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How exactly do you understand bitcoin?

Bitcoin is over $60,000.

In 2010, a programmer in the United States used 10,000 Bitcoins to buy a $25 pizza. At the time, one Bitcoin was worth $0.0025. In 11 years, the increase was nearly 25 million times.

That’s right, 25 million times, which is a number that humans don’t really understand or accept.

Of course, there are also many people who believe that Bitcoin is a scam, and that anyone who speaks up for Bitcoin has ulterior motives and profits. It doesn’t matter, this is not for them. They probably think the pancake lady downstairs is a liar.

They see the stock market, which has been losing money for decades, as an investment, and Bitcoin, which has risen tens of millions of times, as a speculative bubble.

Because if they took five minutes to learn a little bit about it, they would know that Bitcoin is decentralized, which means it has no boss and no advertising dollars to speak up for it.

Therefore, this article no longer explains whether Bitcoin is a scam or a speculative bubble, nor does it analyze it from the perspective of politics, economy, culture and technology, or even the future civilization of human beings.

There are no charts, no jargon, no formulas, and no need to go back thousands of years of monetary wealth. Just listen to a love story.

First, to be clear, Bitcoin is not and cannot be a currency.

The function of money is to circulate as a general equivalent and facilitate transactions. Bitcoin, on the other hand, fluctuates in price, is a deflationary economic model, and no one is willing to sell it, so how can we use it?

And we don’t need it as money, money works fine today, we need an asset that can be a store of long-term value.

What do you mean?

We work every day to create wealth, have wealth, in the human society is the performance of assets (money car house stock), then we certainly hope that their assets in the future for a period of time is the value of value or even appreciation, don’t do a lifetime at the end of the discovery of the assets held is not enough to eat hot pot.

So some people buy houses, stocks, gold, art, and some people just put their money in the bank and do nothing.

It’s as if you’re unsure about the future and need to find an ideal life partner to fight with and commit to the future.

Now, many are choosing Bitcoin as their go-to partner.

Why is that?

1.Bitcoin is harmless

Trust is the most important thing in a person, especially in a partner.

So it’s often the nice guys who let down their guard and are more likely to get the girl’s attention. Bitcoin is such a harmless thing that it has no intention of doing anything to you.

The circle of friends Shouting that the house will rise in price is mostly real estate sales, call you to say that the bull market is basically a securities company.

Bitcoin, on the other hand, does not have a boss or a company, nor does it belong to any country, religion or group, nor to any financial family.

The founder writes the code and then disappears. The new Bitcoins are “mined” instead of bought from the founder, and the exchange doesn’t make most of its money from bitcoin trading (at a lower rate), so there’s no one to profit from your bitcoin buying or selling.

Unlike complex derivatives like matryoshka dolls or insurance policies with dozens of pages in them, Bitcoin doesn’t say pretty things or trick you into pleasing or confusing you.

· Bitcoin is not the cutting-edge technology that many people think it is. On the contrary, Bitcoin is not advanced at all. It is simple. The whitepaper is just over 3,000 words, and the original version of the entire system was only 16,000 lines of code. Now any app needs more than 100,000 lines of code.

2.Bitcoin is very specific

The few words and lines of code of Bitcoin realize a long-overdue right — that personal property is sacrosanct.

No one can take my money and house away from me because you live in a safe China. In many countries in Asia, Africa and Latin America, it is common for the government and local armed forces to strip away your bank assets and seize your house.

But when you own bitcoin, it belongs to you alone, and no one can take it.

How does that work?

The mechanism of Bitcoin is that every transaction will be made public on the whole network and sent to everyone, making it extremely difficult or costly for others to steal and change the amount of Bitcoin in your account. That is to say, the Bitcoin in your account really belongs to you, and no one else can take or steal it.

Like to fall in love with your boyfriend your photo print out on the streets, and also gave every relatives and friends, the earth person all know, if you want to split leg, will need to take these things are back to ps, used magic to make at least half of the people to believe you are not talked about love, it is almost impossible task.

While your money in the financial institution looks safe, it is actually just a string of numbers. The key record of this string of numbers is only the financial institution itself, and people can change it as they want. For example, if you fall in love and get married with a man who cheats and plays with women’s feelings, he never makes it public in his friends circle. He has a daughter-in-law at home and is single when he goes out.

· Bitcoin economy uses the distributed database formed by many nodes in the whole P2P network to confirm and record all transactions, and uses cryptographic design to ensure the security of all links of currency circulation. The decentralized nature of P2P and the algorithms themselves ensure that the currency cannot be artificially manipulated by mass production of bitcoins. The cryptographics-based design allows Bitcoins to be transferred or paid for only by their true owners.

3.Bitcoin has responsibilities

Jimei people know, love, words do not keep good impression. I’m not asking you anything, but do what you say you’ll do, and do what you say, or don’t say anything at all.

From the human financial history, various financial institutions can do a lot of such things, a lot of deadbeat kompromat.

At the beginning, the United States coaxed everyone to use dollars, saying that it can be exchanged for gold at any time, and then did not count; Argentina used to peg its currency, the peso, to the dollar at a fixed level of one to one, but then stopped doing so. Recently a certain bank sold only 5% of the yield of financial products can not be repaid, this kind of thing is everywhere.

In addition, when the economy is bad and the central bank is running out of ideas, it is not uncommon for the central bank to print money in its backyard to finance the government.

This can be devastating for any saver.

Bitcoin, on the other hand, is stupid. It is always the same. No one can change the total of 21 million coins. In the Bitcoin world, there is no central bank, everyone is equal, there is no fear of exploitation, no one can cheat or default.

Because in fact, we all know that human nature is not tested, cheating only zero and countless times, printing money is the same.

Therefore, Bitcoin directly gives these powers to the code which is not controlled and controlled by people to execute, instead of kneeling on the ground to confess and promise to his wife.

· The Roman Empire devalued its currency for 2,000 years. In the 73 years between the end of the reign of Marcus Aurelius in 180 BC and the beginning of the reign of Emperor Gorianus, the silver content of silver coins fell from 75 percent to just 5 percent, by which time the silver was only lightly coated and would wear away. This is a depreciation rate of 93% and an annual depreciation rate of about 3.6%. The same is true of the top student, the US dollar also lost 93 per cent of its purchasing power over a 73-year time frame, from 1943 to 2016, based on an annualised inflation rate of just over 3.6 per cent.

4.Bitcoin is a sure thing

A man who has not experienced setbacks and temptations is unreliable, only experienced ups and downs, and experienced prosperity is qualified to make a commitment. The promise of men who have never experienced anything is too fragile.

Some say bitcoin is too risky and too volatile.

Yes, Bitcoin often goes up and down, but who wasn’t reckless and flustered when they were young?

Fall is not afraid, the key to be able to stand up again.

How many things are flash in the pan, debut is peak, after all is pit?

It’s like a playful boyfriend who, no matter how many adventures he takes, always comes home safe and stronger, more mature, and more resistant each time.

What’s more, Bitcoin has a conscience. If you were willing to start a business with it when it was young, you can follow it now.

Since its birth, Bitcoin has been declared dead for countless times, and experienced many ups and downs. It is regarded as a god by many people, and it is also scolded by many people. However, it can always stage the drama of the return of the king in the subsequent time, and it can always turn the tide and keep its original intention.

Others say that Bitcoin has had few problems since its birth, powered by a system that consumes huge amounts of energy.

Indeed, Bitcoin is edible, using up about the same amount of electricity a year as Bulgaria. But Bitcoin is more capable of eating, just like one thief Luffy, who eats a lot but does more work.

With this system, Bitcoin has solved the global cost of trust, which is the biggest cost of human beings. The human beings consume countless costs in trust every day. The utility generated by Bitcoin is far higher than the electricity needed to mine Bitcoin.

· Data shows that bitcoin volatility is leveling off, and that each time a bitcoin crash was followed by a spike back up to its peak within 18 months and then surpassing the previous high.

5.Bitcoin is on the right track

Bitcoin is not the brainchild of rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men, rich men.

Unlike the enigmatic, formidable financial derivatives, they not only want to see you very much information, also need do you have a lot of financial capital, a lot of times, these are not enough, you need to have more qualifications and seniority, requires a lot of contacts, only accepted by the class, to share.

What is more, many regions and countries are unable to open even the most basic bank accounts, not to mention better financial instruments and investment opportunities.

Just like some men, they think girls should not only have a stable job, but also do housework and take care of children after work.

But the currency is different, is not man’s doctrine, what also don’t see it, don’t look at birth or watch looks, don’t look at the wealth, don’t look at gender, don’t look at nationality, from identity, don’t look at class, not based on the background of the investors or geographical location and is divided into 369 wait, anyone with a mobile phone or computer and can connect to the Internet, you can open for COINS.

· In Iran, most women are not allowed to have their own bank accounts and have to give money to male family members to manage for them, thus completely losing the ability of economic activity.
· Zimbabwe Dollars with national credit — 10 billion Zimbabwean Dollars are not even worth one US dollar.
· In the Bitcoin system, any amount of money can be paid and received instantly, anytime and anywhere. No bank holidays, no borders, no imposed restrictions. Bitcoin allows its users complete control over their money.

6.Bitcoin and you speak the same language

It is very important to have a common language between partners, you love to eat Japanese steak, I love to eat steamed stuffed dumplings; You like to watch variety brush douyin, I love reading books and playing tennis; It’s hard to keep going.

A cake of Pu ‘er tea can be sold for millions in China, but nobody pays for it in the United States. Similarly, there is no market for coffee dung, which is more expensive than gold. Because the two countries have no common cultural basis.

While their parents’ insecurities about life are reflected in buying gold and property, more and more young people can accept renting for a long time. Because the two generations have no common memory of The Times.

Young people can’t understand their parents’ respect for the US dollar. The younger generation’s sense of honor for the country continues to rise, and the RMB can even rival the US dollar one day. Because national power is growing.

So the traditional assets of dollars, real estate, gold, jade and tea have little in common with young people. But Bitcoin, based on mathematics — the consensus of all mankind, is full of the vanguard temperament of liberal ideals and the spirit of defiance against power, which makes young people empathize with it and become obsessed with it.

7.Bitcoin is fun

A lot of people when it comes to the criteria of love, they will say that they have to be interesting.

Gold is either bad or just plain boring. Gold like introduce you to objects in the home, go to work in the home institution, working steady, steadfast, also know well (for thousands of years old), your sister two aunts and your aunt feel good to buy gold ornaments), every Chinese New Year, but it is no meaning, no emotional foundation, for young people like it or not, and seemed to keep pace with the development of the society.

And Bitcoin is the only thing so far that has absolutely no relevance to government decision-making processes and decision-making bodies, because at the end of the day, every other asset class, like stocks, debt, real estate, commodities, they are all tightly tied to the legislative framework.

That, coupled with the disappearance of its founder, has given Bitcoin a cinematic sense of unreality and fantasy.

· Satoshi Nakamoto, who describes himself as Japanese-American and is often translated as Satoshi Nakamoto in the Japanese press, is the creator of the Bitcoin protocol and its related software Bitcoiin-Qt, but his real identity is unknown. In 2008, Satoshi Nakamoto published a paper called “Bitcoin: A Peer-to-Peer Electronic Cash System,” which describes an electronic currency and its algorithms that he calls “Bitcoin.” In 2009, he released the first Bitcoin software and officially launched the Bitcoin Financial System. In 2010, he gradually stepped down and handed over the project to other members of the Bitcoin community. Satoshi Nakamoto is believed to hold about a million Bitcoins. They were worth more than $1 billion at the end of 2013, but he has never sold a single one. Satoshi Nakamoto communicated and published documents through anonymous emails in his early days, making it impossible for anyone to confirm his identity.

8.Bitcoin is a little bad

Men are not bad, women do not love. Bitcoin is really kind of bad.

Let’s start with the price.

Traditional asset prices are influenced by macroeconomic and sudden events, such as non-farm data, central bank policies, etc. These assets are like “mommy’s baby”, they listen to their mother’s words, while Bitcoin is like a naughty and naughty little thuffin, very independent, you can’t know its mind.

If you think of bitcoin as digital gold, when black swan events like COVID-19 occur, it should follow gold’s lead, but it has fallen a lot. The uncertainty of the recent central bank bail-outs, the end of gold’s rally and the leveling off of bitcoin’s surge, has created a love-hate relationship.

Because people like thrill-seeking, if you have complete confidence in things, you are less likely to develop a fanatical attitude. Take the sun for example. No one is excited about it rising tomorrow because it is inevitable.

Then there’s the criminal aspect of Bitcoin’s much-criticized “anonymity.”

Because of the censor-resistant nature of Bitcoin, many say it has fostered a criminal streak.

Indeed, if Bitcoin is used by criminals, it does increase the difficulty of law enforcement for institutions, but the tools are neutral, so knives should not be classified as contraband just because bad guys use knives to kill people, and we should not give up eating for fear of choking.

While bitcoins are bad, they also have a noble ideal — a financial system where everyone is equal and free from exploitation.

· Illegal activity-related transactions have accounted for less than 1 percent of total bitcoin transactions in recent years, with the dollar being the most used for criminal activity. For every dollar spent on bitcoin on the dark web, at least $800 is laundered through cash, according to the United Nations Office on Drugs and Crime and Chainalysis. Transparent characteristics of currency allows us to estimate exactly to the currency in the proportion of the use of illegal activities, and cash and financial system in the criminal activities that play the role of can’t do this kind of more accurate estimation, so people will more easily this kind of dirty water poured to the currency, and ignore the cash and the role of the financial system in criminal activities.

9.Bitcoin is upwardly mobile

As mentioned earlier, Bitcoin started with just over 10,000 lines of code, but after 10 years of development, the original code has accounted for a negligible percentage of the current system.

Through the constant maintenance and repair of a spontaneous community of people who have come to believe in Bitcoin, Bitcoin has been evolving for the better, with some disagreements and even divisions in the process, but all of them have made Bitcoin a better version of itself.

In contrast, the financial system, which is controlled by central banks, has not been very smart in the face of one crisis after another. There seems to be nothing better to do than print money.

As a result, assets of all kinds are shrinking, and the banks have even imposed negative interest rates, which means you keep your money in the bank and pay it back to the bank.

I find a lot of girls around me are nice, but more and more single. They say that it is very easy for boys to fall in love as long as they are not too bad, but the current situation is that there are very few boys who are reliable.

Bitcoin was also born because of the financial crisis of 2008, when countries were printing money like crazy. If there was any reasonable reason, Bitcoin might not have been born. So in many cases, it is not Bitcoin that is too good, or other assets that are too bad, or it is not Bitcoin that is good, but it is the foil of peers.

· On November 18, the Ministry of Finance, PRC successfully issued 4 billion Euro sovereign bonds. Of these, 750 million euros for the five-year period was issued at a yield of -0.152%. The order size was well received by international investors, reaching 4.5 times the amount of the issue. You may wonder why the negative interest rate was still snapped up. Internationally, euro interest rates are expected to fall further. After the outbreak of the COVID-19, the monetary easing of the European Central Bank increased again, and the negative interest rate prevailed in the Eurozone, among which the yield of the 5-year German government bond was -0.76% on November 18.

10.Bitcoin makes you grow

Man’s mouth lies the ghost, love when call you sweet, do not love is the cow lady.

The best love is not to take care of you forever, which will only cripple you. The best love is to make you grow up and become a better person together with you.

And nobody’s going to take care of you for the rest of your life, and if you don’t grow up, you probably don’t know that the bank is going to go bankrupt, and if the bank goes bankrupt, you put it in the bank and you don’t pay any more than $500,000; After the implementation of the new capital management rules, there is no longer any rigid payment, that is, there are no financial products that guarantee capital.

People always have the idea of relying on others, let others manage their life, let others to support their own, no money to find a unit, investment failure to the government.

However, Bitcoin will not spoil you, you transfer the wrong account, whether it is worth a dollar of bitcoin or a million dollars, lost is lost, there is no place for you to sit on the ground and roll, you can only learn and grow, and then become a better yourself with Bitcoin.

· Bitcoin is simple and complex. It is not in a deep direction of advanced technology, but in the horizontal involved cryptography, computer science, game theory, economics and sociology, and other knowledge.

We live in times of peace and strong countries, and we think that the world will always be in good times. But we do not know that peace and stability are an accident, and instability is the norm.

The future is becoming more and more uncertain. If I want to add a partner on this road to face the magnificent and ups and downs of the world, I choose Bitcoin.

Not that Bitcoin is perfect, it may be replaced one day, but it doesn’t matter, we are not looking for Bitcoin, we are looking for a reliable partner, if there is a better store of value than Bitcoin, then move to it, I’m sure Bitcoin will bless you as well.

Satoshi Times CEO