My first question towards Bitcoin and Bitcoin Cash – “Well, what are cryptocurrencies anyway?”

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2 years ago

I have been writing this blog about how I got interested in cryptocurrencies. As I wrote in the previous stories, I thought that cryptocurrencies were something very fishy, which I should not get involved. However, at last, I encountered Bitcoin (BTC) and Bitcoin Cash (BCH) through eToro, which is an Internet trading platform that allows users to buy CFD assets including cryptocurrencies. Then, I gained some profits from two cryptocurrencies, BTC and BCH.


Till then, actually, I had never thought about or never really got me interested in knowing about cryptocurrencies in general.  I have never thought about it why, but I believe that the Mt. Gox (1) scandal (2)and the Coincheck 2018 Hacking incident (3) which they lost so much money gave me an image that Bitcoin and other cryptocurrencies are dubious. Let´s stay away from them!

These were the images that were created by the main media in Japan. Shame! Too bad!

Coincheck apologizes for users due to the hacking incident in 2018

Why are they really bad? I realized that I did not know anything about cryptocurrencies. But all I had was these negative images that were created by the main media in Japan, which got me to think that all cryptocurrencies are dubious.


So, I started checking what are cryptocurrencies. What are they?


Who should I ask?

Well, I have no clue where to start. I do not have any friends who are in the tech field, or I do not know anybody who is a computer or programming engineer. (Well, at the time, I thought that cryptocurrencies are for those so-called computer nerds! Sorry to call so!!!!) All of my friends have the level of crypto knowledge that is almost the same as me ”Yeah, Bitcoin is bad! Bitcoin Cash? What the heck?” There are not so many people who have a positive image towards cryptocurrencies after these scandals by Mt. Gox and Coincheck. Plus, you may be looked at that you are a part of some fishy communities you belong to. LOL!


So, I just googled! Thanks for the Internet! I just checked “Bitcoin” in Wikipedia. As you know, Wikipedia sometimes (most of the time?) does not contain reliable content, or some of the contents are incorrect. But I believe that it is one of the best websites which you get a certain level of knowledge about whatever you are looking for in a very short period. Well, but do not get manipulated by the website. It is always the right decision to get the original source in the end.


These are pieces of information I got from the Wikipedia site in Japanese.


Bitcoin (Wikipedia Japan)

1. Bitcoin is a cryptocurrency.

2. Bitcoin was created by Satoshi Nakamoto.

3. Bitcoin white paper was released in 2008 and started using in 2009.

4. All transactions are based on peer-to-peer on the Internet.

5. Bitcoin is minted by mining.


I was like,” What the heck! OK, it is freaking fishy!” LOL! To tell the truth, I did not understand it well.


Just as I expected, the Wikipedia website of Bitcoin in Japanese talks about Mt. Gox and Coincheck. I felt like it was some sort of gambling.


Is Bitcoin gambling?

I was raised by my parents who are so against gambling in general so that I thought that my mom would say to me that “Stay away from it!” To my mom, probably, Bitcoin, pachinko (very popular gambling in Japan), stock market, investment, and horse racing are all the same, which I will end up losing money. Well, and I was raised by her, so it is kind of natural to judge that it is something I should stay away from. Sorry, BTC & BCH! Bye Bye!


Well, but, if at the moment I was reading about “Bitcoin” on Wikipedia Japan then clicked the cross bottom to close the page, I would not have come this far. I would not have known what Bitcoin (BTC) and Bitcoin Cash (BCH) are.


I left the website and started checking something I got interested in the page.


Who is Satoshi Nakamoto?


Is he Japanese? Satoshi is a male name in Japanese.


Satoshi helped me and led me to the deeper side of cryptocurrencies.


Mizuo – Mar. 15th, 2021


Other stories in my blog

1 – Reasons why I started becoming interested in cryptocurrencies.

2 – At last, I encountered Bitcoin and Bitcoin Cash!


1)   Mt. Gox (Wikipedia)


2)   Collapse of Mt. Gox


3)   Coincheck, the biggest Japanese crypto exchange


4)   Bitcoin (Wikipedia Japanese)

Dorian S. Nakamoto

Protest in front of Mr. Gox in 2014




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Avatar for mizuo
Written by
2 years ago