China has been one of the few major countries that have sought to go after the use cases of blockchain technology and cryptocurrencies rather than go all out on the aspect of the regulation. In a bid to ensure that the country maintains its positive stance on blockchain technology, the Xinhua Daily, one of China’s oldest newspapers, talked about blockchain and Bitcoin.
The newspaper talked about the world’s largest cryptocurrency and how it is beneficial to society. Xinhua further added that Bitcoin is the “first successful application of blockchain technology.” The newspaper stated:
“Bitcoin is the first successful application of blockchain technology. The transaction records of the traditional financial system are kept in the database of the bank center and the blockchain is the book of Bitcoin. The ownership of the Bitcoin generated at any time and the transaction record are recorded in the blockchain book. Anyone who downloads the client can receive the relevant information.”
The national daily was quick to point out that the price of Bitcoin was subject to large fluctuations and that users should take care of multiple factors while investing. Xinhua also added that because users had the option to decouple or join Bitcoin based on emotions, the prices could be subject to massive fluctuations.
At press time, Bitcoin (BTC) trades for $8802, with a total market cap of $157.67 billion. The world’s most significant cryptocurrency boasts a 24-hour market volume of $22.65 billion after a 5.58 percent depreciation in value over 7-days.
The national daily went on to state that Bitcoin mining is one of the essential facets in the world of Bitcoin and even agreed that mining solves complex mathematical problems. According to Xinhua, every time a new Bitcoin is produced by performing an encryption process on a high-performance computer, a new mathematical problem is solved.
The country is now an accelerated path in terms of blockchain adoption, and this was also reiterated the highest echelons of power in the state. Xi Jinping, the Chinese premier, had recently made public comments where he admitted that adopting new technologies was the way to move forward. Jinping stated:
“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.