bitcoins will have been mined, or about 21 million.)
  5. That’s why Satoshi nakamoto put the number of bitcoins at 21 million.
  6. Extrapolating further, there is one ton of gold for every 100 bitcoins. Now you can judge the future value of bitcoin — eventually each bitcoin will cost a staggering $1 million.

What are the characteristics of bitcoin goods?

  1. Decentralized: Bitcoin is the first distributed virtual currency, with an entire network of users and no central bank. Decentralization is the guarantee of bitcoin’s security and freedom.
  2. Worldwide circulation: Bitcoin can be managed from any computer connected to the Internet. Bitcoin can be mined, bought, sold or collected by anyone, no matter where they live. Proprietary ownership: Controlling bitcoin requires a private key, which can be kept in isolation on any storage medium. No one can get it except the user himself.
  3. Low transaction fees: It is possible to send out bitcoin for free, but eventually a transaction fee of about 1 bitpoint will be charged for each transaction to ensure faster execution.
  4. No hidden costs: As A means of payment from A to B, bitcoin has no cumbersome limits and procedures. The payment can be made by knowing the other person’s Bitcoin address.
  5. Cross-platform mining: Users can explore the computing power of different hardware on many platforms.

advantages

Completely decentralized, with no issuing agency, it is impossible to manipulate the number of issues. Its distribution and circulation is realized through open source P2P algorithm.

Anonymous, tax-exempt, unregulated.

Robustness. Bitcoin relies entirely on P2P networks and has no distribution center, so outsiders can’t shut it down. The price of bitcoin may fluctuate, crash and governments may outlaw it, but bitcoin and its vast PEER-to-peer network are not going away. They have no borders and cross borders. Cross-border remittances go through layers of foreign exchange control agencies, and the transactions are recorded in multiple ways. With Bitcoin, however, a large amount of money passes by after entering a digital address, clicking a mouse and waiting for the P2P network to confirm the transaction. It does not pass through any regulatory bodies and leaves no records of cross-border transactions.

It is hard for shanzhai to survive. Since the Bitcoin algorithm is completely open source, anyone can download the source code, modify the parameters, recompile it, and create a new P2P currency. But these fake currencies are vulnerable to 51% attacks. Any individual or organisation that controls 51 per cent of the computing power of a peer-to-peer currency network can manipulate transactions and currencies at will, which would be devastating. Many copycat coins, is dead in this link. The bitcoin network is already robust enough that the number of CPUS/Gpus needed to control 51% of the computing power of the Bitcoin network would be astronomical.

How to mine Bitcoin?

1. Every 10 minutes, the whole network of miners together to calculate an arithmetic problem, the first one to solve the answer, equivalent to digging the block, the miner will get the system’s new bitcoin reward.

2. Mining machine, Bitcoin address, mining software and so on should be prepared first. But the current bitcoin network is too powerful.

3. It is difficult to dig blocks if individuals purchase a small number of mining machines. Many miners join the pool, where the mine does the calculations and the pool packs the information.

How does Bitcoin and blockchain work? How about mining machine mining? (Mr. Lee Wing-lok understands)

www.bilibili.com/video/av452…

Bitcoin blockchain size?

As time goes on, the node size of the whole network will get bigger and bigger, currently about 200G

Why are Bitcoin blocks at 1m?

www.zhihu.com/question/58…

What are the bitcoin forks?

BCH (Bitcoin Cash), BTG (Bitcoin Gold), BCD (Bitcoin Diamond), SBTC (Super Bitcoin)

What does bitcoin trade for?

More famous: Huobi, Binance, OKEX

What does bitcoin trade for?

More famous: Huobi, Binance, OKEX

How was Bitcoin launched?

1. There is no specific issuing institution, relying on a decentralized issuing mechanism to issue bitcoin.

2. Bitcoin is a decentralized ledger, where a block is equivalent to a page, and the system automatically generates Bitcoins as a reward for miners to participate in the bookkeeping.

3. A certain amount of Bitcoins will be awarded after bookkeeping is completed, that is, during the issuance process, 50 bitcoins will be awarded for each bookkeeping at the beginning.

What is bitcoin full Node?

The full node is a node with a complete blockchain ledger. The full node needs to occupy memory to synchronize all blockchain data, can independently verify all transactions on the blockchain and update data in real time, and is mainly responsible for the broadcast and verification of blockchain transactions.

Blog.csdn.net/bibitalk/ar…

How to sign up for a Bitcoin wallet and have your own Bitcoin address?

Jingyan.baidu.com/article/eb9…

Bitcoin wallet principle and JS implementation examples

Baijiahao.baidu.com/s?id=160766…

What is a Bitcoin address?

www.jianshu.com/p/58d26faff…

GRPC,

www.jianshu.com/p/9c947d98e…

Simple implementation of blockchain with JS

www.bilibili.com/video/av783…

Bitcoin block structure analysis

www.cnblogs.com/binyue/p/85…

{
  "ver": 536870912,
  "next_block": []."time": 1521380124,
  "bits": 391203401,
  "fee": 4275840,
  "nonce": - 1293730842."n_tx": 2197,
  "size": 1112639,
  "block_index": 0."main_chain": true."height": 514095,
  "weight": 3981323,
tx": [{"hash":"17fbd1fac4f45a74f7e21d35b591e2e50ad3bffefbd875cb64783c069294a2ad","ver": 1,"vin_sz": 1,"vout_sz": 2,"size": 243,"weight": 864,"fee": 0,"relayed_by":"127.0.0.1","lock_time": 0,"tx_index": 0,"double_spend": false, "result": 0,"balance": 0,"time": 1521380124,"block_index": 0,"block_height": 514095,"inputs": [{"sequence": 4294967295,"witness":"0000000000000000000000000000000000000000000000000000000000000000","script":"032fd80704ff6aae5a642f4254432e434f4d2ffabe6d6dde7bb20e55a7b572eec8eaa1f74b5e315207eaf540d4124645a59fc35b87f4c901000000000000002a0052b2ed1cc77100000000","index}],"out": [{"type": 0,"spent": true, "value": 1254275840,"spending_outpoints": [{"tx_index": 0,"n": 11}],"tx_index": 0,"script":"76a91478ce48f88c94df3762da89dc8498205373a8ce6f88ac","n": 0,"addr":"1C1mCxRukix1KfegAY5zQQJV7samAciZpv"}, {"type": 0,"spent": false, "value": 0,"spending_outpoints": []."tx_index": 0,"script":"6a24aa21a9ed297cf1e24606b37bdcf13733346a772932781e7018391797789e376755289052","n": 1}]},"hash":"00000000000000000018b0a6ae560fa33c469b6528bc9e0fb0c669319a186c33","prev_block":"000000000000000000481ab128418847dc25db4dafec464baa5a33e66490990b","mrkl_root":"5f8f8e053fd4c0c3175c10ac5189c15e6ba218909319850936fe54934dcbfeac"}Copy the code

What are the common bitcoin wallets

www.elecfans.com/blockchain/…

Bitcoin-related websites

www.blockchain.com/explorer

bitcoin.org/

What are the properties of Hash functions themselves?

1. The input string is of any size;

2. Generate output of fixed size (storage size), and this size can be set (random number);

The same input, get the same output;

4, for different inputs, even if only a small change, the output is very different;

Satoshi Nakamoto white Paper

Github.com/GammaGao/bi…

Huobi – Blockchain 100 questions

www.bilibili.com/video/av625…

How to use Protobuf in the front end

Segmentfault.com/a/119000002…

Currently, the bitcoin system mainly has the following major problems:

1. Limited transaction volume (mainly the block size is only 1M);

2. Protocol evolution is slow and development is inefficient;

3. Never experienced a massive radio storm;

Understand bitcoin UTXOs, addresses and transactions

A Transaction, known simply as TX UTXO, is an unprecedented way of accounting, a collection of Bitcoin amounts associated with bitcoin addresses, a data structure containing data and executable code. Blog.csdn.net/jfkidear/ar… Blog.csdn.net/liudaoqiang…