January 22, 2021

An article on Bitcoin published in the state publication of China

Xinhua National News Agency of China published an article entitled Bitcoin: the first successful application of blockchain technology. ”

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The article talks about the main characteristics of the first cryptocurrency, how transactions are made and the distributed registry works.

It notes that bitcoin is intangibleCurrency that is created and used on the Internet. The coin has a limited offer and good transaction anonymity. Due to the latest quality, cryptocurrencies are widely used in illegal operations, such as money laundering, the author believes.

According to him, at present, bitcoin is most in demand for transactions on the black market and darknet.

The article also mentions highcryptocurrency network power consumption and excessive volatility. The author emphasizes that Bitcoin is just a data set, it is not provided with real values ​​and is not regulated, therefore the price of a cryptocurrency is susceptible to irrational emotions and is subject to significant fluctuations.

Recall that in late October, President Xi of ChinaJinping called for accelerating the implementation of blockchain technology. In anticipation of an influx of investments, shares of local industry companies rose sharply, and the authorities really began to allocate funding.

Against the backdrop of the hype, the leading newspaper of the Communist Party of the People's Republic of China, People's Daily, urged not to regard the authorities' support for blockchain technology as approval of cryptocurrencies.