April 25, 2024

China officially informs citizens about the benefits of bitcoin

China officially informs citizens about the benefits of bitcoin

Bitcoin (BTC) was included in the latest issue of the state-owned Chinese publication Xinhua this Monday.Initially, the release of an article titled “Bitcoin: The First Successful Use of Blockchain Technology” was announced by Sino Global Capital CEO Matthew Graham.

According to the translated version, the publication, in fact, is a set of facts designed to acquaint the reader with the basics of the first cryptocurrency.

“Firstly, Bitcoin is not a tangible currency. It is manufactured and operates on the Internet. Unlike banknotes supported by national laws and a state guarantee loan, bitcoin is entirely the product of the modern digital age of the Internet. ”- says the publication.

The message also explains how the blockchain works, including cryptography, consensus, mining and halving.

“Good anonymity allows you to hide your identityaccount holder. "People can freely transfer money through bitcoin without the need to confirm various identification information, as when making bank transfers."

At the same time, the authors mention that bitcoin transactions are mainly used on the black market of darknet, and the cryptocurrency exchange rate is characterized by increased volatility:

“The price of bitcoin is subject to significant fluctuations. Bitcoin is just a data set. Since he is not attached to real money or goods, ensuring the stability of his course causes difficulties. ”

Earlier, an article of a similar plan was submitted by Bank of China, the oldest of the current banks in China.

Last week, it became known that the National Development and Reform Commission of China excluded cryptocurrency mining from the final version of the list of undesirable activities.