1. What is bt?

Introduction to Bitcoin

Bitcoin is a cryptocurrency based on decentralisation, employing a peer-to-peer network, consensus mechanisms, and open-source code, with blockchain as the underlying technology. It was proposed on October 31, 2008, by an anonymous individual named Satoshi Nakamoto, and the Bitcoin genesis block was created on January 3, 2009.

Basic Concepts

1. Decentralisation: Bitcoin does not rely on a central authority to issue new currency or maintain transactions; this is accomplished through blockchain, using digital encryption algorithms to protect assets and transactions against 51% attack.
2. Blockchain: This is a chain of data blocks (called "blocks") linked together using cryptographic methods. Each new block always connects to the previous one, forming the tail end of the entire blockchain. The blockchain records the history of all Bitcoin transactions.
3. Asymmetric Encryption: Bitcoin employs asymmetric encryption technology, which includes public keys and private keys. The public key is accessible to anyone, while the private key is confidential and can only be used by the owner. This encryption technology ensures the reliability of payments.

Operational Mechanism

1. Transaction Process: When a payment occurs, the corresponding node informs another node until it spreads throughout the entire network. Miners collect various newly occurring transactions from the internet, package them, and write them into the blockchain. Once written successfully, the blockchain at the miner's node becomes the latest version, and all other nodes will replicate the new block, ensuring uniformity across the blockchain network.
2. Mining: Users participating in the processing of blocks can earn a certain amount of newly issued Bitcoins, along with related transaction fees. These newly generated Bitcoins reward data processors within the system, whose computational work guarantees the normal operation of Bitcoin's peer-to-peer network.

Features

1. Decentralisation and Security: Bitcoin does not require central management and ensures the security of transactions through blockchain technology and encryption algorithms.
2. Global Circulation: Bitcoin can circulate globally, except in a few countries/regions where it is prohibited.
3. Privacy: Bitcoin transactions possess a unique level of anonymity, eliminating the need for third-party financial institutions.

In summary, Bitcoin is a decentralised cryptocurrency based on blockchain technology that facilitates secure and reliable transactions through asymmetric encryption and peer-to-peer networks.

2. Who founded bt?

Bitcoin was created by an individual or group using the pseudonym "Satoshi Nakamoto." Despite significant efforts to uncover Nakamoto's true identity, Bitcoin remains one of the tech industry's greatest mysteries.

3. Which venture capital firms have invested in bt?

According to the information provided, here are some venture capital firms that have invested in cryptocurrencies and related projects:

1. a16z (Andreessen Horowitz): Invested in well-known blockchain projects like Coinbase, Uniswap, MakerDAO, Compound, Dapper Labs, Arweave, Optimism, and Solana.

2. Paradigm: Co-founded by Matt Huang and Fred Ehrsam (one of the co-founders of Coinbase), it has received investments from endowment funds of universities such as Harvard, Stanford, and Yale, as well as Sequoia.

3. Multicoin Capital: Founded in 2017, raised $175 million, and invested in multiple blockchain projects.

4. Three Arrows Capital: Founded in 2012, active in the DEFI and NFT sectors.

5. Coinbase Ventures: The investment arm of Coinbase that has invested in several blockchain projects.

6. Binance Labs: The investment arm of Binance, which has invested in numerous blockchain projects.

7. Alameda Research: Invested in various blockchain projects.

8. IDG Capital and Matrix Partners: Invested in KuCoin and provided $20 million in Series A funding.

9. Hong Kong Zhonghong Venture Capital and Chain Pine Capital: Made strategic investments in the BT exchange.

These firms hold significant investments and influence in the cryptocurrency and blockchain fields.

4. How does bt operate?

The operational principle of BT (Bitcoin) cryptocurrency:

1. Decentralised Network: Bitcoin is based on a peer-to-peer (P2P) network and does not have a central server or issuing agency. All transactions are recorded in a distributed public ledger (blockchain).

2. Blockchain Technology: The blockchain is a digital ledger that records all transactions. Each block contains multiple transactions and is connected to the previous block through encryption technology, forming an immutable chain.

3. Encryption Technology: Bitcoin uses advanced encryption techniques to secure transactions. Each transaction requires two-factor authentication and is verified and recorded through encryption algorithms.

4. Consensus Mechanism: Bitcoin employs a Proof of Work (POW) consensus mechanism to verify transactions and prevent double spending. Miners validate transactions and create new blocks by solving complex mathematical problems.

5. Transaction Process: Users can trade via exchanges or directly on the P2P network. Each transaction requires the public and private keys of both the sender and receiver for encryption and validation.

6. Miner and Block Creation: Miners create new blocks by solving mathematical problems and add them to the blockchain. Each new block contains several transactions and is connected to the previous block via encryption technology.

7. Security: The security of Bitcoin relies on its decentralised P2P network, encryption technology, and consensus mechanism. These features make Bitcoin's transaction records difficult to alter.

In conclusion, Bitcoin's operation depends on its decentralised P2P network, blockchain technology, encryption technology, and consensus mechanism. These features make Bitcoin a secure, transparent, and reliable digital currency.