Chinese-speaking countries’ interest in Bitcoin#BTC It’s time to correct the misunderstanding - what are we talking about when we talk about Bitcoin?

The first time I really came into contact with Bitcoin was a long time ago. It was probably after the second halving in 1617. I opened an article on Zhihu that introduced what Bitcoin is in a simple and easy-to-understand way. I thought this design was so cool and I had to get involved. So I went to find a lot of information to learn and learned that Bitcoin is essentially a distributed "ledger" that everyone can save, and it is an anonymous electronic currency system. I miss that time very much. The big Vs at that time were Jiushen ahr999, Sihai, and Xiong Yue. Everyone started from their own perspective and persevered in popularizing, explaining, and demonstrating to everyone who had just come into contact with Bitcoin what Bitcoin is and why Bitcoin is very important to the future Internet and financial system.

But after two cycles, these voices gradually disappeared, and the new voices sounded more and more wrong. Who are the current leaders in Chinese? Is it the daily question "What is Mingwen optimistic about today?", or the daily calls for plagiarized projects that don't even need a three-day development cycle to trick people into paying? Or is it the Bitcoin animal NFT that is worthless when the price is 0.5BTC?

I am very disappointed about this. As a big V with great influence in the industry, and occupying various stakeholders in the tracks such as mining machine manufacturers, project parties, and VCs, I say that Bitcoin is a technological revolution and Web3 is the future, but I am doing shameful and despicable things to cut leeks.

It is also because of the existence of big Vs who have influence but no real content that many people just blindly rush to buy and have no understanding of Bitcoin at all. Even today when the Bitcoin ecosystem is developing in full swing, they even ask - is Bitcoin a big Meme?

Are you kidding me???

I have asked many people this question: What is Bitcoin? By answering this question, you can understand the person's understanding of Bitcoin and Crypto. For example, some people will say that Bitcoin/Crypto is a distributed ledger running on blockchain technology, and Bitcoin is digital gold. But in fact, there is a standard answer to this question -

Bitcoin is a peer-to-peer electronic cash system. (From the title of the Bitcoin white paper Bitcoin: A peer to peer electronic cash system)

If you can't answer this question, it can only mean one thing: you haven't read the Bitcoin white paper. The Crypto industry is too new. It's only been around for 15 years. And because the industry is iterating too fast, a lot of knowledge from the previous year is no longer valuable for the present. Therefore, there is only one textbook in the Crypto industry, and that is the Bitcoin white paper. I just want to laugh when someone starts promoting Web3 to change the world without even reading the white paper and not having enough knowledge of Bitcoin.

So, is Bitcoin (BTC) a Meme? No. The essence of a Meme is a culture, but Bitcoin is essentially a real blockchain system, of which BTC is one of the elements. Due to the decentralized design concept, the Bitcoin system currently has four major stakeholders, namely the development team, miners, on-chain project parties, and full-node retail investors. Each stakeholder has certain powers to restrict each other and maintain the stable operation of the entire system.

So what value does Bitcoin have other than its cultural value? Isn’t it just the mining machines that start rumbling and mining?
Please don't be too narrow-minded. Bitcoin is the first "Economically Viable Products" since the birth of the Internet. Its value is not limited to consuming electricity - mining.

for example,
Last year I learned that many miners have begun using clean energy to mine, but there are still many by-products, such as noise and heat.
Garbage is wealth placed in the wrong place, so some smart miners recover the waste heat through liquid cooling. The hot water can be used for baths in New York, for heating swimming pools in Ohio, for hot water supply in a famous shopping mall in Beijing and the most luxurious hotel in Singapore.

There are also smart miners who use Xinjiang's cheap geothermal and photovoltaic new energy sources to heat the village with the waste heat generated by mining, so that nearby villagers no longer have to pay high heating bills in winter. Since local heating itself requires electricity, heating and other fees for necessary production and life, but because mining itself can generate economic benefits (mining BTC), the locals only need to pay a symbolic cost to ensure a normal life.
Even in North America, Bitcoin mining has become an important electricity response (peak load regulation) industry that has been scaled and industrialized.

Of course, the above cases in the mainland came to an abrupt end with the ban on 519, which is one of the reasons why I hate 519 so much.

Therefore, the Bitcoin ETF was approved this time because countless miners are truly creating social value, the silent majority has built the consensus on Bitcoin, and countless large companies have long recognized and held it, thus influencing the SEC to approve it. It is not something that a few big Vs shout about inscriptions and garbage projects every day.

I am very glad that I was a follower of Jiushen and read the full text of the serialized version of "Hoarding Bitcoin". I didn't expect that this round would require an ordinary person like me to popularize what Bitcoin is.

Maybe this is the charm of decentralization promoted by Bitcoin.

Everyone has the right to speak, which of course includes the right to question the emperor's new clothes.

While everyone is busy with Restake, playing inscriptions, and playing games, have they forgotten the original intention of recognizing Bitcoin?

The essence of blockchain is actually permissionless, which is also the essence of decentralization. That is to say, in this system, everyone has the power to say "yes" or "no". But now it seems to have become a one-man show for institutions and big Vs, and everyone is singing and dancing in peace and prosperity, busy launching various junk projects in the hope of achieving financial freedom as soon as possible.

But who cares about the voices of the silent majority? Bitcoin does, and running a full node is to defend our own right to say no.

The reason I like Bitcoin is because,
Blockchain technology ensures that every Hash of every transaction block since the creation of Bitcoin can be checked.
Full nodes maintain the security of the entire network
Miners pay the cost to package transactions, add new blocks to the network and receive rewards

It is not because you can write on Bitcoin (issue inscriptions) or put small stickers on Bitcoin (issue NFTs)

Last March, a super industry leader told me that he was not interested in inscriptions and did not want his products to support inscriptions due to the underlying logic of Bitcoin. This is because too much inscription data will quickly increase the size of Bitcoin's ledger, which will really blow up the computers of ordinary people, making it more difficult for ordinary people to run full nodes, and endangering the security of the Bitcoin layer network.
The boss asked me (the time point was March 23): "Do you think these projects will still be alive in a year?" Looking back, it seems that nothing happened in a year.

Existence is reasonable. I don’t deny the existence of the plate project, but I have the right to say that I don’t like it.
In other words, if they keep shouting about garbage projects and cutting leeks, or even increase garbage transactions to obtain high block revenues, which indirectly undermines the security of the Bitcoin network, will newcomers believe that this industry is good enough to enter? Do you still want to continue to recognize such big Vs as the decision-makers in the Chinese-speaking Crypto community?

The main focus of blockchain and Bitcoin is fairness and transparency, which cannot be touched by black-box point projects and private small circle NFT communities. I hope everyone can truly understand the power of blockchain and accept it, instead of foolishly asking whether Bitcoin is a big meme.

Bitcoin is currently the most successful global microfinance and inclusive finance social experiment. Because of its anonymity, decentralization, and immutability (homogeneity), it is the first time in human history that private property has been made sacred and inviolable by technological means.

The original intention of posting this article is to learn from Jiushen and turn ourselves into the strongest node of Bitcoin. When other Bitcoin users need trust, we are their solid backing and provide the trust they need. When other Bitcoin users do not need trust, we firmly safeguard their right to verify by themselves.

It is the millions of Bitcoin contributors who have made Bitcoin what it is today. Those who cannot understand the value of Bitcoin have no idea what kind of people are behind Bitcoin and how ambitious their goals are.

Don’t trust. Verify.

Oh Shy