What is Bitcoin?
What are Crypto assets?
Crypto assets (virtual currencies) are digital currencies with an asset value that is generally exchanged on the Internet. One feature of crypto assets is that there is no physical form like the paper and coins of JPY or USD.
Although crypto assets (virtual currencies) are digital data, they can not be duplicated. This is prevented by cryptographic and blockchain technologies.
Crypto assets in the Real World
Online games is one area in which Crypto assets are already widely used. Using physical currency, you can purchase crypto assets in the game's world. You can then buy items in the game using this unique currency. This type of crypto assets is valuable in the realm of that online game.
Certain online websites also offer a similar type of crypto assets, allowing you, for example, to purchase 1,000 "points" in exchange for 1,000 JPY. Your points can then be exchanged for different products and services on that website. That crypto assets have value within the confines of that website.
In this sense, Bitcoin is similar. You can purchase products or services at any shop or website that accepts Bitcoin.
What sets Bitcoin apart?
If so many crypto assets already exist, what makes Bitcoin special? The truth is, Bitcoin is fundamentally different from these types of crypto assets in many ways.
Crypto assets which are created by companies as part of their gaming or e-commerce sites are targeted at improving customer retention, and increasing profits.
Bitcoin, on the other hand, was created as a crypto asset to facilitate payments anywhere, just like dollars or yen.
Bitcoin aims to be a daily use currency that can be used all over the world. Rather than using physical bills or coins, Bitcoins are stored in virtual wallets on your PC or smartphone, and can be used to buy products and services globally.
While we are still in the early stages, given Bitcoin's inherent convenience, safety, and global nature when compared to government currencies such as dollars or yen, Bitcoin is poised to become the crypto assets of the next generation!