What is Bitcoin
Bitcoin is an electronic currency, a currency based on cryptography. On November 1, 2008, Satoshi Nakamoto published a Bitcoin white paper in which a decentralized electronic accounting system was proposed. We usually Electronic cash is used by banks to keep accounts, because behind the banks is national credit. The decentralized electronic accounting system is the joint accounting of participants. Bitcoin can prevent sovereign crises and credit risks. The benefits will not be repeated, there are many articles introduced at this level, this article mainly introduces from the perspective of deeper technical principles.
Problem introduction
Assume that 4 people are called ABCD, and 3 transactions are initiated between them. A transfers 10 bitcoins to B, B transfers 5 bitcoins to C, and C transfers 2 bitcoins to D. If it is a traditional accounting method, these transactions will be recorded in the bank’s system. This information is recorded by the bank. We believe that the bank will not add, delete or modify a transaction record at will, and we will not pay attention to what transactions are actually there. We only focus on our account balance. The Bitcoin accounting method keeps such an account book for each person in ABCD. The above transaction content is recorded on the account book. If everyone's account book is consistent in real time, ABCD no longer needs a bank.
Bitcoin does this. Whenever someone initiates a transaction, he will broadcast a transaction to the entire network, and a certain person in the entire network will package and record the transaction within a period of time into a block. , And then link these blocks one by one in order to form a chain, which is the so-called blockchain.
