The Basics of Bitcoin

What is Bitcoin?

The price of Bitcoin has been soaring, especially after Musk's massive purchase of Bitcoin, many people are also considering whether they should invest all their savings in Bitcoin. So what exactly is Bitcoin?

Bitcoin is a virtual currency. As a means of payment, Bitcoin does not own banknotes and coins, but is based on cryptographic operations. The structure of Bitcoin is decentralized, so its operation does not require banks and central banks for management and control. Therefore, Bitcoin can be used worldwide under the same conditions, which is completely different from the currency system so far. The encryption algorithm even hides the user’s identity and whereabouts. In January 2009, a person with the pseudonym "Satoshi Nakamoto" published an open source program about Bitcoin.

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