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What does Bitcoin mean

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What does Bitcoin mean

According to Bitcoin, a recent report shows that Bitcoin refers to a new form of value storage and currency. The paper states that ‘Bitcoin is a digital commodity’. In addition, it can also be referred to as a “crypto asset”, whose main purpose is to facilitate transactions and transfer funds. Record all data in the blockchain without relying on a single centralized server or third party to ensure integrity; Therefore, any personal wallet can be managed as a distributed system, including exchanges, custodians, and other providers of financial services What does Bitcoin mean? Bitcoin is a decentralized network created by a group of people through a consensus protocol (Chainlink). Bitcoin is called “point-to-point Electronic cash system”. It can be used as a unit of account, value storage and Medium of exchange for currency transfer, and it is a form of encrypted digital assets Bitcoin is a digital token generated by a specific set of algorithms, and every time a block changes, its quantity and status are recorded on the blockchain. Each block corresponds to a new data source – which means that new nodes are joining the network and receiving rewards. Bitcoin came into being in this way:

1. Bitcoin is an unforgeable and secure Computer code; 2. Bitcoin has uniqueness 3. Bitcoin cannot tamper with, modify, or delete historical records of data; 4. Bitcoin does not have the ability of any central entity to control its storage space 5. The total number of Bitcoins is 21 million, half of which will be used for mining; The remaining 50% will be used for payment to third-party verifiers.

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