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Bitcoin: The First Successful Application of Blockchain Technology!

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Bitcoin: The First Successful Application of Blockchain Technology!

Blockchain Training Institute: China's new agency, Xinhua, published a front-page article that says Bitcoin is the first successful application of blockchain technology. It seems like China has embraced blockchain technology. As of now, China is pushing blockchain technology rather than the Bitcoin itself.
These ongoings are post Xi Jinping's thought for embracing the blockchain technology. There is speculation that China would lift the ban over Bitcoin trading that was imposed in September 2017. Last week China removed 'Bitcoin mining' from the list of negative economic activities.
Despite the positive headline, the article continues explaining the negative side of cryptocurrencies. This includes the energy required for Bitcoin mining, Bitcoin's volatile price. Also, that centralization is a problem. It also alleges that Bitcoin has its uses in money laundering. The article also talks about getting Digital Currency Electronic Payment (DCEP) to the mainstream.
Matthew Graham, chief executive of Beijing-based Sino Global Capital quoted that ''They can’t ignore Bitcoin, but they don’t really want to encourage it either,” he said. “They want to slowly push and pull people in the direction of their own vision. What is that vision? State-controlled DCEP in conjunction with blockchain technology throughout the economy.”
Another news agency People's Daily called Bitcoin 'a breaking point' for the country. Whereas Xinhua explains Bitcoin in a critic way, thus ensuring that there is a need in changing the policy towards cryptocurrency.

 

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