"No issuer" is the virtue of bitcoin, but a "no issuer" currency is worthless in the eyes of traditional financial practitioners. Bitcoin has been considered legal in Germany, the United States and Japan. But in China, the RMB Regulations Prohibit the Production and Sale of Scrip. Since there is no clear judicial interpretation of the definition of scrip, if bitcoin is included in the "scrip", the legal future of bitcoin in China faces uncertainty. On October 10, 2019, the alipay security center released a microblog to reiterate the company's attitude towards off-exchange transactions of virtual currencies: Alipay is forbidden to be used for virtual currency transactions, and alipay will immediately stop relevant payment services if it is found that the transactions involve bitcoin or other virtual currency transactions. For merchants involved in virtual currency transactions, will be resolutely removed; For personal accounts suspected of virtual currency transactions, according to the circumstances to take restrictions on account collection function, or even permanent restrictions on collection and other processing measures.
I hope we can be like Peter lynch before investing, as he says: I'm only long when I've analyzed the bullish case. But people who think they are smart are often long because they own shares. I never let my preconceptions get in the way of my thinking, so I have repeatedly stressed that I would never go against the market, and that if the stock market doesn't do what you want it to do, it is as stupid as complaining about your lungs when you have pneumonia.
The concept of bitcoin was first proposed by satoshi nakamoto on November 1, 2008. When the global financial crisis broke out in 2008, on November 1, 2008, a man calling himself Satoshi Nakamoto published a bitcoin white paper on the website of the P2P foundation, "bitcoin: a peer-to-peer electronic cash system", which stated his new vision for electronic money -- the introduction of bitcoin. On January 3, 2009, the bitcoin creation block was born. Unlike all currencies, bitcoin is not issued by a specific currency institution. It is generated by a large number of calculations based on a specific algorithm. The decentralized nature of P2P and the algorithm itself can ensure that the value of bitcoin cannot be artificially manipulated by mass production. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it is extremely rare.
（Picture Source：Weibo & Baidu）
Bitcoin is completely decentralized and has no issuer, so it is impossible to manipulate the number of issues, and anonymity, tax exemption and exemption from supervision. Borderless and cross-border. Cross-border remittances pass through layers of foreign exchange control agencies, and transactions are recorded by multiple parties. But if you trade in bitcoin, enter the digital address directly, click the mouse, and wait for the p2p network to confirm the transaction, a lot of money will pass. It does not go through any regulatory agencies and does not leave any record of cross-border transactions. The bitcoin network is also robust, but bitcoin trading platforms are fragile. Transaction confirmation time is long. In order to confirm the accuracy of the data, it will take some time to interact with the p2p network, and the transaction can only be completed after the confirmation of the whole network. On top of that, the price of bitcoin is highly volatile. The price of bitcoin for cash has been on a roller-coaster ride as speculators have stepped in. In the early hours of October 16, bitcoin continued to fall.
The essence of bitcoin is the particular solution generated by a complex set of algorithms. A particular solution is a set of finite solutions to a system of equations. And each particular solution solves the equation and is unique. In terms of money, bitcoin is the crown number of a banknote. When you know the crown number of a banknote, you own the banknote. The process of mining is to constantly seek the special solution of this system through huge calculation. This system is designed to only have 21 million special solutions, so the upper limit of bitcoin is 21 million. Every time bitcoin enters the mainstream media, the mainstream media always asks some mainstream economists to analyze it. Previously, these analyses had focused on whether bitcoin was a hoax. Today's analysis is always focused on whether bitcoin will become the mainstream currency of the future. The debate has often focused on bitcoin's deflationary nature. On December 17, 2017, bitcoin reached its all-time high of $198,850. On November 25, 2018, bitcoin dropped below the $4,000 mark. On November 19, cryptocurrencies resumed their decline; At 4:30 am on November 21, the price of bitcoin on coinbase fell below $4,100, a 13-month low. On the morning of June 27, 2019, the price of bitcoin briefly approached $14,000, a new high for the year.
