從零開始了解比特幣：所有你需要知道的基礎

Hello everyone, I'm Terry. I made a video a month ago to share with you why I think Bitcoin will have a lot of good news from now to next year. In a short month, Bitcoin has risen from 26,000 to 37,000 and Ethereum has risen from 1,500 to 2,000. If you are interested in the reason for this rise, you can watch my previous video.

Although we often hear the term "Bitcoin" most people know that Bitcoin is a virtual asset but they don't understand the basic principles and logic behind it. And I believe that many investors of encrypted currencies also have no basic concept. As Bitcoin is slowly becoming popular more and more people use and hold it. If you understand these basic knowledge in the future

I think even if you don't have to invest or buy any currency, if you know the basic knowledge, it will definitely be very helpful to you. The purpose of this video today is to share with you all the basic knowledge of Bitcoin, what is public key, private key, wallet, blockchain, mining. After watching the video, you will understand. I will use the simplest words and methods to describe, hope everyone can understand. And you don't need any professional computer knowledge.

Bitcoin founder Satoshi Nakamoto published a white paper on Bitcoin in 2008. No one knows who this person is until now. We say that the transfer of traditional assets and currencies usually requires a middleman, a reliable central institution such as banks. They will record your deposit amount in a database to ensure that you can't transfer more than your balance to another person.

PayPal, Line Pay, credit card, all of these are the third party intermediaries. You go to the institutions you trust to ensure that all transactions are feasible. The most important content in the Bitcoin white paper is about how the Bitcoin software can overcome this traditional accounting mode that requires the third party intermediaries to complete a transaction. You may ask why we need this software. It's so easy for banks to transfer money.

Yes, if you are lucky enough to be in a developed country, you have to transfer money to another person and click on your phone twice to complete the transaction. But unfortunately, there are many people in the world who cannot access these tools and international banking systems. If you have transferred international money, you know that this is a very troublesome procedure. Not only the government has to supervise, but each bank has a bunch of their own forms to fill in. The transfer time is slow and the fee is high. So this is the original intention of Bitcoin.

You can transfer money to another party anytime, regardless of nationality, as long as you are connected to the Internet. You don't need to rely on third parties or any government or central institutions at all. So let's get back to this solution. How can we make sure that the balance of every user is correct and trustable without the help of banks or any central institutions? Because if we can't do this, anyone can say I have 10,000 Bitcoin, then this system has no meaning.

So the core concept of the Bitcoin network is that every computer running Bitcoin software, we call them the nodes of the network, has a record that is updated at the same time. It records all the transactions of Bitcoin from the first to the latest one.

這些交易記錄在每一個節點被更新的方式 就是依靠比特幣網路特有的印注模式 當這些節點能夠核實這些交易的真實性之後 它們就會被廣播到其他的節點 最後所有的節點都會去進行核實 這樣就可以確保所有節點的記帳本 最終的一致性跟真實性

Each 10 minutes, these Bitcoin transactions will be divided into a block. Then each block will connect to the previous block. This is why it is called a block chain. When a block is to be formed, it needs to rely on algorithm to generate a value for the content of this block. In English, it is called hash. Because this block will record the value of the previous block.

也就是說它的hash是跟著上一個區塊的值有關聯性 這就是為什麼它們可以連起來叫做區塊鏈 假如有人想要試圖去更改某一個區塊裡面的交易記錄 這個區塊的值就需要重新去計算 也就是說這個區塊之後的所有區塊 都會需要重新去計算一個新的值 因為它們的內容都是連著上一個區塊的 就有點像是如果你坐時光機回到過去 修改了歷史 即便是一個很小的事情

will cause the history of the future to rewrite every piece of the history. Because all the nodes of the Bitcoin network have a record book from the past to the present, unless you have the superpower to recalculate a certain block's value, and the value of all blocks after that block, and then enter the nodes of more than 50% of the world's computers to modify this record book, you can rewrite history. It is such a difficulty and impossibility that can ensure the security and reliability of the Bitcoin network today.

Bitcoin network nodes, computers, in addition to accounting and ensuring network security, there are many nodes involved in mining activities. The meaning of mining is that these computer nodes will continuously calculate the value of this block. When a certain node's calculated value is equal or higher than the difficulty target set by the current Bitcoin network, this block will be considered effective.

and then calculate the node of this value, and you will get a Bitcoin reward, plus the transaction fee generated from this block. This continuous calculation and speculation of block value is called mining or proof of work. When this value is calculated, all the network nodes will confirm the effectiveness of this value, and then add it to their local database.

然后继续计算下一个区块的值。 假如你对挖矿这个概念还是觉得有一点抽象的话, 你可以这样想, 每一个在比特币网路上面挖矿的电脑, 都在试图猜测一个很难的问题的答案。 这个答案猜中了之后呢, 要去核实它是否是正确的, 非常的容易。

每一個人都可以去簡單的核實 但是很難去猜到 所以說挖礦就是節點上面的電腦 針向上下去猜測 看誰先猜中 猜中了之後呢 大家都會去確認 喔好 他確實猜中了 那就會被寫在每一個節點的記帳本裡

Then replace it with a new block and continue to dismantle it. The reward for mining success will gradually decrease over time. In the end, it will be closer to zero in 2140, which is about 100 years later. Because the design of Bitcoin is that there will only be 21 million of them in the end. When the reward is completely gone, the mining income will be replaced by the fees generated from the transaction in the block.

Because in theory, with the universalization of Bitcoin, the demand will increase, its value will increase, and the fee will increase. So in 2140, mining will still get the corresponding revenge. In theory, it is like this.

If you want to use Bitcoin, you don't need to become a node. Anyone can use Bitcoin to trade as long as they are connected to the network. First, the Bitcoin software will generate a private key for you. Private key can generate public key. Public key can generate an address. The address is a place where others can transfer Bitcoin to you. Each transaction is also the address recorded on the blockchain.

When someone transfers one Bitcoin to this new address, the network's account will record this transaction. In other words, this address currently has a Bitcoin balance. The only one who can transfer the Bitcoin to this address is the private key holder of this address. This is why we keep the private key in our wallets. Private key is actually a long series of random numbers and self-multiple modules.

It's like a password. Anyone with this private key can transfer the amount of Bitcoin to the address. This is why we put private keys in cold wallets. To avoid being stolen by hackers. The wallet we hear most often is like a little fox.

and cold wallets are used to store the private key instead of storing the bitcoin inside If you accidentally lost the private key today you can't get all the balance of the address back This is also a disadvantage of encrypted currency because there is no centralized third party and no customer service can help you find your password

经常做交易的人会把加密货币存在交易所上面。 存在交易所的意思就是把加密货币的私钥交给交易所来托管。 然后你可以用交易所的账号密码登入来支配你的余额,然后依靠交易所来确保你的余额是正确的。

Of course, this means that some illegal exchanges may take your actual assets for other purposes, such as FTX, which is to invest the money of the client and then finally lose it all, causing the client's balance on FTX to be far lower than the actual assets of FTX.

This is why I often remind you in my videos that if you want to make a transaction, you must find a reliable exchange, especially one with proof of reserve, such as OKEx. The easiest way is to go to CoinMarketCap and find the exchange. After clicking on it, you can see the financial reserves section. This will show the balance and value of all their public wallets. For example, OKEx's public wallet address has a asset reserve of more than 37 billion Taiwan dollars.

Then on their official website, you can also see the ratio of all mainstream currencies to asset reserves. In theory, asset reserves can avoid the risk of bank groups causing bankruptcy as long as they reach 100%. The meaning of POR to 100% is that even if every user today has to transfer the encrypted currency from OKEx to their wallet, they can meet the needs of each user's block. Until the last user takes all assets away, in theory, it is like this.

When your assets are transferred to the cryptocurrency, you can transfer them to anyone freely, and do any transaction without anyone stopping you or restricting your actions. The simplest way to transfer your assets from legal currency to cryptocurrency is to rely on the exchange. The so-called legal currency is the currency issued by the central bank, such as US dollars, euros and Taiwan dollars. The current government can monitor the process of transferring from legal currency to cryptocurrency. Then, it is from the cryptocurrency to the currency.

Because when the asset is on the cryptocurrency, it is basically difficult to trace its direction Especially now there are many mixer services that can make the transaction on the blockchain more difficult to trace its source This is why all the stock exchanges will require KYC Then we will actually teach how to transfer the legal currency to the cryptocurrency First, we go to the OKEx official website and choose to register an account

You can also use your phone or email to register. I recommend using email here because you might change your phone. But you can have your email for a lifetime. You can write your invitation code or if you have friends who use OKEx, you can use their invitation code.

OKEx is a big company, so many people use it. Of course, you can also use Google, Apple, or other ways to log in. But I prefer to use my mailbox. Because there are too many things to log in, you may forget what you used at that time. After the registration, enter the verification code of your mailbox.

居住的國家跟地區這邊不要亂寫, 因為你之後要做KYC的時候需要相應的文件。 這邊創建一個新的密碼, 密碼的話我會建議你使用密碼管理的工具, 幫你自動生成一個隨機的密碼。 工具其實有很多種, 有些是免費,有些是開源,有些是付費的。 我自己使用的是開源的Bitwarden,

Some of them are pretty good, like 1Password, which I've used before. Alright, so this is basically the first step. I'll click on it and I want to withdraw money. According to local law, because I chose Taiwan, I need to complete KYC. KYC is for identity verification. Its purpose is to prevent you from laundering money or doing anything bad.

Now let's go back to the identity verification section and select personal authentication. Because when I registered, I chose Taiwan. There are three types of documents that you can choose. It looks like the license is more recommended because it may be faster. Since I don't have a Taiwanese license, I'll use my identity to verify. At this time, it will pop up a third-party verification system. Then you choose to confirm and start verifying.

You can choose two verification modes One is to take pictures with your phone Or the other is to use your computer camera Usually mobile phones are more convenient So I choose to use my phone to verify If you want to verify your phone, you have to open your camera Then scan this QR code After entering, it will connect to its verification system Then choose to start Then choose to agree and start verification Then follow the instructions on the phone here Just take a picture to verify your document

It will also make sure you are a real person. So you still need to open your phone camera and take a photo of your face. After submitting, it will start to verify. It is estimated to take about two minutes. After KYC verification, we go back to my assets. Now we are going to charge coins. There are two ways to charge coins. One is that you can charge coins directly on the chain. Or if you want to use legal currency to buy coins, you can choose this to buy coins.

Here you can choose how much you want to buy for the currency. For example, we write 3000 Taiwan dollars.

The US dollar will get you $93 USDT in the future. If you don't know what USDT is, it is a kind of currency called "stability currency" It is a 1:1 bond with the US dollar. It is the most used stability currency in the world. One meaning of USDT is that you can always exchange the USDT for a dollar. In theory, it is like this. So now the US dollar and the US dollar are about 1:30. It is about 90.

I chose to buy USDT. There are three ways to buy coins in Taiwan. One is called C2C. C2C means that customers buy each other's coins. C2C is one of the ways to buy coins with the lowest fee.

But because you are directly buying coins from other customers, so there is a complexity of certain transactions. Basically, when you are sure to buy coins, you can use a bank card or bank cash deposit to transfer it directly to that person. Then when he is sure to receive the money, he will transfer the coins to your account.

If you are a beginner and have not used C2C before, I suggest you to do some research before you use it. Because you still need to know how to prevent fraud. And when you encounter a dispute, how to find OKEx to help you confirm the authenticity of the transaction. Generally speaking, you have to screenshot after paying or paying the coin. If there is any problem, OKEx can come in and help you confirm that you really paid the money or paid the coin.

OKEx will be a third party that is heavily funded. But it doesn't mean that there is no risk of 100%. There is still a possibility of fraud. Another way to buy coins is using a bank card or Apple Pay. The third one is to pay with credit card. Paying with credit card is the most expensive option. You can use Visa or MasterCard. If I remember correctly, paying with credit card will charge about 5% of the fee. Of course, it is the fastest and easiest way. But the fee is very high. Another way that many people use is to directly charge coins.

For coins, you need to have USDT, Bitcoin, or Ethereum. Once you have these coins, you can transfer them to your wallet.

It's the fastest and easiest way, and the fee is also the lowest way. In Taiwan, you will usually use mainstream Taiwanese exchanges to buy coins, such as BITO, ACE, or MAX. I haven't used these three yet, but the general operation is that after you register your account there, you can transfer the Taiwan dollars directly from the bank to the exchange. Then when you transfer the Taiwan dollars, you can buy USDT directly there. After you buy USDT there, you can transfer the exchange from there to the OKEx wallet.

The method of turning is also very simple. You choose the type you want to turn into.

Usually, it's USDT. Then choose the network you want to transfer. The cheapest network now is TRC20. Make sure you transfer money to another platform or your wallet using TRC20 network. Otherwise, money will be transferred to another platform. Even though it's USDT, the network it transfers may be different. There are TRC20, ERC20, Polygon, Solana, etc.

After choosing the next step, you can add a new USDT address. It will help you create a new TRC20 USDT address. On your wallet or other platforms, you just need to scan the QR code and you can transfer the money. Then you must be sure that it is the TRC20 network. There is no error in the address of the address.

Now let's actually operate it and transfer some USDT to this wallet I just transferred about 70 dollars Because I have 70 dollars left in my exchange and I just transferred it Now wait for the TRC20 network to confirm and the money will go in The display has been sent out We can go to the blockchain to find this transaction Because I was in TRC20 So we can look for the TRC20 transaction

We have successfully confirmed 27 blocks of transactions. Let's go back to OKEx. We can see that the USDT has been charged here. OK, that's it. We have 75 USDT in OKEx. How can we buy Bitcoin? We can choose "transactions" and choose "Bitcoin transaction".

BTC is the currency I use to buy Bitcoin. USDT is the currency I use to buy Bitcoin. Now we need to find the USDT and Bitcoin pair. This is the pair we need to buy. The price of Bitcoin is $37,346 USDT.

Generally speaking, if I want to buy a cash, I will use the cash order. When I set a price for Bitcoin, the transaction will trigger. Of course, you can also use the market order directly. You don't have to think about the market order. It's the simplest. What is the current price? How much is Bitcoin? You can buy directly with USDT. Here you just fill in the amount.

Oh, right, it shows 0 USDT here. The main reason is that the USDT I just saved is not yet in the trading account. Let's go back to the Market Management section. Now the USDT should be in the Fund account. You can see that here is 75 USDT. I need to transfer it to the trading account. Because I am now in the trading account, there is no USDT here, so I can't trade. Then I will choose here to choose Fund Transfer. Then select Tether USDT. Transfer from Fund account to Trading account, then the quantity is all. OK, confirmed.

Now the money is transferred from the fund account to the trading account. Go back to the trading interface. Here we choose to entrust with four prices. This way, we can see all our USDT. If we pull it to 100%, it will be 75 USDT. If I click it now, it will buy Bitcoin at the price of $37,355. Buy with 75 USDT.

When you want to sell Bitcoin, it's the same. You can click here to sell how much Bitcoin and then select sell. This is the easiest way. Of course, I don't recommend it myself because I never buy in this way. I usually do cash commission. I'll probably find a support point for a price. For example, we found this support point at 37,200. Now it's 37,357. I want to be at 37,200.

$37,200, I will start this transaction and buy Bitcoin. I will fill in the amount. When Bitcoin drops to $37,200, I will use $75 USDT to buy Bitcoin. The Bitcoin I will get is $0.00201759. I will select "Buy" here.

So we can see that the order we just made is 37,200 USD. It clearly shows where my price is. So when the price falls from the current red line to 37,200, this order will trigger and it will automatically buy for me.

75.08 Bitcoin Today's OKEx tutorial is here Finally, I want to share with you OKEx's latest activities OKEx is now conducting a exclusive new user trading competition As long as you meet the competition requirements in the area

If you have not done KYC, hand-to-hand hand-to-hand transactions before, you can participate in the competition. The content of the competition is that you have to complete some transaction tasks. After completion, you can participate in the exchange of these millions of prizes. It includes Apple mobile phone, Switch, and even the opportunity to get Tesla. You can also use my registration link to participate in these events.

I hope to use the simplest way to make more people know about cryptocurrency.

Of course, if you have any questions, please leave a comment below. I will try to answer your questions as much as possible. I believe that the users of BQN will also be very eager to help you answer some questions. As always, the purpose of this video is not to ask you to invest in Bitcoin or any encrypted currency. I don't think that encrypted currencies are suitable for everyone. Just like investing in stocks is definitely not suitable for everyone. But I think that having this concept and basic knowledge will definitely be very helpful to you in the future. See you next time.