How to understand why Bitcoin is a great innovation! The evolution of money: I believe the next evolution of currency is "big coins" and digital currency. Things are becoming de-emotionalized. So, what is currency? Currency is a technological advancement in commerce. Early barter: 4000 years ago, you had a beautiful piece of land with quality crops, and I had pigeons and some cows. I wanted your land, but you wanted pigeons. Therefore, I needed to sell my cows to get pigeons and bring them back to you. However, during this process, a pigeon died, and I had to exchange for another one. The whole process was very complicated and inefficient. This is the problem with barter: it cannot scale, and it does not have the ability to establish a monopoly because there is no universally accepted medium of exchange. The emergence of currency: Later, currency emerged as a technological revolution. It was the first time humans reached a consensus on "what has value." Successful merchants and kings began to hoard currency, establish financial reserves, and expand territories through currency, no longer limited by barter. They could carry coins across borders, sell gold to China, India, or Paris, achieving scalability through circulation. Manipulation of currency: However, kings soon realized they could make more coins by cutting the edges of coins or even replacing silver with cheap metals. Thus, the problem of currency counterfeiting arose, and people needed a centralized management system to maintain credit, leading to the birth of banks. Banks kept gold and issued paper money as a representation of gold reserves. Paper money and credit expansion: Banks began issuing paper money beyond gold reserves. The US started printing more money, and when France noticed this, it demanded gold reserves, leading to economic collapse. This prompted the introduction of the gold standard, but eventually, the gold standard was abandoned, and paper money was no longer linked to gold, entering an era of unlimited money printing. Then, credit cards emerged, further advancing the development of digital currency. Digital currency and decentralization: Now, we face a crossroads of digital currency choices. A new decentralized model is born—Bitcoin, which is an open ledger where everyone knows the total amount and ownership distribution. It is similar to trading with gold bars in ancient times but realized in the digital world. The changing role of banks: Banks used to store deposits, but now deposits are just records of what the bank owes you, not actual assets. The real business of banks is "credit creation," not storage. With inflation brought by credit creation, currency gradually devalues, leading us into a dangerous situation: when excessive credit leads to a collapse of currency trust, society will fall into chaos. Risks of central bank digital currency: Central bank digital currency (CBDC) may pose great risks because it not only issues currency but also controls usage rules. For example, if you exceed a certain spending limit, your card may be deactivated; if you haven't been vaccinated or exceed activity range, payment functions may be disabled. This centralized control will deprive personal freedom. The significance of Bitcoin: In this context, Bitcoin as a decentralized digital currency provides a way to counteract centralization. Although the struggle around decentralized digital currency will continue, I believe people will fight for this freedom. Finally, make sure to hold onto your Bitcoin!