What is the popular explanation of Bitcoin?

The term of Bitcoin is "a virtual encrypted digital currency in the form of P2P, and peer-to-peer transmission means a decentralized payment system." If you don't understand blockchain technology, you can't understand Bitcoin. If you don't know about blockchain, you can read my previous articles. What is a blockchain? What's the popular explanation? You will understand after reading these three points! Let's learn about Bitcoin through a short story.

If there is such an environment, everyone in the company has a public account book, which records the details of each fund of the company in detail. If Xiao Wang reimburses 200 yuan's expenses, everyone's books will automatically show Xiao Wang's expenditure records during his business trip to 200 yuan. In this case, it is impossible to make false accounts because the information is transparent and it is impossible to cheat from it. But one day, everyone's account book became a software, which not only has bookkeeping function, but also can transfer payment. In this environment, the paid virtual currency is called bitcoin. This is the simplest explanation for Bitcoin. In order to facilitate everyone's understanding, some places are not rigorous, and the real bitcoin technology is much more complicated.

Bitcoin characteristics

1, unrepeatable

For example, if you only have 1 bitcoin, and you pay someone else 1 bitcoin, if you try to pay someone else 1 bitcoin, you will fail, because the surrounding nodes will also check that you don't actually have bitcoin and refuse your illegal payment. This non-replicability has the property of currency, but it can solve the problem of counterfeit money in real life well. Bitcoin is different from real money. It is a peer-to-peer transaction with no center.

2. Safety

Above, the metaphor of bookkeeping vividly illustrates the biggest feature that distinguishes Bitcoin from traditional currency. Bitcoin is not controlled by anyone or any organization, and the data is completely independent on multiple devices, so the security is more secure.

3. uniqueness

Bitcoin is unique in that it is a virtual currency. Although only a few jobs now acknowledge that Bitcoin is a currency that can be used for payment, although it will not be a real currency now, there is no doubt that Bitcoin first appeared in digital currency, which greatly changed the world.