The birth and operation mechanism of Bitcoin
In 2008, Satoshi Nakamoto published “Bitcoin: A Peer to Peer Electronic Cash System”, proposing a decentralized currency concept based on blockchain technology. Bitcoin achieves mining rewards through the Proof of Work (PoW) mechanism, with a constant total of 21 million coins. Its distributed ledger technology ensures that transactions are tamper proof. This design not only solves the trust problem of traditional currencies, but also gives users absolute control over assets.
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The double-edged sword effect of social influence
The anonymity of Bitcoin has given rise to gray industry chains such as dark web transactions, but it also provides low-cost solutions for cross-border payments. In 2021, El Salvador listed it as legal tender, highlighting the challenge of digital currency to national financial sovereignty. The energy consumption issue of Bitcoin mining (with an annual electricity consumption exceeding Norway’s national electricity consumption) has sparked environmental controversies, driving the industry to transition towards green energy.
The uncertainty of future development
Despite intense price fluctuations (with a pullback after breaking through $70000 in 2024), the continued entry of institutional investors indicates that their safe haven attributes are recognized. Regulatory attitudes vary among countries: China completely bans trading, while the United States approves Bitcoin ETFs. With the development of new technologies such as quantum computing, whether Bitcoin can withstand future challenges remains the biggest suspense in the field of encryption.
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