BitCoin (BTC)

1. Bitcoin information

First publication January 2009
Block generation cycle 10 minutes
Total issuance limit 21,000,000 Bitcoins
Consensus Protocol PoW
Developer Satoshi Nakamoto (pseudonym)
Main homepage https://bitcoin.org/en/

2. Bitcoin overview

  • Bitcoin is a representative cryptocurrency and has a structure that does not have a central control device for issuing and managing currencies.
  • Bitcoin transactions are made through a P2P-based distributed database, and transactions are made based on public key cryptography.

3. Characteristics of Bitcoin

  • Bitcoin trades between public accounts using public key cryptography. All transactions are private, but records of transactions remain and are stored in a distributed database. Distributed time servers prevent double-spending by performing a series of proof-of-work. All transaction records must be stored in the database and a Merkle tree is used to reduce storage size.
  • Bitcoin network will be able to generate and distribute 3 new bitcoins in a bundle about 6 times per hour to someone running the software that has selected the "Generate Coins" option, specifically to someone who has succeeded in creating blocks. There is. Anyone running that software or a special program created by a user in the same role is likely to receive a bitcoin bundle. Generating Bitcoin is sometimes referred to as “mining” in relation to gold mining.
  • The transaction between nodes is non-refundable because there is no financial procedure in the middle. Bitcoin clients disseminate transaction details to nodes that propagate payments on the network. Transactions with errors or out of rules are rejected by honest clients. Most of the transactions are free, but you can pay fees to other nodes that speed up the computation for the transaction.