The Production Principle and Characteristics of Bitcoin

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Production principle

Speaking of the essence of Bitcoin, the essence of Bitcoin is actually a special solution generated by a series of complex algorithms. 

A special solution refers to a set of finite solutions that can be obtained from a system of equations. Each specific solution can solve the equation and is unique. 

Using the analogy of banknotes, Bitcoin is the serial number of a banknote. If you know the serial number on a banknote, you will own the banknote. 

The process of mining is to continuously search for special solutions of the equations through a large number of calculations. 

The equation system is only designed with 21 million special solutions, so the upper limit of Bitcoin is 21 million.

 

Currency characteristics

Decentralization:

Bitcoin is the first distributed virtual currency. The entire network is composed of users and there is no central bank. Decentralization is the guarantee of Bitcoin's security and freedom. Circulation around the world: Bitcoin can be managed on any computer connected to the Internet. No matter where they are, anyone can mine, buy, sell or collect Bitcoin.
 

Proprietary ownership: 

A dedicated key is required to operate Bitcoin, which can be stored separately in any storage medium. No one can get it except the user himself. 

Low transaction fees:

Bitcoins can be sent for free, but eventually a transaction fee of about 1 bit will be charged for each transaction to ensure faster execution of the transaction. 

No hidden costs:

As a payment method from A to B, Bitcoin has no cumbersome limits and procedures. If you know the other party's bitcoin address, you can make a payment. Cross-platform mining: Users can explore the computing power of different hardware on many platforms. 



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