#加密立法新纪元 Bitcoin is a peer-to-peer cryptocurrency designed to serve as a medium of exchange and is independent of any central authority. Bitcoin enables electronic cash transfers in a secure, verifiable, and immutable manner.

Network validators are commonly referred to as "miners", who participate in a proof-of-work consensus mechanism based on SHA-256d to determine the next global state of the blockchain.

The Bitcoin protocol has a "target block time of 10 minutes" and a maximum supply of 21 million tokens. The only way to generate new Bitcoin is for block producers to create new valid blocks.

The token halving rate of the protocol reduces by half every 210,000 blocks or approximately every 4 years.