ENTRY LEVEL: TOP FIVE QUESTIONS FOR BITCOIN DEEP ANALYSIS

 

1.What is Bitcoin?

BitCoin is actually a P2P digital code. Bitcoin does not rely on specific currency institutions to issue. It generates a large number of calculations based on specific algorithms. Bitcoin uses a distributed database of multiple 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 it is not possible to manipulate the currency value by making large amounts of Bitcoin.

Bitcoin is a digital currency designed by Satoshi Nakamoto (a pseudonym) in January 2009. Bitcoin allows users to complete payments in a decentralized, peer-to-peer network. The unique thing about Bitcoin is that it does not require a central clearing house or financial institution to liquidate transactions. Users only need internet connection and bitcoin software to pay for another public account or address.

2.Who developed Bitcoin software?

This matter is divided into two steps, the first step is the theory, Satoshi Nakamoto wrote a paper in 2008, designed a digital currency, this article describes the principle and algorithm of this digital currency.

In 2009, according to Satoshi Satoshi’s article, an open source project was organized. Global programmers participated freely and completed Bitcoin’s core algorithm and software development. Satoshi Satoshi participated in the project, and digging to mine the first data block to get 50 bitcoins.

3.What is open source?

Open source software means that all source code of the software is open. A programmer who understands the code can get all the source code of the software and read the logic of it, and can also get the source code and compile it. The running software can also modify the source code and compile new software.

Bitcoin’s core software is open source, which means that this software has no secret. The internal logic of this software is clear to everyone. Whether this software has loopholes, whether there are Trojans, or backdoors, everyone is clear. Chu.

Bitcoin’s peripheral software (called third-party applications), especially those developed by some commercial companies, is not open source. For example, a Bitcoin trading website is just based on Bitcoin’s characteristics, and docking with Bitcoin software, then it is not a development software.

4.Bitcoin software will not be controlled?

As mentioned earlier, because bitcoin software is an open source software, we all know its source code and implementation. From the current feedback, we did not find any Trojans and backdoors in the software source code, indicating that the software is currently Not controlled by people.

So, will anyone subsequently release a new software and then do bad things in it? Because this software is open source, so the subsequent software evolution and upgrade, its source code is also clear to everyone, from the software itself, this open source software, is unlikely to be implanted Trojan And the back door.

On the other hand, just because the software itself is open source, it is easy for people to get it, after a slight modification, it becomes a new software, and this new software may be implanted in Trojans and back doors, so we Get Bitcoin software from formal sources.

5.How many years have Bitcoin developed?

In 2008, Bitcoin’s theoretical article was published. Bitcoin software was developed in January 2009 and it has been available for about 9 years，The current Bitcoin value is the highest.

This paper updates five primary issues, and follow-up will be updated successively.

Encrypted currency real-time price quotes：citicoins.com

Reading extension

How does the economics community see Bitcoin?

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