Bitcoin Basic Concepts Q&A

Readers have reflected that the series of articles of “Inviting Satoshi Nakamoto to Welcome the New World” involves too many concepts, covering many fields, and many concepts seem to be incomprehensible, and they hope that the concepts and references can be explained in detail. Author Zhu Weisha here on some easily confused concepts and relatively new references to do some explanation, and discuss with readers.

Q&A series on basic concepts of Bitcoin (Part 8)

Three application characteristics of currency
The above definition cannot accurately measure economic growth
The rules of currency issuance
Both the gold standard and the fiat currency do not meet the requirements of currency issuance
Currency is not a means for the government to develop the economy
Reconstructing the social theoretical system after the Bitcoin standard

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Q&A series on basic concepts of Bitcoin (Part 5)

Bitcoin and the Bitcoin system are different
All users’ bitcoins are recorded anonymously on the bitcoin system
Unification of ledger openly and user anonymity
The Bitcoin system has basically completed the issuance of Bitcoin
The next phase of Bitcoin’s technology will focus on second-layer technologies
The Bitcoin system is the system with the most bookkeeping nodes
The Bitcoin system has the largest computing power of the entire network
The Bitcoin system has no valuation
Bitcoin program developers are not paid
Program developers and computing power owners of the Bitcoin system check and balance each other
The research and development of the Bitcoin system have not been financed
Bitcoin system has no copyright and patent
Freedom is the core idea of the Bitcoin system
Satoshi Nakamoto left to form a community mechanism
The system designed by Satoshi Nakamoto kicked him out
Bitcoin represents advanced thinking

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Q&A series on basic concepts of Bitcoin (Part 4)

Bitcoin is not an air coin
Bitcoin through an air phase
Bitcoin is not a virtual currency
Bitcoin is an asset currency
Bitcoin is not a credit currency
The difference between asset currency, credit currency, and air currency
Bitcoin is not an equity currency
Definition of three primary functions of money
Bitcoin and stablecoins are both asset currencies, but there are differences
Bitcoin should back stablecoins
Bitcoin is a token
Historical evolution of currency forms
Bitcoin is a digital currency, not a digital fiat currency
Bitcoin is the digital currency with the lowest blockchain risk
Bitcoin has a monopoly position among similar digital currencies in the blockchain
Digital gold undervalues Bitcoin
Bitcoin improves on the shortcomings of gold
Bitcoin is a cross-sovereign currency
Bitcoin standard is the king status that Bitcoin should have

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Q&A series on basic concepts of Bitcoin (Part 3)

Bitcoin’s rise is fueled by speculative money
Bitcoin is highly volatile; newcomers should not increase their leverage
What is the good news of Bitcoin’s rising
Unique Indicators to observe Bitcoin and Blockchain Rise
The view of evaluating the stock market is not suitable for evaluating Bitcoin
All purely mathematical predictions about Bitcoin are unreliable
Bitcoin’s premium should be higher than that of gold
Gold and the Nasdaq are the comparisons for bitcoin
The technical indicators of the stock market are suitable for Bitcoin
For Long-term investment, look at Satoshi Nakamoto; for a short-term investment, you will
The view that Bitcoin is suitable for diversification

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