The Bank of China, one among the four biggest state-owned commercial banks within the country, released on its web site an infographic illustrating what's Bitcoin (BTC), how it works and why it’s valuable on July 26.
A brief story: from Bitcoin to Libra
The infographic illustrates the story of Bitcoin, beginning with the publication of its whitepaper in 2008, the mining of the primary 50 BTC in 2009, 10,000 BTC having been spent for pizza in 2010, and alternative major milestones for the system, ending with the announcement of Facebook’s Libra.
“Yesterday, the Bank of China posted up an editorial regarding Bitcoin,” commented Blockstream CSO, Samson Mow. “They explained however BTC works, why the value goes up, and why it’s valuable. Never thought I’d see that happen. #Bullish”
The factors behind Bitcoin’s rise
Another a part of the infographic is devoted to explaining why Bitcoin’s worth is increasing, and it cites restricted offer, magnified mining issue, which it's used as a medium of exchange and anti-inflation safe haven.
This is in line with the remarks recently created by Morgan Creek Digital Assets co-founder Anthony Pompliano, who stated that the EU Central Bank’s expected dovish flip can give “rocket fuel” for Bitcoin.
Furthermore, the infographic will additionally mention the infamous Mt. Gox hack, the danger of speculation, and stories of lost funds. Per the image, Bitcoin’s main use case is international settlements since its fees are low compared to the heritage system whereas transactions are quicker.
As Top Market Group reported yesterday, the CEO of Chinese tech giant Huawei thinks that China will vie with Facebook for market share by issuance its own digital currency.
Earlier this month, Chinese media reported that China’s central bank, the People’s Bank of China, is developing its own digital currency in response to Facebook’s Libra because the latter might supposedly create a risk to the country’s economic system.
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