A brief history of Bitcoin

In the wild times, our ancestors used shells, feathers, and metals as intermediaries for exchange; in the civilized period, humans began to use unified coins and paper money for easy circulation. Currency has promoted economic development, but even in modern society with advanced technology, currency can only circulate freely within a certain range. If there is a currency that can be circulated around the world without government control, without a central bank, and never over-issued! Is that the true prototype of future currency?

In 2008, a man who called himself Satoshi Nakamoto published a paper describing the generation model of Bitcoin. After that, a group of geniuses edited a complex code and generated a set of equations with a finite number of special solutions. This set of equations is the mother formula of Bitcoin. Since then, Bitcoin has entered the public eye as a mysterious digital currency.

This set of equations has about 21 million solutions, which means there are about 21 million bitcoins in the world. People get bitcoins through mining, that is, using computers to calculate and get the solution of the equations. The world can produce about 3,600 bitcoins every day, and there are about 14.5 million bitcoins in existence. As more and more people pay attention to bitcoin, its value has also achieved a leap. In October 2009, the value of 1,309 bitcoins was equivalent to 1 US dollar; but now, 1 bitcoin is about 450 US dollars, a nearly 600,000-fold increase. How can it not be fascinating.

In the era of mobile Internet, online virtual currencies emerge in endlessly, and Bitcoin is the leader among them. As the saying goes, people are afraid of being famous, and pigs are afraid of being fat. The life story behind the glory of Bitcoin has always been a bit mysterious! In the public consciousness, "Satoshi Nakamoto", who first proposed the Bitcoin theory, is the father of Bitcoin, but geniuses are often unique and lonely. This "Satoshi Nakamoto" uses a pseudonym and has never revealed his true face on the website. In 2010, he completely disappeared from the public's view.

Based on gossip, people have never stopped searching for "Satoshi Nakamoto". In 2013, news broke online that Shinichi Mochizuki, a professor at Kyoto University, was Satoshi Nakamoto himself. It is true that Shinichi Mochizuki is a genius. He entered Princeton University at the age of 16, completed his doctorate at the age of 22, became a full professor at the age of 33, and proposed the famous ABC conjecture in 2012. Although he has extraordinary intelligence and a scary Japanese name, it turns out that this genius expert is not Satoshi Nakamoto himself.

But this did not stop people from trying to find the truth. In 2014, news came out again that someone had found "Satoshi Nakamoto" living in seclusion in the mountains of Los Angeles. But the first reaction of "Satoshi Nakamoto" was to call the police and clarify in front of the police that he had nothing to do with Bitcoin. This farce ended with the denial of the parties involved.

However, the story does not end there. In December 2015, a well-known American technology magazine reported that Australian information security expert Wright is likely to be the legendary "Satoshi Nakamoto". In response, the person concerned did not make any positive response, and the investigation of the father of Bitcoin fell into a dilemma again. The father was not found, and this unclaimed child is still shining. From being ignored in 2009 to being popular today, what is the charm of Bitcoin?

There is no issuing organization, and it is completely decentralized. As a string of electronic codes, its issuance and management are completely beyond the control of governments and institutions. Its code is open to the world, and anyone can peek into the total amount of Bitcoin and its trading status. When the world encounters a financial crisis, banking institutions are facing paralysis, and the drawbacks of artificially controlled monetary organizations emerge, Bitcoin, which is far away from human intervention and fully exposed to the sun, becomes particularly valuable.

Bitcoin is an electronic shared currency that is free from national restrictions and completely free from government. It is based on the Internet and is free from national and regional restrictions and can be circulated globally.

Free from regulatory control, completely anonymous transactions. Bitcoin does not rely on the government, but relies on the Internet and the joint maintenance of development participants, eliminating additional expenses such as taxes and avoiding government supervision. The acquisition and transaction of Bitcoin are carried out in the virtual world of the Internet, without the need for real-name authentication, and the property privacy of participants is maintained.

The number is fixed and scarce. The number of special solutions to the Bitcoin equation is less than 21 million, and the number of Bitcoins will not exceed 21 million. Its scarcity means that it will not cause inflation in the real world like other paper currencies.

From being distrusted at first to being gradually accepted by humans, people are now looking forward to Bitcoin becoming the mainstream currency in the future society. Moreover, a new technology based on Bitcoin, blockchain technology, has begun to be applied in other fields. Blockchain technology provides a complete set of transaction and payment solutions. Transactions conducted using this technology will make the entire transaction and payment itself faster, cheaper, safer, and easier to operate.

Recently, the U.S. Securities and Exchange Commission has approved the plan of online retailer Overstock.com to issue stocks using Bitcoin Core blockchain technology. It can eliminate the middleman link of stocks, while for traditional stock issuance, middlemen often control the market. Based on this, Bitcoin further reflects its value: an application technology of "sharing economy" that incarnates as a "super operating system" will open up a completely different era for us. The current Bitcoin price is about 450 US dollars and nearly 3,000 yuan in RMB. In second-tier cities, many workers may not be able to buy one Bitcoin with a month's salary. The rising price of Bitcoin has also become a hot commodity in the eyes of investors!