The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

What are the functions of Bitcoin? Is Bitcoin complete? The functions of Bitcoin include the function of storing value. Since its birth, Bitcoin has increased by more than 20 million times. What does it mean? If you bought 5 yuan at that time, you would have 100 million now. Economist Wang Fuzhong mentioned in a speech that no matter how the policy changes, no matter how many people criticize it, it seems that it will only pull back briefly and then go up all the way.

We know that gold has a very good value storage function because it can maintain and increase value. Fiat currency has a very poor value storage function because it continues to depreciate. If Bitcoin wants to have a place in the future currency war, it should have the function of maintaining and increasing value like gold. Next, let's analyze which properties can guarantee the value preservation and appreciation of Bitcoin.

Scarcity

No matter how practical something is, if it is not scarce, it has no storage value. For example: air is a necessity for each of us, but it has no storage value because it is not scarce. The rigid total amount of Bitcoin is to maintain its scarcity.

The next question is, how can we ensure that the rigid total amount of Bitcoin will not be modified? This is not 100% guaranteed because the rules of Bitcoin can be changed. Since hard forks can modify any of Bitcoin's rules, they can also modify the total amount of Bitcoin. It is for this reason that many Bitcoin players oppose any form of hard forks, and this concern is reasonable.

Stability

For physical items, if they are to be used for storing value, they must be very stable. This is also one of the reasons why gold can store value, because it is physically and chemically stable. If gold is a radioactive element or it is easy to rust, would you still store gold? The same is true for Bitcoin. It is best not to split into two chains, and at the same time ensure the security of the blockchain, otherwise, the value storage function of Bitcoin will be greatly reduced.

Is Bitcoin safe?

Bitcoin technology, including protocols and cryptography, has a strong security record, and the Bitcoin network may be the largest distributed computing project in the world.

The most common weak link in Bitcoin is user error. Bitcoin wallet files that store private keys can be accidentally deleted, lost or stolen.

This is very similar to physical cash stored in electronic form. Fortunately, users can use reliable security strategies to protect their funds, or use providers that provide good security levels and insurance services for theft or loss.

Has Bitcoin been hacked in the past?

The fact that the protocol and cryptographic rules used by Bitcoin still work after so many years is a good sign and shows that the concept is well designed. However, during the implementation of various software, security vulnerabilities are discovered and fixed. Like any other form of software, the security of Bitcoin software depends on how quickly problems are discovered and fixed. The more similar problems are discovered, the more mature Bitcoin becomes.

There is often a misunderstanding about thefts and security vulnerabilities that have occurred in different exchanges and businesses. Although these are unfortunate events, they do not represent a flaw within Bitcoin, just as bank robberies do not harm the currency itself. But it does require a good set of strategies and intuitive security solutions to enable users to better protect their funds and reduce the general risk of theft and loss.

Securing Bitcoin with good security features

In the past few years, such security features have developed rapidly, such as wallet encryption, offline wallets (decentralized wallets), and multi-signature transactions.

Can users gang up to attack Bitcoin?

It is impossible to easily change the Bitcoin protocol. Any Bitcoin client that does not conform to the protocol cannot force other users to follow its own rules. As the rules currently stand, double spending on the same blockchain is impossible, as is spending bitcoins without a valid signature. Therefore, creating large amounts of bitcoins out of thin air, using other users' funds, corrupting the entire network, and similar situations are impossible.

However, a majority of miners may arbitrarily choose to freeze or reverse recent transactions, and a majority of users may also exert pressure to make some changes to the protocol. Because Bitcoin can only function properly when all users reach a complete consensus, it is very difficult to change the protocol, requiring an overwhelming majority of users to adopt the changes so that the remaining users have no choice but to follow. In general, it is difficult to imagine why a Bitcoin user would choose to adopt any protocol changes that might endanger his funds.

Is quantum computing a threat to Bitcoin?

Yes, this is true for most systems that rely on cryptography, including the traditional banking system. But quantum computers do not exist yet and may not exist in the short term. When quantum computing does become a threat to Bitcoin, the Bitcoin protocol can be updated using post-quantum algorithms. Given the importance of this update, it is reasonable to believe that the developers will review it repeatedly and eventually accept it by all Bitcoin users.

How does mining help secure Bitcoin?

Mining creates a competitive mechanism that is equivalent to a lottery, making it very difficult for anyone to continuously add new transaction blocks to the blockchain. This mechanism prevents any individual from gaining the ability to freeze certain transactions, thus ensuring the neutrality of the network. This mechanism also prevents any individual from replacing a part of the blockchain to reduce their own costs, which can be used to defraud other users. The mining mechanism makes it extremely difficult to undo a previous transaction because it requires rewriting all blocks after the transaction.