1. The Past and Present of Cryptocurrency

“Before diving deep into cryptocurrency, let's take a step back and consider the most fundamental question: What exactly is 'money'? In fact, money is a medium of value exchange that is recognized by everyone. The paper currency we use has value because it is backed by the government and banks, and the public trusts the government and banks.

But cryptocurrency is completely different; it is not issued by any central authority. It uses a complex set of cryptographic and blockchain technologies to make every transaction public, transparent, and immutable. Therefore, it inherently possesses three core characteristics: First, decentralization, not relying on banks, peer-to-peer transactions; Second, blockchain, transactions are public and transparent, cannot be tampered with, and everyone has a copy of the 'public ledger'; Third, scarcity, with a limited total supply, there won't be excessive issuance. So, why has such a disruptive thing emerged?”

2. The Birth and Development of Cryptocurrency

“This goes back to 2008. The global financial crisis caused many people to lose trust in the traditional financial system. It became clear that while banks and governments provided convenience, they also carried risks. When the entire system faced issues, ordinary people were almost powerless. In this context, a mysterious person using the pen name 'Satoshi Nakamoto' proposed a bold idea: 'What if we could create a secure and reliable currency without banks or governments?' In 2009, he created Bitcoin. The genesis block of Bitcoin contained a headline from The Times, which was a satire of the bank bailout plan at the time, embodying a spirit of rebellion. So, what was the scene like when this new 'digital gold' first stepped into the real world?”