Memory and Transformation My Eventful Years with Bitcoin

Journey of Growth and Change My Personal Experience with Bitcoin

“Creator Talk” is a column created by Foresight News that focuses on dialogue with creators. Each month, we will ask outstanding creators selected from the market’s hot topics and compile the results into articles, gathering opinions and exploring more in-depth thinking.

Written by: Foresight News October Outstanding Content Creators

Compiled by: Foresight News

October 31st marks the fifteenth anniversary of Satoshi Nakamoto’s release of the Bitcoin whitepaper, “Bitcoin: A Peer-to-Peer Electronic Cash System,” on the P2P Foundation website. In these fifteen years, how many memories and changes have been carried on this long road?

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This edition of “Creator Talk” is themed “Memories and Changes: My Journey with Bitcoin,” and we have invited the creators who made the October Foresight News Outstanding Creators List, including Haotian, JZ Invest, Folius Ventures, 菠菜菠菜, 鉴叔, Modular101, and inpower 王骏 to join the discussion.

Around the topic of “Bitcoin,” we have posed four questions: “When did you first come into contact with Bitcoin?” “What is the most profound change you have experienced?” “Do you prefer Bitcoin or other cryptocurrencies?” and “What new gameplay might emerge?”. Below are the answers we have collected:

1. It has been 15 years since the release of the Bitcoin whitepaper, and as the earliest and most valuable cryptocurrency, Bitcoin has served as a gateway for many people entering the crypto industry. Please share some of your earliest experiences with Bitcoin, such as learning about it, purchasing it, and entering the industry.

Haotian: I didn’t come into contact with Bitcoin early, but fortunately, I never doubted its value from the beginning. Instead, I delved into researching and studying it, deeply attracted by the battles of Bitcoin and other public chains like Ethereum. That’s how the crypto industry works. What is placed in front of us is actually a mirror. If you doubt what you see, it’s chaos; if you believe in what you see, it’s progress. I’m glad that I have never doubted it from start to finish. Although I’m not a reckless investor, I have been enjoying the uniqueness of this industry for so many years out of my love for it. I’m grateful for the fresh new start that Bitcoin has brought.

JZ Invest: I first noticed Bitcoin in 2017 during my student days when I saw its price surpassing gold. I was curious as to why Bitcoin, which had no visible mainstream applications at the time, could have such a high price. This led me to research and contemplate how to trade Bitcoin and make money from it.

In the beginning of 2017, I bought BTC over-the-counter (OTC), but I didn’t fully understand what BTC was. I purely speculated and ended up experiencing a continuous decline in value after reaching its peak at the end of the year. Ultimately, it dropped below my initial investment of $7,000. Nevertheless, I continued to hodl, feeling that this thing had explosive potential.

It wasn’t until the end of 2020 when I joined a cryptocurrency trading institution that I truly understood the applications and development of Bitcoin and other cryptocurrencies. By then, the BTC I had held had multiplied over and over again.

Folius Ventures: In 2017, a friend introduced me to Bitcoin, and after delving deeper into it, I found it fascinating. My real immersion into the field was during 2019/2020 when Ethereum dominated. After getting to know many friends online, I ventured into entrepreneurship.

Spinach Spinach: Bitcoin, as the earliest and most valuable cryptocurrency, was also the guiding force that led me into this field. I first heard about Bitcoin around 2017, during an influential event known as the “Bitcoin virus” incident. At that time, most computers worldwide were infected with this virus demanding Bitcoin. This piqued my interest in Bitcoin. When I read the Bitcoin whitepaper for the first time, I realized that Bitcoin’s technology could change the world. So, under such circumstances, I joined this industry and continued to learn and invest.

Jianshu: It was around 2012 when I was having dinner with a few friends and came across the intriguing concepts of Bitcoin and blockchain during our casual conversation. I found them quite interesting, so when I got back home, I started tinkering with my computer to mine Bitcoin. Surprisingly, I actually mined some Bitcoin. However, unfortunately, my understanding at the time was very limited, and I treated it merely as a new technology to explore briefly. I only had a basic understanding of how it operated, and I didn’t spend any more time researching or mining. I even lost my wallet key and those Bitcoins I mined back then are forever locked in my wallet. It was not until 2017 that I re-entered this circle and started studying investment-related content. I remember a certain project raised over 1,100 Bitcoins in private funding, which shocked me. Later on, I delved deeper into their code and discovered that these projects heavily plagiarized Bitcoin and Ethereum’s code. I believed these projects wouldn’t last, and indeed, after a wave of manipulation, they never recovered. So, since then, I have returned to the essence, delving deeper into the study of blockchain investment and technology. I also started my own media account called Jianshu, sharing my research findings to help others while continually improving my own knowledge. Because I firmly believe that benefiting others is the best way to benefit oneself.

Modular101: We joined this industry in 2017. We started by partnering with Huobi for a blockchain course, so that’s when we began to understand blockchain, study the Bitcoin whitepaper, and learn about concepts like hashes and block headers. I remember at that time, the price of Bitcoin was $8,000, which seemed really high to me, so I hesitated to get involved. Finally, when it reached $12,000, I decided to jump in, but then the price skyrocketed to almost $20,000 and entered a bear market. It was quite exciting!

inpower Wang Jun: I got into it in 2017 as well. I was studying the code with a good friend from university and bought some coins in the early stages.

2. Despite the constant criticism of Bitcoin’s technological advancements, it and the industry and world it operates in have been constantly changing for the past 15 years. What is the most noticeable change you have experienced? And what does this change mean for Bitcoin and us?

Haotian: The most noticeable change is actually the lack of change. The deeper you immerse yourself in the world of non-Bitcoin blockchain projects, the more you understand why Bitcoin has such a strong consensus. Ethereum’s DeFi boom in the financial sector, the innovative breakthroughs of other public chains in terms of applications – no matter how compelling these narratives may be, they still depend on the market’s mood. Bitcoin’s breakthrough during the pandemic under the influence of the Federal Reserve’s interest rate hikes lays the foundation for the continuous emergence of various DeFi strategies. It is because Bitcoin attracts mainstream institutional funds and is a key asset for many ordinary people. If we lose our confidence in Bitcoin, the waves of narratives in this industry may become tiresome. But Bitcoin has no narrative, no change, yet it always carries that sense of unwavering commitment.

JZ Invest: Having experienced several bull and bear markets, the most noticeable thing is that Bitcoin has gradually become a financial commodity due to the consensus among speculators and the development of related industries. This is particularly true in the past six months with the possible approval of a BTC ETF. For Bitcoin, this is just normal development, only a matter of speed. But for us, Bitcoin is still a golden opportunity to make a fortune. However, opportunities come with risks, and it depends on individual capabilities.

Folius Ventures: Time has made the consensus stronger. The long-standing security concerns surrounding Bitcoin will gradually be brought to the forefront – although the pace at which the world collapses will probably be faster than that.

菠菜菠菜: The most noticeable change in the crypto industry has been its evolution from a wild growth phase filled with speculation, fraud, and FOMO-driven decentralized ideology, to a gradual integration with the real world and the introduction of regulations. As for Bitcoin and us, blockchain technology is continuously influencing every aspect of our world, and the value of Bitcoin is being discovered and recognized by more and more people.

Jianshu: I believe one obvious change is that the functionality of Bitcoin is continuously expanding. Satoshi Nakamoto’s original vision for Bitcoin was to create a trustless digital currency for payments and settlements. As the economic environment and investor involvement changed, Bitcoin gained the function of storing value and became “digital gold.” This year, the thriving development of the Bitcoin ecosystem proves that Bitcoin will add more functionalities at the application layer.

This change is significant for Bitcoin because it is continuously integrating into the world in areas such as finance and the digital realm. The world will increasingly value it in the future. For us, it is meaningful because every change in Bitcoin not only transforms the world but also provides ordinary people like us with opportunities for innovation, entrepreneurship, and wealth growth. We should seize these opportunities.

Modular101: The biggest change is the evolving spirit of the Bitcoin community. Previously, Bitcoin’s community was seen as a group of idealistic crypto fundamentalists who didn’t care about changes in other communities or the entire cryptocurrency market. However, with the recent explosive growth of the Bitcoin ecosystem, we can see more innovation and inclusiveness, as well as the possibility of a prosperous development that absorbs all ecosystems.

Inpower Wang Jun: That’s a bit sentimental. Bitcoin’s popularity is mainly because the issuance of current world currencies relies mainly on government credit, which is equivalent to unlimited printing of money. If the US dollar were still tied to gold, Bitcoin would have limited opportunities. But the US dollar can’t go back, so it’s a limitation. You can refer to Hayek’s “Denationalisation of Money” for more details.

3. Do you prefer Bitcoin or any other cryptocurrency? What is the percentage of Bitcoin in your portfolio?

Haotian: Mainly Bitcoin, Ethereum, and some trend-setting coins like Solana, Blur, and Sand. The reason why I still favor some seemingly outdated coins is that I don’t believe NFTs and the metaverse are purely speculative products. The values and concepts advocated by the virtual world and virtual currency have always existed. It’s just a matter of how and when they align with reality. More than 60% of my asset allocation, I am not a reckless investor, although I occasionally try new things.

JZ Invest: I like Bitcoin in the long term and other cryptocurrencies in the short term, even other applications and business models, because they have higher short-term expected returns. Currently, my BTC holdings are less than 5%.

Folius Ventures: Others. We mainly focus on the Web2+ ecosystem surrounding smart contracts. Bitcoin is included but not prominently.

Bokachi Bokachi: I prefer other cryptocurrencies from an investment perspective. The potential for Bitcoin to increase compared to other cryptocurrencies is limited, and I prefer to invest in assets that have more potential and prospects. The percentage of Bitcoin in my portfolio may be around 40%.

Jian Shu: I think there are very few people in this field who don’t like Bitcoin, haha. Of course, for me, simply understanding Bitcoin is not enough. I find the ever-changing industry and constant innovation incredibly attractive. So, I’m very willing to spend a lot of time and energy researching various cryptocurrencies, new technologies, and applications. I may not invest heavily in many other currencies, but I will maintain an open mindset and continue researching and learning because I really don’t want to miss out on the new opportunities this industry presents, like I did in the past. My Bitcoin holdings are approximately 70%.

Modular101: As the first cryptocurrency, Bitcoin should be No.1 in the hearts of all Web3 practitioners. It accounts for 20% of my holdings.

Inpower Wang Jun: I prefer Ethereum, and I hold more of it myself.

4. This year, the Bitcoin ecosystem has seen a lot of new things, such as the recent popularity of Ordinals. Can you brainstorm and speculate what other new things might emerge in the Bitcoin space?

Haotian: Ordinals is just an appetizer for the Bitcoin ecosystem. Fair launches and FOMO gameplay are easily spread in the community and can easily get people hooked. But I believe the explosion in Bitcoin’s derivative gameplay will ultimately be in the direction of Taproot Assets. On one hand, it is based on the Lightning Network, which has vertical landing scenarios that align with long-term value. On the other hand, it is similar to the multi-asset gameplay of ICOs, providing too much flexibility and freedom. Almost all innovative ideas can find a foothold based on Taproot Assets. For example, stablecoins based on Taproot Assets, allowing them to circulate in real-world consumption scenarios, or issuing consumption tokens in the gaming dual-currency model for use in practical scenarios. With the popularization of Bitcoin’s Lightning Network wallets and the increase in user base, it will bring a lot of fresh blood to the industry. It is possible that true mass adoption in blockchain will not be led by DeFi on Ethereum, but by the Bitcoin Lightning Network.

JZ Invest: I have a different opinion on this question. I believe the most important thing for the Bitcoin ecosystem is stability and security. Any new attempts will bring a certain degree of risk. Moreover, the current ecosystem on Bitcoin has already appeared on Ethereum or other ecosystems in the past.

In terms of flexibility, Bitcoin is definitely not suitable for developing the most innovative applications. I hope that Bitcoin can continue to play the role of digital gold in the cryptocurrency industry and stabilize the entire ecosystem. However, I am also happy to see the secure and stable development of the Bitcoin ecosystem, although that is not what I expect.

Folius Ventures: I’m not sure, I don’t pay much attention to it. If Bitcoin’s security can be used as a Security Layer (like Eigenlayer but for BTC).

菠菜菠菜: Although the Ordinals generated by the development of the Bitcoin ecosystem are innovative, I believe that Bitcoin should simply focus on being “digital gold.” Too much innovation may bring unexpected influences to Bitcoin.

鉴叔: This year, the Bitcoin ecosystem gives people a feeling of “each having their own unique abilities,” with various protocols and projects emerging endlessly. This has led to the introduction of many new things, such as Bitcoin NFTs, BRC-20 and ARC-20, new Bitcoin-based digital assets, domain projects like .sats and Realm, virtual land projects like Bitmap and Atommap, etc.

If we talk about what new things may come in the future, I think it is worth imagining the swap of new Bitcoin-based digital assets and cross-compatibility with Ethereum and other EVM chains. Of course, the prospect of full-chain games on Bitcoin is also worth looking forward to.

Modular101: What I am looking forward to is the issuance of stablecoins like USDT and USDC based on the Taproot Assets protocol, which can be directly integrated into Lightning Network payment scenarios. I also expect more vitality brought by Multi-assets based on the Bitcoin ecosystem, and with more smart developers joining in, it will further lower the threshold for ecosystem participants.

inpower 王骏: Ordinals are still not at their issuance price. Bitcoin was initially very cheap, and the acquisition rules were open and transparent. Now projects hold the initial tokens themselves, which is quite different from the ethos of Bitcoin. If you want to do something innovative, go to Ethereum.

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