Is bitcoin linked to a bank?

A. What is the difference between a bitcoin account and a bank account

It is different from the account system of traditional banks and websites. There is no concept of “registration” in the bitcoin system. All accounts are pre-existing in mathematical space. So, how many accounts are there in total? Some people have made an analogy that the number of Bitcoin accounts in the mathematical space is the second power of the total number of sand on the earth, which is very large. So, how do you get a Bitcoin account? The answer is to generate random numbers. If you want to actually experience a Bitcoin account, you can go to the OKEx exchange to have a look.

B. Is the Agricultural Bank of China running bitcoin?

It is impossible for the Agricultural Bank of China to run bitcoin.

The Central Bank and other five ministries and commissions clearly defined Bitcoin as a special Internet commodity in the Bitcoin Risk Notice issued on December 5, 2013. Citizens are free to take risks at their own risk. ‘s trade.

At this stage, financial institutions and payment institutions are not allowed to price products or services in bitcoin, or to buy or sell bitcoin as a central counterparty. Included in the scope of insurance liability, and shall not directly or indirectly provide customers with other bitcoin-related services, including: providing customers with bitcoin registration, trading, clearing, settlement and other services; accepting bitcoin or using bitcoin as a payment and settlement tool; Bitcoin, RMB and foreign currency exchange services; carry out Bitcoin storage, custody, mortgage and other businesses; issue Bitcoin-related financial products; use Bitcoin as an investment target for trusts, funds, etc.

C. Is Bitcoin a currency? Why is it different from the DCEP issued by the central bank?

The modern credit currency system is an inevitable product of economic and social development to a certain stage. As long as the modern economic and social organization does not undergo fundamental changes, a currency system based on national credit will exist, and Bitcoin and other virtual currencies will not become the standard currency of a country. In recent years, the virtual currency born in the Internet world has attracted more and more attention. The virtual currency is stored in the network or related electronic equipment in a digital form by means of computer technology and communication technology, and is transmitted through the network system to realize the functions of circulation and payment. It has no physical form, is not issued by monetary authorities, and has a limited scope of use. Initially, virtual currency can only buy virtual goods on the Internet, such as equipment and clothing in online games. However, at present, the types of virtual currencies are becoming more and more abundant, such as Q coins, Internet coins, Shanda coupons, etc. The scope of use is also beyond the scope of virtual commodities, and can be used to purchase some physical objects. It seems that virtual currency has gradually become a unit of exchange that can be circulated. Among them, Bitcoin (Bitcoin), which appeared in 2009, has developed the most rapidly and has the most extensive influence, and its use has penetrated from the Internet to the real world. Bitcoin has the characteristics of virtual currency such as no physical form, digital storage and payment, and also has the characteristics that traditional virtual currency does not have: no centralized issuer, limited number, complete anonymity, and untraceable transactions. In 2013, my country’s “BTC China” website became the world’s largest bitcoin trading platform. The rapid development of Bitcoin has caused people to think about whether virtual currency is really currency. Some people think that the emergence of Bitcoin is a huge challenge to the current monetary system, and some even call it “the gold of the future”. On December 5, 2013, five ministries including the People’s Bank of China jointly issued the “Notice on Preventing Bitcoin Risks” (hereinafter referred to as the “Notice”), pointing out that Bitcoin is a specific virtual commodity, not a real currency. . Since then, the price of Bitcoin in the Chinese market has fallen rapidly, falling by about 60% in three weeks, and it has also fallen sharply in the international market. In fact, from the perspective of the essential characteristics of currency and its development history, the virtual currency represented by Bitcoin is not a currency in essence, and it is difficult to become a currency. In fact, the concept of currency denationalization embodied by Bitcoin was proposed by the famous British economist Hayek as early as the 1970s, but practice has proved that this concept is only an economic utopia.

D. Is bitcoin a scam?

It is not unfamiliar to everyone. increase. When seeing the value of Bitcoin, everyone feels that Bitcoin is too crazy, and they don’t even understand how Bitcoin has developed. However, after its price soared, everyone stopped thinking about it and began to pay attention to the value of Bitcoin.

Why is everyone crazy about Bitcoin?

Just when everyone was paying attention to the value of Bitcoin, Musk suddenlyHowever, it is clear to everyone that Dogecoin is a “deception”. When they heard this statement, some people expressed disbelief, but Dogecoin immediately fell by nearly 40%, causing countless followers to be liquidated. When this situation developed, everyone realized that Dogecoin may be really problematic. Otherwise, how could Musk, a loyal supporter of digital cryptocurrency, give up?

In fact, the reason why Musk gave up bitcoin is because bitcoin is too fake and has been boycotted by many countries.

When bitcoin was boycotted by other countries, some people asked, why do people pursue bitcoin so frantically? The main reason is that people want to get rich through Bitcoin. If you don’t believe it, then you might as well observe the Bitcoin mechanism carefully. At this time, you will find that the Bitcoin price is very crazy. When others fantasize about getting rich overnight with the lottery, Bitcoin can make that dream come true.

After observing this, some people invested in the Bitcoin market. At this time, everyone found that Bitcoin has three major advantages, that is, anonymous transactions, speculation and wealth harvesting. With this discovery, the Federal Reserve began to act. They wanted to use this virtual currency to buy leeks from all over the world, and take the opportunity to develop their own country, so that the national economy can develop vigorously.

At the beginning, everyone did get good returns, but as Bitcoin gradually developed, everyone found that Bitcoin was risky, especially after the stock market gradually fell, everyone felt that Bitcoin Coins are not real.

Is Bitcoin Really Fake?

In fact, this is really possible. After all, Bitcoin is fake. It seems unrealistic for everyone to get high wealth by hyping fake Bitcoin. Although everyone can cut leeks at the beginning, after everyone puts all their funds into Bitcoin, Bitcoin starts to cut leeks. At this time, do you still think that you can get benefits? No loss is good.

The central bank took the initiative to speak out and ban bitcoin transactions

In fact, as early as 2013, my country’s central bank and the China Securities Regulatory Commission issued relevant risk notices. And requires all financial institutions and payment institutions not to carry out bitcoin-related business. After the announcement, all domestic banks responded one after another. So far, 13 banks have announced that they have banned bitcoin transactions. Recently, China CITIC Bank has also begun to take action. This bank not only announced that it “blocks” Bitcoin, but also prohibits transactions, otherwise it will suspend related accounts.

In addition, when my country took the above measures, the Chinese Academy of Sciences also made a statement. They all said that Bitcoin is fake, and I hope everyone will not be deceived. And this kind of goods

E. May I ask which bank Bitcoin cooperates with

not, this is a very complicated issue. Economics often involves a key ideological problem. Changes in concepts and ideas can change economic problems, which can be seen in the understanding of the word wealth. There is an upper limit to the issuance of Bitcoin. To put it bluntly, it is just a kind of electronic gold of the Internet. Can gold stabilize the financial and banking systems? The reason why the world developed so slowly in the age of the gold standard has something to do with the gold standard and suppressed financial innovation. So Bitcoin without the central bank cannot stabilize the financial banking system

F. What is Bitcoin, its origin, nature, and currency valuation

Bitcoin (English: Bitcoin, abbreviated: BTC , currency symbol: ฿) is a user-autonomous, global encrypted electronic currency.

The concept was proposed by Satoshi Nakamoto (pseudonym) in 2008. Then, based on the concepts of openness, peer-to-peer, consensus, and direct participation, he combined the working mode of open source software and block ciphers in cryptography, and developed a platform for bitcoin issuance, distribution, and distributed database on the platform of P2P peer-to-peer network and distributed database. Operating system for trading and account management. Its system allows each node spread over the entire peer-to-peer network client to reach a network agreement according to its seed file, thereby ensuring fairness, security and reliability in currency issuance, management, circulation and other links. And promises that Bitcoin will become an email-like “electronic cash”. It is realized that under the premise that no approval is required and everyone has the right to issue, it avoids inflation and cannot be forged; after the payment is completed, the user loses the ownership of the bitcoin. On January 3, 2009, 50 bitcoins were created.

Different from traditional currencies, the operating mechanism of Bitcoin does not rely on the support or credit guarantee of the central bank, government, and enterprises, but on the network agreement reached by the seed files in the peer-to-peer network. A sound monetary system theoretically ensures that it is impossible for any person, institution, or government to manipulate the currency of Bitcoin.�� total, or create inflation. Its total monetary volume gradually increases at a predetermined rate by design, and the increase gradually slows down, and finally reaches a limit of 21 million in 2140.

There are many ways to use bitcoin. Through electronic currency exchanges, service providers and individuals, it can be exchanged for local cash or gold coins; it can also be used directly to purchase goods and services. With the rapid growth of individuals, organizations, merchants and businesses accepting bitcoin payments, its exchange rate has risen thousands of times in four years. As of March 30, 2013, after all issued bitcoins were converted into US dollars at market prices, the total value exceeded 1 billion US dollars. Although bitcoin is currently the most widely used electronic currency, no country has made legal norms and guarantees for the issuance of bitcoin, except that some countries have express provisions on virtual currency.

G. The difference between bank transfer and bitcoin transfer

In the legal currency system, each country has a strict clearing and settlement system. There is a long wait or high handling fees, especially in foreign exchange transactions, foreign exchange transactions between countries are strictly controlled. None of these rules exist in the Bitcoin network. You only need to gently send a transfer request, and it can basically be reached within an hour.

H. Will the bitcoin withdrawal be checked by the bank?

Whether the bitcoin withdrawal will be checked by the bank depends on the amount of the withdrawal. Suppose you withdraw a bitcoin (more than 300,000 RMB) and transfer the money to your personal account, it will be checked. If it is a business account, it is not necessarily. Many companies have a daily turnover of hundreds of millions.
Expanded information: 1. Reasons for the sharp fall of Bitcoin:
1. Behind this, the listing of Coinbase is the biggest boost. However, the market’s frenzy may have been one of the “killers” of Sunday’s slump — people over-excited at first and always had to pay in the end. Perhaps as Galaxy Digital founder Michael Novogratz tweeted: In hindsight, the (fall) was inevitable. The market is too excited for a direct listing on Coinbase. All of these signs suggest that the market is too one-way. Other market participants believe that the collapse of the digital currency may also be related to another thing that happened to Coinbase-a few days after the listing, company executives cashed out on a large scale. A previous Wall Street News article said Coinbase insiders sold a total of 12,965,079 shares, based on Friday’s closing price of $344.38, according to data from Capital Market Laboratories and confirmed by documents on the Coinbase Investor Relations website. valued at nearly $4.5 billion.
2. Analysts believe that weekends are usually days of disaster for digital currencies, and the slump that has just occurred may be related to three factors: First, Turkey has imposed a ban on encrypted payments from April 30, and Coindesk expects India and Morocco to also The introduction of similar policies; second, the digital currency trading platform Coinbase, which just went public, was sold by executives, cashing out nearly $300 million in stocks; third, it was reported that the U.S. Treasury Department will accuse a number of financial institutions of using cryptocurrencies for money laundering.
2. What is Bitcoin.
Bitcoin (BitCoin) is a digital currency in the form of P2P. Peer-to-peer transmission means a decentralized payment system. Bitcoin is not issued by a specific currency institution. It is generated through a large number of calculations according to a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behaviors. The decentralized nature of P2P and the algorithm itself can ensure that the value of the currency cannot be artificially manipulated by mass-producing Bitcoin. The cryptography-based design allows Bitcoin to be transferred or paid only by the true owner. This also ensures the anonymity of currency ownership and circulation transactions.

I. Does bitcoin transaction have anonymity without going through a bank intermediary?

No need to go through a bank or any intermediary.
The characteristics of Bitcoin are security and decentralization.
Thanks for your question


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