Bitcoins can be cashed out and exchanged for the currencies of most countries.

Users can use Bitcoin to purchase some virtual items, such as clothes, hats, equipment, etc. in online games. As long as someone accepts it, Bitcoin can also be used to purchase items in real life.

Using the analogy of RMB, Bitcoin is the serial number of RMB. Once you know the serial number on a certain banknote, you own the banknote.

During operation, Bitcoin users enter a password similar to a bank PIN code to log in to an online Bitcoin account.

Through the cash machine, users can withdraw Canadian dollar cash corresponding to the ratio from their Bitcoin account, or deposit cash into their Bitcoin account.

Bitcoin users only need a smartphone to use Bitcoin, similar to online shopping.

A Bitcoin address is a string of letters and numbers approximately 33 characters long, always starting with 1 or 3, such as "1DwunA9otZZQyhkVvkLJ8DV1tuSwMF7r3v".

Bitcoin software can automatically generate addresses. When generating addresses, there is no need to connect to the Internet to exchange information, and it can be done offline [2].

There are more than 2 Bitcoin addresses available.

To put it figuratively, there are about 2 grains of sand in the world. If there is an earth in each grain of sand, then the total number of Bitcoin addresses far exceeds the number of all the sand on all these "earths".

Bitcoin addresses and private keys appear in pairs, and their relationship is like a bank card number and password.

A Bitcoin address is like a bank card number used to record how many Bitcoins you have at that address.

You can generate a Bitcoin address at will to store Bitcoins.

When each Bitcoin address is generated, a corresponding private key for the address will be generated.

This private key proves that you own the Bitcoins at that address.

We can simply understand the Bitcoin address as a bank card number, and the private key of the address as the password of the corresponding bank card number.

You can only use the money on your bank card number if you know your bank password.

Therefore, please save your address and private key when using a Bitcoin wallet.

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Bitcoin cannot be exchanged for RMB.

According to the requirements of the "Notice of the People's Bank of China, Ministry of Industry and Information Technology, China Banking Regulatory Commission, China Securities Regulatory Commission, and China Insurance Regulatory Commission on Preventing Bitcoin Risks", financial institutions and payment institutions are not allowed to use Bitcoin as a currency.

The pricing of products or services is not allowed to buy or sell or act as a central counterparty to buy or sell Bitcoin, it is not allowed to underwrite Bitcoin-related insurance business or include Bitcoin in the scope of insurance liability, and it is not allowed to directly or indirectly provide customers with other Bitcoin-related services, including:

Provide customers with Bitcoin registration, trading, clearing, settlement and other services; accept Bitcoin or use Bitcoin as a payment and settlement tool; carry out exchange services between Bitcoin and RMB and foreign currencies; carry out Bitcoin storage, custody, mortgage and other businesses;

Issue financial products related to Bitcoin; use Bitcoin as an investment target for trusts, funds and other investments.

In view of Bitcoin's high risk of money laundering and the risk of being used by criminals, the "Notice" requires relevant institutions to effectively perform customer identification, suspicious transaction reporting and other statutory requirements in accordance with the requirements of the "Anti-Money Laundering Law of the People's Republic of China"

Anti-money laundering obligations to effectively prevent money laundering risks related to Bitcoin.

Risks of Bitcoin: Bitcoin and other so-called "virtual currencies" lack a clear value basis, the market is highly speculative, and prices fluctuate violently. Investors blindly follow the trend and speculate, which can easily cause financial losses. Investors need to strengthen their awareness of risk prevention.

It is worth noting that so-called "virtual currencies" such as Bitcoin have increasingly become tools for illegal and criminal activities such as money laundering, drug trafficking, smuggling, illegal fund-raising, etc. Investors should remain vigilant and report to the police immediately if they find clues to illegal and criminal activities.

Investors who participate in speculation through so-called "virtual currency" trading platforms such as Bitcoin face risks of large price fluctuations, security risks, etc., and platform technology risks are also high. There have been many incidents of hacking and theft of trading platforms internationally.

, investors must bear their own investment risks.

Criminals also often use trading platforms to obtain so-called "virtual currencies" to engage in related illegal activities, which poses greater legal risks. Recently, a large number of trading platforms have been stopped by regulatory authorities for supporting token issuance and financing activities (ICO).

Various so-called "coin" trading platforms have no basis for legal establishment in my country.

The above content refers to the "Notice on Preventing Bitcoin Risks" issued by the five ministries and commissions of the People's Bank of China. The above content refers to the People's Daily Online - Bitcoin and other virtual currencies have become tools for money laundering and illegal fund-raising. Qingdeng Entertainment 20 Likes 1 Comment Bitcoin

How to exchange RMB? Bitcoin cannot be exchanged for RMB.