Bitcoin is the biggest scam in the world.
But its price has broken through $100,000.
And now? Musk, Trump, Michael Sailer can't live without it.
Here's everything you need to know about Bitcoin (and why you must care about it): 🧵
Bitcoin is a decentralised digital currency.
There is no central bank, no government, just pure mathematics and code.
What is the total circulation? 21 million (of which 19 million have been excavated).
Born on the ruins of the 2008 financial crisis, Bitcoin symbolises a revolution in digital currency.
Satoshi Nakamoto – an anonymous individual or group that released Bitcoin on October 31, 2008.
The first block (the genesis block) was mined on January 3, 2009.
In 2010, Satoshi Nakamoto mysteriously disappeared, leaving the project to someone else.
Who is Satoshi Nakamoto? Even after years of speculation, no one knows about it.
Bitcoin introduces disruptive ideas:
- No trustless intermediaries are required for transactions
- Leverage "proof-of-work" for decentralised consensus
- The first truly successful blockchain system
Anyone can use a computer to mine Bitcoin.
In May 2010, a programmer completed the first real-world Bitcoin transaction.
He bought two sticks for 10,000 Bitcoin! John Pizza.
That's the equivalent of nearly $1 billion in pizza today.
For years, Bitcoin has been known as a Ponzi scheme and fraud.
But over the past 15 years, it:
- Nearly $10 trillion in total transactions have been processed
- Accepted by major companies
- Survive countless challenges
For a "scam", it seems not bad.
Bitcoin is the most decentralised cryptocurrency:
- More than 18 million miners participate in validating transactions
- No one person or organisation can control it
- Fixed mintage of 21 million coins to ensure scarcity
Even its creator has disappeared, ensuring that no one can control it.
In 2011, Namecoin became the first altcoin, proving that Bitcoin wasn't the only option.
Altcoins are created to:
- Increase the speed of transactions
- Fix bugs in Bitcoin
- Serve specific blockchain functions
- Experiment with new technologies
Today, the altcoin ecosystem contains thousands of tokens:
- Ethereum: Smart contract platform
- Stablecoins: Pegged to real-world assets
- Security tokens: represent real-world assets
- Utility tokens: provide specific services
There are over 9,000 altcoins on the market.
Bitcoin's influence goes far beyond its value:
- It is a "weather vane" for the entire crypto market
- Bitcoin's price fluctuations determine the direction of altcoins
- Institutional investors tend to use Bitcoin as their first step into the crypto world
Bitcoin is unique and irreplaceable.
Bitcoin is a tool to drive financial inclusion, especially in developing countries:
1) Entrepreneurs have access to the global market
2) Peer-to-peer transactions can be achieved without the need for a bank
3) Fight inflation and economic instability
By 2030, experts predict that Bitcoin could rise to $1,000,000, driven by:
- The market continues to mature
- Layer 2 technology makes Bitcoin transactions faster and cheaper
- Trump supports improved cryptocurrency policy and regulatory environment
- Institutional adoption (e.g. exchange-traded funds, corporate investments)
I love Bitcoin, not because it makes money. Rather, it brings freedom.
Bitcoin empowers ordinary people on a global scale:
- In Venezuela, it fights hyperinflation
- In Kenya, cryptocurrencies have made financial services accessible to millions of people through mobile phones
- Cross-border transfers are cheaper and more efficient
Musk has expressed a similar belief.
Bitcoin may be able to facilitate these future visions:
- Universal Basic Income
- Transparent supply chain system
- Decentralized research funding mechanism
- Promote environmental protection through blockchain technology
I'm really looking forward to the future of Web 3.0.
Bitcoin is not just a currency, an investment, or an asset.
It's a sport.
It's about freedom, it's about inclusion, it's about innovation.
Are you ready to join this journey?
68.76K
126
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.