Against the backdrop of rapid development in contemporary electronic information technology, virtual currencies have emerged and swept the world, disrupting global financial markets and traditional governance systems.Since Satoshi Nakamoto published the "Bitcoin White Paper, " Bitcoin has become a representative virtual currency.This article, relying on electronic historical documentation and internet archaeology methods, based on native electronic historical materials from the internet and combining the latest domestic and international research, traces the development history of Bitcoin from a global and long-term perspective, compares the regulatory policies of different countries, explores the important value of Bitcoin as a new type of transaction currency in the era of decentralization and deglobalization, and points out that the evolution of virtual currencies is a product of the intertwining of technological protocols, material carriers, and social applications, thus proposing the "Tripartite Nested Space Production Model" hypothesis.This article provides a new perspective and path for understanding contemporary financial history and the history of internet development.