Bitcoin Basic Concepts Q&A

11. The essential concept of currency Zhu Weisha February 2023 96. Currency has no precise definition, but it has a definition. From different perspectives, there are more than 20 indicators. 97. From the perspective of exchange, the most classic definitions of currency are value scale, transaction medium, and stored value. 98. The improvement of human […]

– Answering the concepts in the article “Invite Satoshi Nakamoto to Welcome the New World“ This section continues to discuss the characteristics of the basic concepts of the Bitcoin system and blockchain. Although the initial version of the Bitcoin system has only more than 10,000 lines, it is profound. It represents humanity’s advanced ideas and

– Answering the concepts in the article “Invite Satoshi Nakamoto to Welcome the New World“ Zhu Weisha September 8, 2024 This section continues to discuss the characteristics of the basic concepts of the Bitcoin system and blockchain. Although the initial version of the Bitcoin system has only more than 10,000 lines, it is profound. It

Reserve Value and Reserve Currency
Using Bitcoin as a Reserve Currency
Inflation of Bitcoin
Bitcoin as a commodity
Bitcoin’s arithmetic floor

The article on the chainless website discusses interdisciplinary financial issues. It is complicated and lengthy, involving many basic concepts that are very similar and very different. This article sorts out some differences between Bitcoin, gold, stocks, US dollars, and legal tender and makes a conclusive comparison, which helps to understand the article.

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

What trust does Bitcoin remove?
Trust retained by the Bitcoin system
Time builds trust
Openness and transparency are the sources of credit
The machine trust standard created by the Bitcoin system

What is the decentralization of the Bitcoin system?
The center where the Bitcoin system still exists
Most of the blockchain projects cannot reach the level of decentralization of the Bitcoin system

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

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