The status and development of bitcoin

The development of bitcoin

In November 1, 2008, Nakamoto issued a white paper “bitcoin bitcoin: electronic cash system with a point of” (Bitcoin: A Peer-to-Peer Electronic Cash System)

1 2009 3, Nakamoto packing to complete the first block, known as the block. But now what is in this wise? Is a person or a group of people? Is still a mystery.

In May 22, 2010, a man named Laszlo Hanyecz programmers to buy two pizza with 10 thousand bitcoins. It is widely believed to be the first deal with bitcoin.

2010, Nakamoto gradually fade out, and the project is transferred to the other members of the bitcoin community. In December 12th, Nakamoto bitcoin Forum (bitcointalk.org) published in the last mentioned some small problems, the latest version of the software, then no longer appeared, email communication has gradually terminated.

In November 28, 2012, for the first time from half block reward, every 10 minutes before 50BTC reduced to 25BTC, the #210000 block is the first half awards block.

In October 25, 2013, the “Silk Road” website operators “pirate Roberts was arrested, the website is called” eBay net selling illegal drugs”. FBI control 144000 bitcoin pirates account, and these bitcoin transferred to the FBI control bitcoin address.

In February 2014, MT.Gox website publicity to stop the transaction and subsequently filed for bankruptcy. MT.Gox claims that was hacked, resulting in the loss of a total of 744000 coins.

In July 2016, bitcoin 420000th blocks have been depleted, block reward in the second half, the current block has been reduced to 12.5 BTC awards.

2017 is the bitcoin crazy year, many events happened this year. In March, the U.S. Securities and Exchange Commission (SEC) eventually rejected Cameron and the Taylor Winkelvoss brothers bitcoin Exchange Traded Fund (ETF) listing application, and pointed out that the current global currency markets lack of supervision, there is a risk of fraud. In August 1st, bitcoin block expansion blocks were bifurcation bitcoin, Bitcoin Cash (BCH), the first step of miners began in bifurcation of the block height 478558. In August, at the height of 481824 blocks, bitcoin officially activated isolated witness. In September 30th, China close all domestic exchanges, including bitcoin, all digital currency prices fell. In November 9th, the community does not have sufficient consensus reached, Segwit2X plans to cancel hard bifurcation. 12 March 27, the transaction has been successful in the bitcoin network (mainnet), marks the first step of technological upgrading. In December 28th, South Korea to implement regulatory measures of digital currency, including the implementation of the real name system of encryption currency transactions, to prohibit anonymous currency accounts and close the open encryption, virtual currency exchange in accordance with the requirements of the Ministry of justice in South korea. In December 18th, the highest price of bitcoin exceeded $18000, reaching the highest point.

Bitcoin prices continued to decline since January 2018, the lowest price of bitcoin fell to $5800, 2/3 fell in December last year. At the beginning of July, two developers Bitcoin Core, Bryan Bishop and Andrew Chow by mail open bitcoin alarm system private key, the alarm system has expired in early 2016, but some other modeled bitcoin development system is still using the currency competition system, during which Bitcoin Core through the investigation and informed the currency competition developers. Assist the lifting of alarm system using the same key.

Bitcoin why we’ll get the favorable? First of all, the security of bitcoin blockchain . In the past 10 years, bitcoin blockchain never suffered hacker attacks, thus ensuring the safety of bitcoin chain; Secondly, the anonymity of bitcoin transactions . Bitcoin virtual address can only need to transfer, this feature will be some criminals use, such as the black market, dark net transactions, there are 2 trillion states for money laundering the United Nations Office on drugs and crime crime statistics every year, accounting for about 5% of world GDP, which is a large part of the use of bitcoin; The last is the consensus of value . It is generally believed that bitcoin is valuable, regardless of any currency, digital currency or coins, with the value of the consensus is the foundation of all.

Bitcoin regulation

Regulation of digital currency. Every coin has two side, and other digital currency bitcoin certainly has its good side, for example, to the center of the transaction point, but it also has many defects, these defects include: first, the digital currency may not be subject to capital controls, capital controls is a country promulgated laws or regulations and in order to control the inflow or outflow of capital in the country. By setting restrictions on banks and investment behavior, state can monitor capital flows. In some cases, digital currency can be an easy job to do around the capital controls, buy a digital currency in the domestic currency in foreign exchange, and thus not subject to government regulation. Article two, digital currency can be used for the black market, dark network transactions, such as the famous “silk road”. Third, in 2017, 90% of the ICO (Initial Coin Offering) project is a project of air, without any real value.

The virtual currency supervision measures, divided into threecategories:

First, some of the country’s more stringent measures For example, China: auction trading virtual currency convertibility of the RMB is closed, financial institutions and payment service institutions can not participate in bitcoin transactions, although the prohibition of virtual currency transactions, but Chinese attitude to block chain technology is open, in May 2018 to set up the blockchain Industrial Park in Hangzhou, 5 Yuegong Ministry issued the “2018 China block chain industry white paper”, affirmed the application block chain technology in the financial and real sectors for the ICO, the Ministry of the white paper is still held a negative attitude and warning. Russia; Jordan: the central bank banned banks and financial companies involved in bitcoin and other encryption currency transactions.

Second, some countries adopt certain restrictions on virtual currency For example, the United States,: the implementation of license management, but it is difficult to apply for licences; South Korea: the prohibition of anonymous bank account transactions, aimed at combating money laundering and other criminal activities, minor investors and foreigners to prohibit the establishment of digital currency accounts in Korea and Japan; market analysis: according to the CryptoCompare data, the yen bitcoin transactions accounted for more than all digital currency day trading volume 60%. 6 month 2018 years 22 days, Japan’s financial regulator ordered a number of encryption currency exchange rectification anti money laundering measures.

Thirdly, some countries adopt the virtual currency to completely open attitude Singapore, for example, early in the 2016 years, the monetary authority of Singapore launched the famous “sandbox (Sandbox) mechanism, namely” in the pre filing cases and the current laws and regulations are allowed to engage in business conflict; and even after the official termination of business, will not pursue legal responsibilities. A “sandbox” system to block chain enterprise has obtained the huge innovation space, also make Singapore a Asian countries to circumvent national policies and went overseas for ICO, also let Singapore become Asia on ICO most friendly countries, the China most ICO projects are issued in singapore.

The price of bitcoin 2010 for $0.003, to 2017 years 12 months 18 days, the price of bitcoin for $18674, bitcoin prices soared after millions of times, 12 month 18 day, bitcoin prices fell, fell $5800 a month 7 2018 2017, at the end of the year is when all ICO frequently issued, with bitcoin prices and other regulatory measures, many ICO disillusioned. Bitcoin spike also shows that bitcoin is a process from the initial to gradually rational madness. Blockchain this disruptive technology, countries are optimistic, but in the technology development process will inevitably encounter a variety of situations, some of the block chain development process to the early development of the Internet, in early twenty-first Century, the Internet also experienced a process of crazy bubble. What time will the blockchain what successful landing of the project? I believe that with the development of technology will change rapidly, much faster than the internet.

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