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Bitcoin(BTC) Cryptocurrency Introduction

What currency is BTCBTC currency full name bitcoinBTC Chinese name bitebiBTC coin is a digital currency invented by Nakamoto in 2009. It is also the name of the open source software to realize this currency circulation.Bitcoin is the first system to realize the concept of "cryptocurrency", which was first proposed by Dai Wei in cypherpunks correspondence user group in 1998.BTC currency shelf exchanges include Huobi.comOKExBinance,etc.



Bitcoin is based on the concept that money can be anything or record, as long as it is accepted as a payment method for goods and services or debt repayment in a country or socio-economic system. The core idea of bitcoin design is to take the answer to mathematical problems as the currency, and its issuance right is independent of any central institution.

Unlike most currencies, bitcoin is not issued by specific currency institutions. It is generated through a large number of calculations according to specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transaction behaviors, and uses the design of cryptography to ensure the security of all links of currency circulation.The decentralized characteristics and algorithm of P2P can ensure that the currency value can not be artificially manipulated by manufacturing a large number of bitcoins. The design based on cryptography can make bitcoin only be transferred or paid by the real owner. This also ensures the anonymity of money ownership and circulation transactions.The biggest difference between bitcoin and other virtual currencies is that its total quantity is very limited and has strong scarcity. The monetary system once had no more than 10.5 million in four years, and the total number will be permanently limited to 21 million.

Personal use of bitcoin: bitcoin is the simplest and low-cost way of currency exchange

Easier mobile payment

Bitcoin mobile client can complete payment in only two steps - scanning and payment. No registration, no card swiping, no password input and no signature. When accepting bitcoin payment, just ask your friend to scan the QR code in your bitcoin wallet mobile app, or tap two mobile phones (using NFC RF Technology).

Security and control of funds

Bitcoin transactions are protected by military grade cryptography. No one can collect your money or pay in your name. Therefore, as long as you take the necessary steps to protect your wallet, bitcoin allows you to control your funds and provide strong protection against various forms of fraud.

Available anytime, anywhere

Like email, you don't need your family to use the same software or service provider. You can choose bitcoin client according to your preference - it's no problem at all; Because they use the same open source technology, they are fully compatible. Bitcoin network has no holidays all year round!

Fast cross-border payment

Bitcoin can be transferred from Africa to Canada in 10 minutes. There is no bank to slow down the progress, no unreasonable handling charges, and the transfer will not be frozen. You can remit money to your family abroad in this way, or you can pay your neighbors in the same way.

Zero or very low cost

Bitcoin allows you to pay and receive at a very low cost. Except for special cases such as very small payments, bitcoin has no mandatory handling charges. Of course, we encourage you to voluntarily pay a slightly higher fee to speed up transaction confirmation and reward the operation team of bitcoin network.

Protect your identity

Bitcoin is not as easy to be collected by unscrupulous people and used for identity counterfeiting as credit card numbers. In fact, just like using physical currency, you can pay without even revealing your identity. Nevertheless, you still need to pay more attention to protecting your privacy.

Commercial use of bitcoin: bitcoin payment is both safe and cheap

Low cost

The high security of bitcoin password protection allows it to process transactions in an efficient and cheap way. There is almost no handling charge for collection and payment through bitcoin network. In most cases, there are no strict requirements for fees, but if you want to speed up the transaction, it is recommended to pay a very small fee.

Prevent fraud

Any merchant who accepts credit card or paypal payment knows the problem of canceling payment afterwards. Chargeback fraud limits the opening of the market and causes prices to rise, ultimately to the detriment of consumers. The irrevocability and security of bitcoin payment means that the expenses caused by fraud will no longer be borne by merchants.

Fast international payment

Bitcoin can be transferred from Africa to Canada in 10 minutes. In fact, bitcoin does not have any actual physical location, so it can be transferred anywhere in unlimited amount, without delay and at low cost. There won't be an intermediary bank to keep you waiting for three working days.

PCI standards are not required

In order to comply with the PCI standard, accepting credit card online payment usually requires a lot of security verification. Bitcoin still requires you to protect your wallet and payment requests. But you don't have to bear the cost and responsibility of dealing with your customers' sensitive information, such as credit card numbers.

Get visibility for free

Bitcoin is an emerging market, where new customers are looking for ways to consume bitcoin. Businesses accepting bitcoin payment can not only obtain new customers, but also enhance the popularity of enterprises. For online business, accepting new payment methods has often proved to be a wise move.

Multi signature

Bitcoin also has a multi signature function. Bitcoin can only be used after some people in a group authorize transactions. This function can be applied to the board of directors to prevent any member from using expenses without sufficient authorization from other members. At the same time, it can also see which members allow each payment.

Account transparency

Many organizations need to provide accounting documents for business activities. Using bitcoin allows you to provide the highest level of transparency because your members can verify your account balance and transaction records through the information you provide. Non profit organizations can also allow the public to see the amount of donations they receive.

Bitcoin developer: bitcoin can be used to achieve amazing achievements and meet daily needs

The simplest payment system

Unless payment requires automatic invoice generation, accepting payment is as simple as paying bitcoin: whether by link or QR code. This simple setting that any user can complete is enough to meet the needs of a considerable number of customers, especially for transparent donations and tips in public places.

Numerous third-party APIs

Many third-party payment processing services provide APIs (application program interfaces); You don't have to store bitcoin on your server and deal with the resulting security problems. At the same time, most APIs allow you to process invoices and convert bitcoin into local currency at low rates.

You can have your own financial system

Even if you don't use any third-party APIs, you can integrate bitcoin services directly into your own applications, making you your own banking and payment services. As long as you can bear the corresponding responsibilities, you can create an excellent bitcoin trading system with almost no cost.

Tracking bills with bitcoin addresses

Bitcoin generates an independent and unique address for each transaction. Therefore, if you want to establish a payment system that supports invoice function, you only need to generate a new address for each payment and monitor it. It is recommended that you do not use the same address for multiple transactions.

Most of the security is implemented on the client

Most security issues are handled by protocols. This means that there is no need to comply with PCI standards, and fraud detection is only necessary if the service or product is delivered immediately. One of the main concerns of bitcoin users is to protect the security of your requested information in the bitcoin payment environment.

Cheap micro payment

Bitcoin provides the lowest payment fee and can usually be used to pay as little as a few dollars. Bitcoin allows for the design and implementation of innovative online services that did not exist in the past due to financial constraints. These include a variety of tip systems and automated payment solutions.

Bitcoin Getting Started Guide: using bitcoin to complete payment is very simple without advanced science

How to use bitcoin


How to accept bitcoin?



How bitcoin works: This is a problem that often causes confusion. Here is a brief explanation!

Basic knowledge for new users

As a new user, you can start using bitcoin without understanding the technical details. Once you install a bitcoin wallet on your computer or mobile phone, it will generate your first bitcoin address, and you can generate more addresses whenever you need. You can tell your friends your address, and they can pay you bitcoin through this address, and vice versa. In fact, this is very similar to the way e-mail works, except that bitcoin addresses should only be used once.


Balance block chain

Bitcoin block chain is the public shared general ledger on which the whole bitcoin network depends. All confirmed transactions are included in the block chain. In this way, the bitcoin wallet can calculate the available balance and verify that the consumer is indeed spending its own bitcoin in a new transaction. The integrity and time order of the block chain are ensured by cryptography.

Transaction - private key

A transaction refers to the value transfer between bitcoin wallets included in the block chain. Bitcoin wallet holds a confidential data called private key or seed to sign transactions, that is, to provide mathematical evidence that these transactions come from the owner of the wallet. This signature also ensures that the transaction will not be modified by anyone. All transactions are broadcast between users and are usually confirmed by the bitcoin network through a process called mining within the next 10 minutes.

Treatment mining

Mining is a distributed consensus system that includes the transaction data to be confirmed into the block chain to confirm these transactions. Through mining, it can forcibly ensure that the data in the block chain is stored in chronological order, maintain the neutrality of the bitcoin network, and allow different computers on the bitcoin network to agree on the system state. To be confirmed, the transaction must be packaged into a block that complies with very strict cryptographic rules and verified through the bitcoin network. These rules prevent modifications to existing blocks, because once there is a change, all blocks will be invalidated. Mining is as difficult as winning the lottery. No one can easily and continuously add new blocks to the block chain. Therefore, no one can control what content is included in the block chain or replace some content in the block chain to reduce their cost.

In depth exploration

This is just a very brief overview of the system.

Something you need to know

If you're going to explore bitcoin, there are a few things you need to know first. Bitcoin allows you to exchange funds in a different way from banks. So take a moment to tell yourself before any formal deal. Love bitcoin as much as your regular wallet. In some cases, bitcoin even requires you to invest more love.

Protect your wallet

As in real life, you must protect your wallet. Using bitcoin can easily transfer funds around the world and give you complete control of your funds. This powerful function also brings great security concerns. At the same time, bitcoin can provide a high level of security as long as it is used correctly. Keep in mind that it is your responsibility to take good practices to protect your property.

The price of bitcoin is changeable

Due to bitcoin's young economic structure, novel characteristics and occasional lack of market liquidity, the price of bitcoin may rise and fall irregularly in a short time. Therefore, it is not recommended to save your savings with bitcoin at present. Bitcoin should be regarded as a high-risk asset. Never save the funds you can't afford to lose in the form of bitcoin. If you receive bitcoin payment, many service providers can convert bitcoin into local currency.

Bitcoin transactions are irreversible

Any bitcoin transaction is irrevocable and can only be returned by the payee. This means that you need to pay attention to dealing with individuals and organizations that you know and trust or have established credibility. On their side, businesses need to control payment requests visible to customers. Bitcoin system can detect typing errors and usually won't let you accidentally pay to an invalid address. In the future, there may be other services that provide consumers with more choices and protection.

Bitcoin is not anonymous

It takes some effort to protect your privacy when using bitcoin. All bitcoin transactions are publicly and permanently stored in the network, which means that anyone can view the balance and transaction records of any bitcoin address. However, unless the identity information is disclosed during the purchase process or under other circumstances, the real identity behind the bitcoin address is confidential. This is one of the reasons why it is recommended that a bitcoin address be used only once. Always remember that it is your responsibility to form good habits to protect your privacy. Read more about your privacy protection.

It's less secure than real-time trading

Bitcoin transactions are usually sent within a few seconds and begin to receive confirmation within the next 10 minutes. During that time, a transaction can be regarded as real but still revocable. Dishonest users may try to cheat. If you can't wait for confirmation, asking the other party to pay a small transaction fee or using an unsafe transaction detection system can enhance security. For large transactions such as $1000, it is reasonable to wait for more than 6 confirmations. Each confirmation reduces the risk of transaction cancellation exponentially.

Bitcoin is still experimental

Bitcoin is an experimental new currency in positive development. Although its experimental nature is gradually decreasing with its increasing usage, remember that bitcoin is a new invention. It is exploring ideas that have never been tried before. Therefore, no one can predict the future of bitcoin.

Bitcoin(BTC) Cryptocurrency Exchange



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