In the paper "bitcoin: a peer-to-peer electronic cash" published by Nakamoto, we see several disruptive innovations in this e-money system

1) Decentralization: the issuance and circulation of bitcoin does not rely on the central bank and other third-party institutions, but relies on specific algorithms and cryptography technology, and is realized through point-to-point transmission. It is a distributed virtual currency completely relying on network nodes.

2) Open source: in the bitcoin system, all participants can become the issuers and traders of bitcoin. The operation rules of the whole system are open and transparent. Any individual or institution can use the bitcoin system. The whole system exists in the form of open source. Consult Jiawei BTC 906906

3) Anonymity: in the bitcoin system, any individual or organization can open a bitcoin account, and the address corresponding to each account is actually an ID that has nothing to do with the user's real identity. Bitcoin holders can hide their identity by constantly transforming their ID. At the same time, the entire bitcoin network does not store information that can identify individuals.

4) Irreversibility: all transactions are timestamped, and the transaction information is incorporated into an extended chain of workload proof based on hash algorithm as transaction records. The transaction records formed will not be changed unless the whole workload proof is completed again.

5) Security: the combination of public key and private key. The public key is used to calculate the address of bitcoin, while the private key is needed to manipulate bitcoin. It can be stored in any storage medium in isolation, and no one can get it except the user himself. In addition, each node in the system can obtain a copy of the complete database and know all the transaction information of bitcoin. Unless more than 51% of the nodes in the whole system are controlled at the same time, the modification of the database on a single node is invalid. Therefore, the security of bitcoin will be improved with the increase of participants.

6) Global free and convenient circulation: bitcoin has no cumbersome procedures, just need to tell the other party's bitcoin address to pay. Any computer connected to the Internet can manage bitcoin.

(2021-4-14)