Millions of Chinese are educated about Bitcoin
According to CEO Matthew Graham of the Chinese blockchain company Sino Global Capital, Xinhua State Publishing House reported on Bitcoin under the title “Bitcoin: The first successful application on the blockchain”. The Chinese media have been reporting about the Blockchain and its potential for this new technology for China for several weeks.
The article shows both the advantages and disadvantages of Bitcoin and does not seem to be a rush or a one-sided positive report, but a well-researched report. The first lines describe that Bitcoin is not a normal currency:First of all, Bitcoin is not a tangible currency. It is produced and operated on the Internet … [Unlike] banknotes [which are]supported by national laws and sovereign credit, Bitcoin is completely born in the modern technology Internet era.
It is also described in detail how the blockchain, mininig, Bitcoin halving and some other important processes work in detail. In addition, Bitcoin, according to the Chinese report, ensures good anonymity and protects the identity of the account holder. Furthermore, Bitcoin users can send money freely without revealing their identity information.
The price of Bitcoin is subject to large fluctuations. Bitcoin is just a bunch of data. If it is not associated with real money and material assets, it is difficult to ensure the stability of its price.
Irrespective of whether the content of the report is 100% true, these developments show that one of the world’s largest economies with over 1.4 billion people is slowly opening up to the subject. Some industry analysts see in these movements a long and well thought-out preparation of China’s own major project, the digital yuan.
Author : Collin Brown