At the beginning of 2017, I was taking a course called Monetary Finance at university. One day, when discussing the attributes of money, the teacher said that money can be divided into two categories: 'credit money' and 'commodity money'. According to the teacher's explanation, 'credit money' relies on the credit of the issuing institution. For example, a 100 yuan note is definitely not worth 100 yuan just because it is 'paper', but rather because it is issued by the People's Bank of China, so it is worth 100 yuan. 'Commodity money', on the other hand, has intrinsic value, such as gold and silver, which have inherent value, or currency under the gold standard. Then the teacher assigned us a homework to investigate whether 'Bitcoin' is credit money or commodity money. That was the first time I heard about Bitcoin. Since the teacher of this course was quite laid-back and rarely assigned homework, and our usual scores accounted for 60% of the total grade, which is quite a lot, my roommate and I cherished this homework opportunity and prepared to do some research on it. When we got back, we first searched for the keyword 'Bitcoin' on Baidu. The first news article we found was about the government's crackdown on mining activities and virtual currency trading. After scrolling down, it seemed there was no useful information, and we couldn't even find out how much one Bitcoin was worth in RMB. I had to get a ladder to look over the wall and used Google Chrome to search for Bitcoin. The first link that came up included a real-time Bitcoin price chart.