The People’s Republic of China has dominated headlines following recent developments in the cryptocurrency space and a sharp adoption of blockchain technology, which was officially endorsed by President Xi Jinping.
Today, the state-run press agency in China, Xinhua News, published an article dubbed “Bitcoin: the first Successful Application of Blockchain Technology,” allowing the Chinese audience to read about Bitcoin for the first time via their official news agency.
Chinese state newspaper today (Xinhua)
— Matthew Graham (@mg0314a) November 11, 2019
Xinhua recognized Bitcoin as an internet produced and operated currency. It is referred to as the first successful application of blockchain technology and an inevitable trend of future currency development or a “tulip bulb” that is frantically hyped.
The article noted that in the same manner, we record different transactions of the traditional financial system in the database of the bank centers, blockchain serves as a book, wherein every transaction on Bitcoin are recorded.
To verify a transaction on Bitcoin, Xinhua noted that a bill is usually sent to the across the entire network, with a lot of users (miners) working on it. Once verified, the transaction will be successfully executed.
As one would expect, Xinhua did not fail to mention that Bitcoin price is subject to significant fluctuations arguing that the cryptocurrency is not linked to any real asset or currency.
Regarding the anonymity of Bitcoin, the article noted that the network makes sure that the identities of holders are not published openly. Also, it enables people to transfer funds using bitcoin without any need to verify specific information, as seen during a bank transfer.
The article goes on the argue that Bitcoin’s privacy features have made it a widely adopted vehicle for terrorist financing, as well as for other illegal activities like money laundering. Bitcoin is currently the preferred payment option in black market transactions and “dark net” transactions, the Xinhua article alleged.
Public Awareness Increased At No Cost?
Given that the article about Bitcoin on Xinhua News was arguably not sponsored by any individual or organization, proponents of the cryptocurrency have pointed to the development as evidence that it is truly decentralized and does not need a marketing team.
Millions of people will likely be reading about Bitcoin for the first time via the Xinhua article, further creating public awareness for the dominant cryptocurrency.
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