I strongly recommend everyone to check out this article written by Mai Gang in 2014 about Bitcoin, it's truly fascinating, especially the part at the end of the article that mentions Bitcoin as a tool for great power competition, which basically predicted what the U.S. is doing in 2025. Mai Gang: You need to understand Bitcoin. The essence of economics is currency. Before the financial crisis, I read a book about a famous physicist. He said that we scientists, like those studying physics, deal with constants such as length, width, weight, and time. You economists study variables. For example: "How much is a McDonald's worth?" — You have to ask if it's in dollars, yuan, or yen? — You have to ask if it's the dollar from 1958 or the dollar from 1985? After reading that, I felt enlightened; it turns out that economics studies things that change. I majored in economics, and I should revisit the most fundamental and ever-changing aspect of this discipline—currency. Then there were some books, like "Currency Wars," that sparked nationwide interest in currency. I gained a relatively comprehensive understanding of currency, so when Bitcoin appeared, I could only say one word: "Wow!" Bitcoin captures the essence of currency. What is Bitcoin? It can be explained in two sentences. 1. Bitcoin is a perfect currency simulated by mathematicians, geeks, and network scientists using distributed algorithms; 2. This property is maintained by the immense computing power of distributed, powerful computers. Bitcoin is this thing. All discussions, doubts, criticisms, and innovations regarding Bitcoin return to this framework. Therefore, Bitcoin is not a conspiracy but a clear strategy; what Bitcoin does is very transparent. All Bitcoin data can be checked online by anyone at any time. Bitcoin captures the essence of currency, and what it aims to do is to simulate perfect currency. Why can Bitcoin simulate perfect currency? (1) Bitcoin's currency characteristics surpass precious metals. The history of currency spans five thousand years, while the history of nations is three thousand years; currency is a concept that predates the emergence of nations. Thus, China's currency has gone through various forms, from feathers, shells, stones, livestock, and even women as currency in some countries, until the emergence of precious metal currency. Precious metals cannot be forged, or the cost of forgery is extremely high; they have low transaction costs, are relatively easy to store, can be divided, and are relatively soft—these attributes are reflected in precious metals. Therefore, precious metals circulate as currency. Gold transactions still incur costs; moving gold from one place to another carries risks in delivery and payment. Many people are unaware of this. Bitcoin has a limited total supply, is distributed, and as long as there are computers, anyone can participate, making it very equitable. Bitcoin is a commodity simulated by mathematical methods, possessing all the characteristics of precious metals and surpassing them in all aspects. Moreover, the Bitcoin network can continue to upgrade, so there won't be a problem like gold exiting the historical stage due to scarcity. For digital currency, the issue of scarcity does not exist. (2) The probability of Bitcoin being forged is very low. First, the computing power is immense and controlled by various people around the world; it is very difficult for one person to simultaneously control so much manpower and computing power. Second, even if someone has the opportunity to control this computing power, from an economic and logical perspective, they should manage this network rather than attack it, because their wealth is in Bitcoin, and they wouldn't destroy their own assets. So, this is a probability issue, a logical issue. Third, Bitcoin has low transaction costs, which is a particularly important feature. The total number of Bitcoins will be permanently limited to 21 million, and Bitcoin can currently be divided into units with eight decimal places (0.00000001 BTC is the smallest unit), which is the current calculation system of Bitcoin. (3) The Bitcoin network is an advanced clearing and payment system. The Bitcoin network is a fully automated clearing and payment system that is not managed by anyone; Bitcoin is the circulating unit produced by this network. This network is inherently a clearing and payment system that does not require management, and the use value of Bitcoin is reflected in its role as a clearing network. Western Union, an international remittance company in the U.S., has a history of over fifty years, with annual profits in the billions of dollars, especially widely used in relatively underdeveloped countries. It helps customers with remittances, with a delivery time of one to two weeks and fees of 5 to 8 percent. What a lucrative and wonderful business this is. In contrast, Bitcoin payments are typically received in just a few minutes, with very low fees. Therefore, companies like VISA, which represent the existing financial circulation system and commercial banking system, are surpassed by Bitcoin, which uses a new technological framework and foundation. This is where Bitcoin excels in the circulation network and in the foreign exchange functions of commercial banks. Decentralization is the guarantee of Bitcoin's security and freedom. There are three forms of currency in human society: one is the currency system represented by precious metals like gold, and the second is credit currency supported by government credit. In the era of credit currency, we commonly see issues like inflation, excessive currency issuance, and currency wars. The currency system we are currently in is dominated by the U.S. dollar, which is rampant globally, and we, especially the struggling Chinese, are working for the U.S. Why do American jeans cost $10 or $20, but in China, they sell for $100? All of this is because the dollar is the global currency, and it has achieved this through its hegemony. However, the emergence of Bitcoin has ushered humanity into a third era of currency. The third era I speak of does not mean replacing the first two. Just like the internet did not replace fax machines and telephones; they coexist. This is decentralization, a virtual currency built on mathematical concepts, and decentralization is the guarantee of Bitcoin's security and freedom.