\u0641\u064a \u0639\u0627\u0645 2009 \u0638\u0647\u0631 \u0646\u0638\u0627\u0645 \u0646\u0642\u062f\u064a \u0631\u0642\u0645\u064a \u062c\u062f\u064a\u062f \u0644\u0627 \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0628\u0646\u0643 \u0645\u0631\u0643\u0632\u064a\u060c \u0648\u0644\u0627 \u064a\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0648\u0633\u064a\u0637 \u0645\u0627\u0644\u064a \u0644\u0625\u062a\u0645\u0627\u0645 \u0627\u0644\u062a\u062d\u0648\u064a\u0644\u0627\u062a.
\u0647\u0630\u0627 \u0627\u0644\u0646\u0638\u0627\u0645 \u0644\u0645 \u064a\u0643\u0646 \u0645\u062c\u0631\u062f “\u0639\u0645\u0644\u0629 \u0625\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0629”\u060c \u0628\u0644 \u0643\u0627\u0646 \u0625\u0639\u0627\u062f\u0629 \u062a\u0639\u0631\u064a\u0641 \u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u062b\u0642\u0629 \u0641\u064a \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0627\u0644\u064a.<\/p>\n
Bitcoin \u0644\u064a\u0633\u062a \u0634\u0631\u0643\u0629\u060c \u0648\u0644\u064a\u0633\u062a \u0645\u0646\u0635\u0629\u060c \u0648\u0644\u064a\u0633\u062a \u062a\u0637\u0628\u064a\u0642\u064b\u0627.
\u0625\u0646\u0647\u0627 \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644 \u0645\u0641\u062a\u0648\u062d \u064a\u0639\u0645\u0644 \u0639\u0644\u0649 \u0634\u0628\u0643\u0629 \u0645\u0648\u0632\u0639\u0629 \u0639\u0627\u0644\u0645\u064a\u064b\u0627.<\/p>\n
\u062c\u0627\u0621 Bitcoin \u0643\u0631\u062f\u0651 \u062a\u0642\u0646\u064a \u0639\u0644\u0649 \u0623\u0632\u0645\u0629 \u0627\u0644\u062b\u0642\u0629 \u0641\u064a \u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0628\u0639\u062f \u0623\u0632\u0645\u0629 2008.<\/strong><\/p>\n \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0629 \u0627\u0644\u062a\u064a \u062d\u0627\u0648\u0644 \u062d\u0644\u0647\u0627:<\/strong><\/p>\n \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0627\u0644\u0643\u0627\u0645\u0644 \u0639\u0644\u0649 \u0637\u0631\u0641 \u0645\u0631\u0643\u0632\u064a<\/p>\n<\/li>\n \u0642\u0627\u0628\u0644\u064a\u0629 \u0637\u0628\u0627\u0639\u0629 \u0627\u0644\u0646\u0642\u0648\u062f \u0628\u0644\u0627 \u062d\u062f\u0648\u062f<\/p>\n<\/li>\n \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0636\u062e\u0645 \u0637\u0648\u064a\u0644 \u0627\u0644\u0645\u062f\u0649<\/p>\n<\/li>\n \u0636\u0639\u0641 \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629<\/p>\n<\/li>\n<\/ul>\n Bitcoin \u0642\u062f\u0651\u0645 \u0645\u0641\u0647\u0648\u0645\u064b\u0627 \u062c\u062f\u064a\u062f\u064b\u0627:<\/strong><\/p>\n \u0646\u0638\u0627\u0645 \u0646\u0642\u062f\u064a \u064a\u0639\u0645\u0644 \u0628\u0642\u0648\u0627\u0639\u062f \u0631\u064a\u0627\u0636\u064a\u0629 \u0644\u0627 \u064a\u0645\u0643\u0646 \u062a\u0639\u062f\u064a\u0644\u0647\u0627 \u0633\u064a\u0627\u0633\u064a\u064b\u0627 \u0628\u0633\u0647\u0648\u0644\u0629.<\/p>\n<\/blockquote>\n Bitcoin \u064a\u0639\u0645\u0644 \u0639\u0628\u0631 \u062a\u0642\u0646\u064a\u0629 \u062a\u064f\u0633\u0645\u0649 Blockchain<\/strong>.<\/p>\n \u0627\u0644\u0628\u0644\u0648\u0643 \u0647\u0648 \u062d\u0632\u0645\u0629 \u0645\u0646 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u064a\u062a\u0645 \u062a\u0648\u062b\u064a\u0642\u0647\u0627 \u0648\u0631\u0628\u0637\u0647\u0627 \u0628\u0627\u0644\u0628\u0644\u0648\u0643 \u0627\u0644\u0633\u0627\u0628\u0642 \u0639\u0628\u0631 \u0628\u0635\u0645\u0629 \u062a\u0634\u0641\u064a\u0631\u064a\u0629 (Hash).<\/strong><\/p>\n \u0643\u0644 10 \u062f\u0642\u0627\u0626\u0642 \u062a\u0642\u0631\u064a\u0628\u064b\u0627 \u064a\u062a\u0645 \u0625\u0646\u0634\u0627\u0621 \u0628\u0644\u0648\u0643 \u062c\u062f\u064a\u062f \u064a\u062d\u062a\u0648\u064a \u0639\u0644\u0649:<\/strong><\/p>\n \u0642\u0627\u0626\u0645\u0629 \u0645\u0639\u0627\u0645\u0644\u0627\u062a<\/p>\n<\/li>\n \u062a\u0648\u0642\u064a\u0639 \u062a\u0634\u0641\u064a\u0631\u064a<\/p>\n<\/li>\n \u0627\u0631\u062a\u0628\u0627\u0637 \u0631\u064a\u0627\u0636\u064a \u0628\u0627\u0644\u0628\u0644\u0648\u0643 \u0627\u0644\u0633\u0627\u0628\u0642<\/p>\n<\/li>\n<\/ul>\n \u0648\u0647\u0643\u0630\u0627 \u062a\u062a\u0643\u0648\u0651\u0646 \u0633\u0644\u0633\u0644\u0629 \u0627\u0644\u0643\u062a\u0644 (Blockchain).<\/p>\n \u0627\u0644\u062a\u0639\u062f\u064a\u0646 \u0647\u0648 \u0639\u0645\u0644\u064a\u0629 \u062a\u0646\u0627\u0641\u0633 \u062d\u0633\u0627\u0628\u064a \u0644\u062d\u0644 \u0645\u0633\u0623\u0644\u0629 \u0631\u064a\u0627\u0636\u064a\u0629.<\/strong><\/p>\n \u0627\u0644\u0647\u062f\u0641 \u0645\u0646\u0647:<\/strong><\/p>\n \u062a\u0623\u0645\u064a\u0646 \u0627\u0644\u0634\u0628\u0643\u0629<\/p>\n<\/li>\n \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a<\/p>\n<\/li>\n \u0625\u0635\u062f\u0627\u0631 \u0639\u0645\u0644\u0627\u062a \u062c\u062f\u064a\u062f\u0629<\/p>\n<\/li>\n<\/ul>\n \u0627\u0644\u0645\u064f\u0639\u062f\u0651\u0646 \u0627\u0644\u0630\u064a \u064a\u0646\u062c\u062d \u0641\u064a \u062d\u0644 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629 \u0623\u0648\u0644\u064b\u0627 \u064a\u062d\u0635\u0644 \u0639\u0644\u0649 \u0645\u0643\u0627\u0641\u0623\u0629 Bitcoin.<\/p>\n \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u062a\u062c\u0639\u0644 \u0627\u0644\u062a\u0644\u0627\u0639\u0628 \u0628\u0627\u0644\u0634\u0628\u0643\u0629 \u0645\u0643\u0644\u0641\u064b\u0627 \u062c\u062f\u064b\u0627 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u064b\u0627.<\/p>\n Bitcoin \u0645\u0635\u0645\u0645 \u0628\u062d\u064a\u062b \u0644\u0627 \u064a\u062a\u062c\u0627\u0648\u0632 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0645\u0639\u0631\u0648\u0636 21 \u0645\u0644\u064a\u0648\u0646 \u0648\u062d\u062f\u0629.<\/strong><\/p>\n \u0647\u0630\u0627 \u064a\u0639\u0646\u064a:<\/strong><\/p>\n \u0644\u0627 \u064a\u0645\u0643\u0646 \u0637\u0628\u0627\u0639\u0629 \u0627\u0644\u0645\u0632\u064a\u062f<\/p>\n<\/li>\n \u0644\u0627 \u064a\u0648\u062c\u062f \u0642\u0631\u0627\u0631 \u0625\u062f\u0627\u0631\u064a \u0628\u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0645\u0639\u0631\u0648\u0636<\/p>\n<\/li>\n \u0645\u0639\u062f\u0644 \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u064a\u062a\u0646\u0627\u0642\u0635 \u0643\u0644 \u0623\u0631\u0628\u0639 \u0633\u0646\u0648\u0627\u062a \u062a\u0642\u0631\u064a\u0628\u064b\u0627 (Halving)<\/p>\n<\/li>\n<\/ul>\n \u0647\u0630\u0627 \u064a\u062e\u0644\u0642 \u0646\u0645\u0648\u0630\u062c\u064b\u0627 \u0646\u0642\u062f\u064a\u064b\u0627 \u0642\u0627\u0626\u0645\u064b\u0627 \u0639\u0644\u0649 \u0627\u0644\u0646\u062f\u0631\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629.<\/p>\n \u0645\u0646 \u0645\u0646\u0638\u0648\u0631 \u062a\u062d\u0644\u064a\u0644\u064a\u060c \u064a\u0645\u0643\u0646 \u0627\u0644\u0646\u0638\u0631 \u0625\u0644\u0649 Bitcoin \u0628\u062b\u0644\u0627\u062b \u0637\u0631\u0642:<\/strong><\/p>\n 1\ufe0f\u20e3 \u0623\u0635\u0644 \u0646\u0642\u062f\u064a \u0631\u0642\u0645\u064a \u0648\u0645\u0639 \u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a \u0623\u0635\u0628\u062d \u064a\u064f\u0646\u0638\u0631 \u0625\u0644\u064a\u0647 \u0643\u0623\u0635\u0644 \u062a\u062d\u0648\u0651\u0637\u064a \u0636\u062f \u0627\u0644\u062a\u0636\u062e\u0645 \u0641\u064a \u0628\u0639\u0636 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\u0627\u0644\u0645\u062e\u0627\u0637\u0631:<\/p>\n \u062a\u0642\u0644\u0628 \u0633\u0639\u0631\u064a \u0645\u0631\u062a\u0641\u0639<\/p>\n<\/li>\n \u0645\u062e\u0627\u0637\u0631 \u062a\u0646\u0638\u064a\u0645\u064a\u0629<\/p>\n<\/li>\n \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062d\u0641\u0638 (Custody)<\/p>\n<\/li>\n \u062f\u0648\u0631\u0627\u062a \u0633\u0648\u0642\u064a\u0629 \u062d\u0627\u062f\u0629<\/p>\n<\/li>\n<\/ul>\n \u0641\u0647\u0645 \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u062c\u0632\u0621 \u0623\u0633\u0627\u0633\u064a \u0645\u0646 \u0623\u064a \u062a\u062d\u0644\u064a\u0644 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a \u0645\u0646\u0636\u0628\u0637.<\/p>\n \u0645\u0646 \u0648\u062c\u0647\u0629 \u0646\u0638\u0631 Quantitative Framework\u060c<\/strong> \u0623\u062f\u0627\u0629 \u0630\u0627\u062a \u062a\u0642\u0644\u0628 \u0645\u0631\u062a\u0641\u0639<\/p>\n<\/li>\n \u0633\u0648\u0642 \u0639\u0627\u0644\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/p>\n<\/li>\n \u0628\u064a\u0626\u0629 \u0645\u0646\u0627\u0633\u0628\u0629 \u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0646\u0645\u0627\u0630\u062c \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631<\/p>\n<\/li>\n \u0623\u0635\u0644 \u064a\u062a\u0623\u062b\u0631 \u0628\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629<\/p>\n<\/li>\n<\/ul>\n \u062a\u062d\u0644\u064a\u0644 Bitcoin \u0644\u0627 \u064a\u0643\u0648\u0646 \u0628\u0627\u0644\u0633\u0639\u0631 \u0641\u0642\u0637\u060c \u0628\u0644 \u0628\u0640:<\/strong><\/p>\n \u0627\u0644\u062a\u0642\u0644\u0628<\/p>\n<\/li>\n \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/p>\n<\/li>\n \u062a\u062f\u0641\u0642\u0627\u062a \u0631\u0624\u0648\u0633 \u0627\u0644\u0623\u0645\u0648\u0627\u0644<\/p>\n<\/li>\n \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629<\/p>\n<\/li>\n<\/ul>\n Bitcoin 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