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BTC Turned to Be the First Successful Application of Blockchain Technology in China

12 November 2019, 15:09
Votes: 2

The official Chinese public body has published a report in which recognized Bitcoin as the first effective use of blockchain technology. 

BTC Turned to Be the First Successful Application of Blockchain Technology in China

Introduced yesterday, the report is exceptional taking into account the country’s hard-line approach towards decentralized cryptocurrencies, as evidenced by Beijing’s ban on crypto exchanges introduced two years ago.

The above-mentioned report opens with the question of whether the coin is the inevitable trend towards the future development of currency development or just another hype. In general, it seems to be more rhetorical than polemic.

The article goes on to explain what the main principles of blockchain technology are. According to the report, this system is immutable, decentralized and trustless and is utilized for the peer-to-peer transfer of value, covering such as pseudonymity, digital scarcity and mining.

In spite of the fact that the report highlights the volatility of BTC as a currency, it is free of demonization and exaggerated statements concerning Bitcoin. Therefore, some people suggested that the coverage is the first time BTC received such positive feedback from the Chinese authorities.

As mentioned earlier, at the end of October, Bitcoin’s price suddenly surged to 10, 6 thousand dollars. The day before, it was worth 7, 3 thousand dollars.

Read more: EOS Cryptocurrency Prospects – Forecast for 2019

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