Bitcoin prices today

Bitcoin prices today traded at ¥120,855.92 per coin.

Bitcoin is trading today at ¥120,971 CNY, its 24-hour trading volume at ¥179,808,649,595 CNY. We will update the price of BTC converted to CNY in real time. Bitcoin has increased 4.38 in the last 24 hours. Currently CoinMarketCap ranks #1 with a market value of ¥2,325,085,610,761 CNY. Its supply in circulation is 19,220,225 BTC of currency and the supply is capped at 21,000,000 BTC of currency.

What is Bitcoin (BTC)?

Bitcoin is a decentralized cryptocurrency. In a white paper published in 2008, a person or group of people using the pseudonym Satoshi Nakamoto first explored the mechanics of bitcoin. Bitcoin was officially launched in January 2009.

Bitcoin is a currency based on a peer-to-peer network, where all transactions are conducted directly between equal and independent network participants without the permission or facilitation of any intermediary. In Nakamoto's own words, bitcoin was created to allow "one party to pay another directly online without going through a financial institution."

There have been some similar decentralized digital currency concepts before bitcoin, but Bitcoin is unique in that it is the first cryptocurrency ever to be used in real life.

Who is the father of Bitcoin?

At present, everyone is recognized as the father of Bitcoin, Bitcoin founder is a pseudonym Satoshi Nakamoto. As of today, the true identity of the person or group behind the alias remains unknown.

On October 31, 2008, Satoshi Nakamoto published a white paper on Bitcoin, which detailed how to use the peer-to-peer online currency. They proposed using a distributed ledger of transactions, which would be packaged in batches (called "blocks") and secured by cryptographic algorithms - the whole system has since been called a "blockchain".

Just two months later, on January 3, 2009, Satoshi Nakamoto mined the first block on the Bitcoin network, also known as Genesis block, thus giving birth to the world's first cryptocurrency.

But while Satoshi Nakamoto is the founder of Bitcoin and the first person to implement it, many people have contributed to the development of the cryptocurrency over the years, including tinkering with flaws and adding new features.

Bitcoin's source code repository on GitHub lists over 750 contributors, including key figures such as Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli et al.

What are the characteristics and advantages of Bitcoin?

Bitcoin's most unique advantage is that it is the first cryptocurrency to appear on the market.

It has succeeded in creating a global community that has led to the birth of a whole new industry, allowing millions of Bitcoin enthusiasts to create, invest, trade and use bitcoin and other cryptocurrencies in their daily lives. The emergence of Bitcoin laid the foundation of the concept and technology, inspiring thousands of competitive projects.

The entire cryptocurrency market is now worth more than $300 billion, based on the idealized concept of bitcoin -- a world where anyone, anywhere in the world, can make or receive payments without relying on any trusted intermediary such as a bank or financial services company.

Thanks to its pioneering nature, Bitcoin has remained at the top of the active market for more than a decade after its launch. Even if Bitcoin loses its unbeatable dominance, it remains the most valuable cryptocurrency with a market value of 100 to 200 billion yuan in 2020 due to the uniqueness of its exchange platform (that is, it provides many functions of Bitcoin, such as wallet, transaction, payment service, online game, etc.).

How many bitcoins are in circulation?

The total supply of bitcoins is limited by the nature of its software and will not exceed 21 million. New bitcoins can be created by "mining" : because transactions take place across the network, miners can find them, packaged in blocks and protected by complex encryption algorithms.

As compensation for their computing resources, miners are paid for successfully adding blocks to the blockchain. When Bitcoin was first launched, the reward was 50 Bitcoins for each new block: It was halved after 210,000 new blocks were mined, a process that took about four years. By 2020, the block award had been halved three times, to 6.25 bitcoins.

Bitcoins are not pre-mined, meaning they are not mined and distributed by their founders before being publicly released. In the early years after Bitcoin's launch, however, there was relatively little competition among miners, allowing a group of early participants in the Bitcoin network to amassing large amounts of Bitcoins through regular mining: Mr. Nakamoto himself is said to own more than a million bitcoins.