COINS since 2008 seminar presentation, walking today for almost ten years, but for an even has ten years of history, of the current situation is still little, what COINS, what is the block chain, may be someone heard, but to really say let its complete description words failing again, and the information on the net is good and bad are intermingled, Those who want to learn do not have systematic cognition, let alone know where to start. In view of this situation, I have collected information about blockchain and bitcoin, and I hope to share this article with more friends who want to know more about it.
What is Bitcoin:
On November 1, 2008, a man claiming to be Satoshi Nakamoto posted a seminar on an obscure cryptography review group outlining his new vision for electronic money — in 2009, Nakamoto had devised a digital currency, bitcoin. Bitcoin was born, and the first bitcoin transaction was completed.
Start with the essence of bitcoin, which is essentially a collection of complex algorithms that generate specific solutions. A particular solution is one of an infinite number of solutions that the system can produce. And each particular solution solves the equation and is unique. To use the yuan analogy, bitcoin is the serial number of the yuan. If you know the serial number on a bill, you own the bill. The bitcoin network generates new bitcoins through “mining”, and the mining process is the use of computers through a huge amount of computing to continuously seek a special solution to the system of equations, the system is designed to only 21 million special solutions, so the upper limit of bitcoin is 21 million.
When bitcoin was born in 2009, each bounty was 50 bitcoins. After 10 minutes, the first 50 bitcoins were created, and the total amount of money was 50. The bitcoin network automatically adjusts the difficulty of the math questions so that the entire network gets a qualified answer about every 10 minutes. Bitcoins then grew at a rate of about 50 every 10 minutes. When the total reaches 10.5 million (50 percent of 21 million), the bounty is halved to 25. When the total reaches 15.75 million (5.25 million new output, or 50 percent of 1050), the bounty is halved again to 12.5. It is designed so that the total number of bitcoins will continue to grow until it reaches 21 million more than 100 years from now.
Features and advantages of Bitcoin:
Decentralization: Bitcoin is the first distributed virtual currency composed of users in the entire network. Complete decentralization and no issuing institution are one of its main features and advantages. Because there is no issuing institution, no country can control the number of issuance in essence. Even if governments outlaw it in some countries, bitcoin and its vast PEER-to-peer network will not disappear.
Worldwide circulation: Global circulation is its second feature and advantage. Unlike cross-border remittances, which require you to go through layers of foreign exchange regulators, you can anonymously mine, buy, sell or receive Bitcoins from any internet-connected computer anywhere in the world. In the process of trading with bitcoin, there are no tedious procedures and limits on the amount of money. As long as you know the bitcoin address of the other party, directly input the digital address, click the mouse, and wait for the P2P network to confirm the transaction, a large amount of money will pass. It does not pass through any regulatory bodies and leaves no records of cross-border transactions.
Bitcoin transaction and consumption:
Bitcoin is electronic cash similar to email, and both parties need a “bitcoin wallet” similar to an email address and a “bitcoin address” similar to an email address. Remitters send bitcoins directly to the recipient’s address via a computer or smartphone, just as they do with email.
The token address and the private key come in pairs, like a bank card number and password. A Bitcoin address is used like a bank card number to keep track of how many bitcoins you have in that address. You can generate any bitcoin address you want to store bitcoins in. Each Bitcoin address is generated with a private key corresponding to that address. This private key proves that you have ownership of the bitcoins at that address. We can simply think of the bitcoin address as the bank card number, and the private key of the address as the password of the corresponding bank card number. You can only use the money on your bank card number if you know your pin number.
Many websites targeting tech gamers are already accepting bitcoin transactions. Sites like Mtgox and BTCChina, as well as some taobao stores, even accept bitcoin for dollars and euros. There is no doubt that Bitcoin has become a real currency, not a virtual currency like Tencent’s Q coin. There are specialized third-party bitcoin payment companies in foreign countries, similar to Alipay in China, which can provide API interface services.
What is blockchain and how does it relate to Bitcoin:
Blockchain technology is the underlying technology of Bitcoin, which has always operated without any centralized organization. Later, Bitcoin technology has been abstracted and called blockchain technology, or distributed ledger technology. To put it simply, blockchain is a decentralized, distributed ledger database. There is no center, or everyone is the center; A distributed ledger database means not only that the ledger data is stored on each node, but that each node synchronously shares and replicates the entire ledger. At the same time, blockchain is also characterized by disintermediation and information transparency.
For example, in our daily online shopping, after placing an order, we remit the money to the third-party payment agency, an intermediary platform. After the seller delivers the goods and the buyer confirms receipt of the goods, the buyer notifies the payment agency to remit the money to the seller’s account. But the transaction model supported by blockchain technology is different, with buyers and sellers trading directly without any intermediary platform. After the transaction between the buyer and the seller, the system releases the transaction information in the form of broadcast, and all hosts receiving the information record the transaction after confirming the information is correct, which means that all hosts have made data backup for the transaction. As long as in the transaction process, everyone knows that the other party gave you the money, you can not deny it, which greatly solves the problems caused by trust between people.
Bitcoin’s future and whether it’s worth investing in:
The public perception of COINS or block chain, the biggest know way is to listen to people around you, said after the first decade cycle, there are a large group of people to this direction exists on the sidelines, don’t understand is why reluctant to intervene, afraid to miss reason is reluctant to leave, then block chain or COINS whether there is investment prospects? My answer is yes, as far as the current market is concerned, the investment products available are nothing more than physical stores, the property market, stocks and foreign exchange futures.
So since it is called investment, we have to consider various aspects, such as market prospect, cost, profit, cycle and so on. In terms of the stock market and real estate market alone, these should be the investment market we are most familiar with and the market we pay the most attention to. However, compared with the current bitcoin and blockchain, don’t you think the opportunities offered by the real estate market and the stock market in the future are getting smaller and smaller? What is more important is the trend of a certain thing. It is self-evident that a wave of blockchain and bitcoin is starting around the world. Even though some countries still do not recognize Bitcoin, this will certainly change under the wheel of the progress of The Times.
The term Nylonkong was coined in a 2008 Time magazine article a Tale of Three Cities. New York, London and Hong Kong combined, nylonport’s financial network dominates the world economy, is a model of globalization and a cradle of new things. Ten years later, Hong Kong, a financial city, is also undergoing profound changes. In addition to the battle for supremacy among traditional financial centers, there is also a huge hidden variable, that is, “blockchain”. It is both the biggest technology trend of the future and the biggest wild card in the financial debate.
Over the years, Hong Kong’s focus on blockchain has not matched its financial stature, while other cities have long since begun to develop their own plans. Singapore, for example, has already become a hub for cryptocurrency and blockchain projects. In Response to the current situation, in November 2018, the Hong Kong Securities and Futures Commission issued a new regulation on digital asset management, licensing cryptocurrency exchanges through “sandbox regulation”. This may look like an understatement in the traditional financial sector, but quietly opened Hong Kong’s decisive battle “blockchain capital” prelude.
In the blockchain era, if Hong Kong had a world-class cryptocurrency exchange, it would be like reinventing the Stock Exchange of Hong Kong. Cryptocurrency exchanges connect the entire blockchain ecosystem, and blockchain connects the entire future financial landscape. The SFC’s new regulation is actually Hong Kong’s beginning to send a signal to the blockchain world: embrace the new era of finance.
Because of the influence of various aspects, we are not as sensitive to the global wind as coastal cities or overseas countries, but that is why we have the opportunity to participate in the development of any emerging things, which is why I have confidence in the Bitcoin project.
Some would argue that bitcoin has no future with the advent of the bear market, so let’s take a look at the story of the bitcoin world to determine.
The New York Stock Exchange teamed up with Microsoft and Starbucks to create Bakkt, a cryptocurrency trading platform; Apple co-founder Steve Wozniak started a cryptocurrency asset investment company; The creators of Java and Mozilla launched the Brave browser to reward users with BAT; IBM partnered with Stellar Lumens (XLM) to develop a cross-border payment solution; Alibaba and IBM hold the most blockchain patents in the world; Goldman Sachs backed Circle launches cryptocurrency finance company; Coinbase is valued at $8 billion; Bitmain, with revenues of $2.8bn this year; An has overtaken Deutsche Bank in quarterly revenues; This year, more and more enterprises have joined the r&d and investment of the blockchain industry, and there are more and more cryptocurrencies.
You tell me why bitcoin has no future?
About blockchain and bitcoin, there are other people’s stories, and there may be stories about you and me. Either you eat other people’s melon, or others eat yours. We all have a good time. Bitcoin 10th anniversary, the market ups and downs, the new era has new risks and opportunities, new thinking, I hope the next decade anniversary, we can all have new understanding.
Don’t give up the expectation of spring just because winter is coming; Don’t doubt your commitment to investment because most people are speculating; Don’t stop pursuing truth and value because it is false and expensive. Life is wonderful because of difference, investment is outstanding because of independence. Bao Jianfeng from honed out, plum blossom incense from the bitter cold. Without tall and straight, the mountain is not lofty; Without sludge, how can lotus blossom be graceful and graceful? Cold wind, my heart still. Muster the courage to turn a corner, may be able to turn out of vitality, turn out. I am jian Light dust, willing to be your friend in investment, any problem can find me, I will help!