Bitcoin is a decentralized digital currency that does not depend on any central authority to issue it, but is produced through a specific algorithm and a large number of calculations. The concept of Bitcoin was first proposed by Satoshi Nakamoto on November

1, 2008, and was officially born on January 3, 2009. Bitcoin uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behaviors, and uses cryptography to ensure the security of all aspects of currency circulation. The total number of bitcoins is limited and extremely scarce, with a cap of 21 million.

Bitcoin works on blockchain technology, a public shared general ledger where all confirmed transactions are included in the blockchain. Bitcoin transactions are completed through the transfer of value between Bitcoin wallets, with each transaction broadcast between users and confirmed by the Bitcoin network through the process of mining. Mining is a distributed consensus system that ensures the chronological storage of data in the blockchain and maintains the neutrality of the Bitcoin network. The Bitcoin mining process involves solving complex mathematical problems, a process that requires significant computational power and increases in difficulty over time.

The Bitcoin network consists of computers on a global scale, known as nodes, that work together to maintain and update the blockchain. Bitcoin transaction fees are relatively low, and there are no cumbersome quota and formalities restrictions. Bitcoin ownership and transactions are anonymous, which makes it protect user privacy to some extent.

The birth of Bitcoin is related to the 2008 global financial crisis, and its emergence is seen as an alternative and challenge to the traditional financial system. Bitcoin's price fluctuates greatly, but it has been accepted as a means of payment in some areas, such as online shopping, technology services, etc. With the popularity of Bitcoin and other cryptocurrencies, they are gradually becoming an important branch in the fintech space.