Bitcoin (比特币) and blockchain technology on the front page of a Chinese newspaper
Bitcoin (比特币) and blockchain technology on the front page of a Chinese newspaper.
What more positive than seeing a major Chinese newspaper quote Bitcoin (比特币) and blockchain technology (区块链技术).
The Chinese newspaper People’s Daily published on the right of its one, an article dedicated to Bitcoin and blockchain technology, Bitcoin BTC being the first successful blockchain application says the title of the article in Chinese.
“Bitcoin: Blockchain Technology
First successful application ”
You now know how Bitcoin is written in Chinese if you did not know it.
The fact that a Chinese newspaper cites blockchain technology but also the Bitcoin BTC cryptocurrency indicates the Chinese government’s will to highlight this technology and speed things up in China as Chinese President Xi Jinping said in his statement, calling on the Chinese people to focus on blockchain technology.
This article on Bitcoin in this Chinese newspaper explains to people what Bitcoin is, blockchain technology and how it works.
An article for educational purposes and which aims to spread the word about Bitcoin, cryptocurrency and blockchain technology.
The article mentions Bitcoin mining, blockchain, the Bitcoin halving but also the risk of using Bitcoin in money laundering.
We translated the Chinese newspaper article about Bitcoin and blockchain technology.
Translation will be approximate, the automatic translation of Google can not perceive some subtleties of the Chinese language.
But this translation gives a clear idea of the message that the government intends to convey to the Chinese population concerning Bitcoin and the blockchain.
Translation of the Bitcoin article:
Bitcoin: Blockchain Technology
First successful application
Bitcoin is probably the most popular in recent years.
One of the topics is the inevitable future development of the trend currency, or another “tulip bulb” with frenetic madness?
First of all, Bitcoin is not a tangible currency, its production and exploitation based on the Internet, is an open source form P2P (peer-to-peer), different currency.
The first gold and silver coin chosen for its natural attributes is also different from the legal money that people have used for nearly 100 years.
(Fiat Money) – by national law and sovereign credit.
Banknotes and bitcoins are born with modern technology.
Bitcoin is the first success of blockchain technology.
Trade records of the traditional financial system are kept in silver
In the database, the blockchain is bitcoin.
Book, bitcoin property generated at any time.
Transaction records are recorded in the ledger of the blockchain.
As long as the client is downloaded, you can receive relevant information.
The address and private key of Bitcoin are similar to those of personal accounts.
The personally owned Bitcoin password is locked for the individual
At the address, only the private key can be used to unlock and send it to another
Implement the transaction: Will be sent to the entire network during the transaction
An invoice, verified by other users, once the test passed, the transaction was successful.
The first verified this, the users who are valid for the transaction will be rewarded with a little
The bitcoin bonus is divided into two parts:
Are transaction fees paid by the transferor?
The bitcoin already exists in the system, the other part is the system.
Newly Generated Bitcoin Rewards: The greater the computing power of the computer,
The more likely you are to get a bitcoin reward.
The so-called “minors”.
He is a specialist in checking transaction information and updating records.
In general, Bitcoin has the following characteristics:
The total amount is limited and the problem will not be uncontrollable.
The only source of the line is the foundation contract for the system after successful accounting.
The basic rewards start with 50 bitcoins, each created.
After 210,000 blocks, the reward will be halved.
Half have already taken place twice and successful accounting will only get 12.5
Estimated at about 2140, the total amount of Bitcoin, it will reach the upper limit of 21 million.
Good anonymity, the identity of the account holder will not be known by anyone.
People can use Bitcoin at will.
Perform a transfer transaction without the need for a kernel such as a bank transfer.
Check all kinds of identity information, not to link them with a credit card
However, this feature also makes Bitcoin into money laundering, etc.
Illegal transactions are heavily used, currently paid for by Bitcoin.
The main uses are black market transactions and dark net transactions.
The production and maintenance of Bitcoin consume a lot of energy.
“Mining” means that every new bitcoin is produced.
Computer Performance Performs an Encryption Process to Solve Complex Mathematics
Question: The amount of money and machine calculations due to mining?
Capacity is proportional to size, in terms of probability, the higher the hardware performance, the higher the proportion of computing power of all minors, the easier it is.
Get bitcoin. For higher profits, the “miners”
In competition with each other, the world’s top 10
The sum of the Mining Pool calculations represents 75% of Bitcoin’s computing power.
Strong concentration of forces and maintenance of distributed decentralized accounts, need a lot of energy.
The price of Bitcoin is subject to big fluctuations.
Bitcoin, if they are not linked to real legal documents and real objects, it is difficult to ensure the stability of its price.
Commitment to the currency not depreciating significantly over a short period, because
this person is willing to use legal money instead of returning to gold and silver objects.
Unlike legal tender, without legal restrictions, the physical owner can connect with Bitcoin as he sees fit.
Decoupling, which makes Bitcoin very sensitive to irrational emotions
Influence, the price has a big fluctuation.
And if you know how to read Chinese:
P2P（Peer to Peer）数字“货币”。不同于人