Users can use Bitcoin to buy some virtual items, such as clothes, hats and equipment in online games. As long as someone accepts it, you can also use Bitcoin to buy real-life items. Take RMB as an example. Bitcoin is the serial number of RMB. If you know the serial number on a bill, you have this bill. In operation, a bitcoin user enters a password similar to a bank PIN code and logs into an online bitcoin account.
Through ATM, users can withdraw a corresponding proportion of Canadian dollars in cash from bitcoin accounts or deposit the cash into bitcoin accounts.
Bitcoin users only need a smart phone to use Bitcoin, similar to online shopping. Bitcoin address is a string of letters and numbers about 33 bits long, always starting with 1 or 3, for example, "1dwuna9otzzqyhvkj8dv1tuswmf7r3v". Bitcoin software can automatically generate addresses, which can be done offline without exchanging information online [2]. More than 2 bitcoin addresses are available. Figuratively speaking, there are about two grains of sand in the world. If there is an earth in every grain of sand, the total number of bitcoin addresses far exceeds the number of all sands on all these "earths".
Bitcoin address and private key appear in pairs, and their relationship is like bank card number and password. A bitcoin address is like a bank card number, which records how many bitcoins you have at that address. You can randomly generate a bitcoin address to store bitcoin. Every time a bitcoin address is generated, the private key corresponding to the address will be generated. This private key can prove your ownership of the bitcoin at this address. We can simply understand the bitcoin address as the bank card number, and the private key of the address as the password corresponding to the bank card number. Only when you know the bank password can you use the money on the bank card number. Therefore, when using a bitcoin wallet, please keep your address and private key safe.