Why Bitcoin cannot be counterfeited (why Bitcoin cannot be replaced)

Why Bitcoin cannot be counterfeited. Editor’s note: This article is from Orange Book (ID: chengpishu), authored by Wang Dashu, authorized for publication by Planet Daily Bitcoin is currently one of the most famous cryptocurrencies, but why cannot it be counterfeited? Because there is only one coin in this world, and no one knows what Bitcoin is. So why do people think that Bitcoin cannot be counterfeited? The answer is very simple. The value of Bitcoin is related to other Scarcity, transaction speed, credibility and other factors In the encrypted world, there is a word called “unforgivable”, which means it can be infinitely replicated or tampered with. Non forgeability “refers to the ability of anyone to implement and verify the ownership and all records of digital assets through code. And if we want everyone’s identity to be confirmed, you need to use a new technology to prove the existence of these facts – that is, computer programs can change the properties of your personal information or account Therefore, you can send your private key to the blockchain and create a decentralized wallet. If you are interested, you can set your address as some form of wallet account, and then enter a mnemonic phrase, all you need to do is deposit one dollar into the smart contract on the chain For the convenience of understanding this point, I have described a concept using some mathematical methods: “Assuming an address has more than 10 BTCs. Assuming that a Bitcoin holding is more than 5 times higher than the current price, then these 50 BTCs are equivalent to 1 BTC=1000 ETHs; If the price of a Bitcoin is less than $10000, then 100 BTCs are equivalent to 2 BTCs; Of course, it can also be imagined that a user may want to sell their Bitcoin and make more profits, so they are unwilling to do so In fact, Bitcoin is a very powerful system, but essentially it is a huge network system, like a database where the stored data is controlled by a single independent institution. The emergence of distributed ledger technology has made them a global financial system, even as powerful as the internet, while ensuring safe operation. That’s why we treat Bitcoin this way:

1. Bitcoin must ensure authenticity and reliability

2. Bitcoin must prevent fraudulent behavior

3. Bitcoin must remain anonymous in order to be effective

4. Bitcoin cannot be completely exploited by criminals

5. Bitcoin is not a person used to evade sanctions

6. Bitcoin can only be used as a tool for money laundering

7. Bitcoin will never disappear, even hackers will leave traces, Until someone tries to steal it

8. Bitcoin will never be lost

9. Bitcoin will always be forgotten

For those who are worried about hiding their private keys, this is a good thing, but please don’t pay too much attention to it and don’t listen to others.

Why Bitcoin is irreplaceable

According to Bitcoinist.com, the birth of Bitcoin is to solve problems in the current world economic situation. Why is Bitcoin so irreplaceable? The answer is due to its decentralized nature and its essential differences from other assets Firstly, consider that the transaction speed of Bitcoin is very slow; Secondly, in many aspects, blockchain technology also has certain shortcomings, such as poor user experience and low efficiency, which lead to situations where it cannot operate normally. Therefore, it is not safe for ordinary people to use the blockchain network for payment. However, if the blockchain system is used for settlement or digital currency processing, it should be noted that most financial institutions have not even developed applications that can support Cryptocurrency, which determines that bitcoin is not just a tool product.