In the Chinese internet, especially in the cryptocurrency sphere, "bì" (币) is a highly generalized term. It can broadly refer to various digital currencies, but when used alone without specific context, it most commonly refers to Bitcoin (code BTC). This article will analyze this customary designation and introduce its core features and mainstream trading channels.
"Bì" (币) Typically Refers to Bitcoin
Bitcoin was created in 2009 by an individual or group using the pseudonym Satoshi Nakamoto. As the world's first successful decentralized cryptocurrency, it pioneered the application of blockchain technology and has gained the widest recognition and adoption globally. Therefore, in daily communication within the Chinese community, terms like "buying bì," "hodling bì," or "bì price," unless otherwise specified, usually default to Bitcoin.
Core Features of Bitcoin
To understand Bitcoin, it's essential to grasp its key design principles:
- Decentralization and Peer-to-Peer Payments: The Bitcoin network does not rely on any central authority (such as banks or governments). Users can directly send and receive Bitcoin to and from anyone anywhere in the world, without intermediaries.
- Transparent Public Ledger (Blockchain): All Bitcoin transactions are recorded on a public ledger called the "blockchain." Anyone can view and verify the transaction history, ensuring system transparency.
- Fixed Supply and "Digital Gold" Narrative: Bitcoin's protocol stipulates a maximum supply of 21 million coins. This scarcity often leads to it being compared to "digital gold" and viewed as a potential store of value.
- Issuance and Security Maintenance Through "Mining": New Bitcoins are generated through a process called "mining." Miners use computational power to solve complex mathematical problems to verify transactions and secure the network, receiving newly minted Bitcoins and transaction fees as a reward. Approximately every four years, the block reward for new coins is halved, a mechanism known as "halving."
Where to Trade Bitcoin?
For global users, the primary channels for buying and trading Bitcoin are Centralized Cryptocurrency Exchanges (CEXs) and Decentralized Exchanges (DEXs).
- Centralized Exchanges (CEXs): These are the most mainstream and liquid trading venues. Users need to register an account and complete identity verification (KYC), then they can use fiat currencies (such as USD, EUR, etc.) or other cryptocurrencies to buy Bitcoin. Major global exchanges include Coinbase, Binance, OKX, Kraken, and Bybit. When choosing, consider their compliance, security, fee structure, and whether they support services in your region.
- Decentralized Exchanges (DEXs): DEXs allow users to conduct direct peer-to-peer transactions without entrusting their assets to a centralized platform. For Bitcoin, common DEX trading forms involve exchanging wrapped Bitcoin (such as WBTC, tBTC, etc.) on smart contract platforms like Ethereum. Using a DEX typically requires a self-custodial wallet (e.g., MetaMask).
How to Securely Store Bitcoin?
After purchasing Bitcoin, withdrawing it from an exchange to a personal wallet is a safer practice. Wallets are categorized as:
- Self-Custodial Wallets: You control your private keys and have full control over your assets. These include software wallets (e.g., Electrum, BlueWallet) and hardware wallets (e.g., Ledger, Trezor). For large amounts of assets, hardware wallets are the more secure option.
- Custodial Wallets: Your private keys are managed by an exchange or a third-party service provider, offering convenience but without direct control over your assets.
Bitcoin, as the cornerstone of the cryptocurrency space, has a well-established concept, technology, and market ecosystem. Participating in it requires understanding its fundamental principles and choosing reliable and compliant trading and storage methods as a crucial first step.
