Bitcoin is the first decentralized peer-to-peer cryptocurrency and the first successful application of block chain technology. On October 31, 2008, Satoshi Nakamoto published the Bitcoin White Paper: A peer-to-peer electronic cash system Bitcoin. On January 3, 2009, Bitcoin was born. The total amount of Bitcoin is 21 million. The algorithm is SHA-256, and the current block reward is 6.25 BTC.
Decentralization is a major feature of Bitcoin accounting system. Although Nakamoto is the inventor of Bitcoin, he is not the owner of this system. Its decentralization is characterized by decentralization of development power (open source community), decentralization of user power (unexpended transaction expenditure UTXO), decentralization of hashrate and chip decentralization (poof of work, PoW).
In addition to the decentralized feature, Bitcoin has other features like transaction traceability and transaction anonymity. In the network, every transaction can be traced back to Coinbase transaction. The anonymity of Bitcoin is mainly reflected in the fact that everyone can have many Bitcoin addresses. Unless someone announces their address, it is difficult to confirm the owner of the address or the holder of Bitcoin in this address.
Bitcoin uses the PoW consensus mechanism. Mining workers use the SHA-256 algorithm miners (mainly ASIC miners, such as Antminer S9i, Innosilicon T2, etc.) to connect to mining pools. Workers get block rewards in this way.
Bitcoin basic data
- Total amount: 21000000 BTC
- Algorithm: SHA256
- Block time: 10 minutes on average
- Block reward adjustment interval: 210,000 blocks, about 4 years
- Difficulty adjustment: about 14 days per 2016 block
- Block reward: 6.25BTC + transaction fee
- The above statistics are recorded on December 7, 2021