Bitcoin Forum

I often hear people quoting that some country (most of the times China) is positive towards blockchain and are thinking to using it in their country, so they are also  positive towards Bitcoin.

This is just a myth. To be honest Bitcoin and Blockchain are separable. Blockchain can sustain without crypto but crypto cannot without blockchain.

In recent times Bitcoin moved from 7k range to more than 10k may be with the news of China president talking about blockchain. Then people were saying that China is positive towards crypto but things were not that good. And now things are on the same page again.

So burst this myth that where blockchain is Bitcoin will also be there.

@HammadAli yea you’re correct as China is definitely keen to utilise blockchains technology, but it’s yet not keen to legalise bitcoins and we all were mislead by the media houses who claimed that China will adopt bitcoins too. In a way the myth is not entirely wrong too, because whenever governments will speak about blockchains technology people’s attention will be drawn to bitcoins, and that’ll increase bitcoins adoption  among the masses which will sooner or later compel the governments to legalise it.

https://www.cnbc.com/2019/11/25/bitcoin-sinks-to-a-6-month-low-as-china-accelerates-crackdown.html

actually it is the exact opposite. whenever someone mentions China in 99% of the cases they are spreading a very different myth about how China is "against" bitcoin and wants to ban it or have already banned it. it is the go to FUD for at least the past 6 years.

as for the most recent thing about China the coincidence of price rise it is normal that you find some random people try to link things together. i wouldn't call it a myth that needs to be corrected though.

Crypto whales need this "myth",in order to manipulate the bitcoin price.Nobody is going to burst it. ;D

Basically most of the people are always talking about bitcoin being accepted in China, wherein, from allot of news platforms, the always tell news concerning blockchain projects being developed in China. People perceived it to be bitcoin that is widely accepted in which for me isn't bad at all. It creates hypes that literally people believe into, resulting from them buying and accumulating more volume of bitcoin. With this, we just need to make things clear,  bitcoin isn't blockchain and it is not necessarily implying that if blockchain is widely accepted, bitcoin is so.

But the fact is there are many bitcoin mining companies in China, meaning there is a great interest in China towards bitcoin.
The news was made to manipulate market conditions to benefit one party, we never know what they planned behind a news that often circulated about the Chinese government banning the use of bitcoin.

China has been in the news severally saying that "It's Blockchain and not Cryptocurrency".
But you cannot blame Cryptocurrencies enthusiasts for believing otherwise since the same China are planning to launch their own Cryptocurrency in 2020, so they are just releasing a bunch of contradictory messages one after the other.

Normally Cryptocurrency enthusiasts are a very optimistic set of people and we tend to blow every good news relating to Cryptocurrencies out of proportion and milk it for all it's worth, but I cannot help thinking that China actually lives Cryptocurrencies and are just trying to get rid of competition before launching their own Cryptocurrency.

You cannot say it's Blockchain and not Cryptocurrencies and then go ahead to be building your own Cryptocurrencies, in other words, they are saying... "Listen to what I am saying but don't look too closely at what I am doing".

Literally a myth, it is not that China wants bitcoin big businesses does. If you are going to China you can see a lot of stalls and businesses that accepts bitcoin as a payment, why? because it is pretty convenient. Chinese government already talked about this, and sadly bitcoin isn't a thing for them to adopt but the system behind it which is the blockchain. As for now I think China is working on their own blockchain project.

That is the misconception. And media played a big role on it.


Smart investors know it, that's why they just ride along and make money out of this so called China hype. But for those who believed in the myth though, sooner or later they will find the hard truth.

I don't know who will belief such myth though. Since 2017 we are already exposed what China grand scheme against bitcoin so I doubt that someone will still fall for their trick here. China had already telling us for years that they love blockchain but 'hate' crypto or at least bitcoin because they know that Chinese people are using it to hedge their wealth and afraid of capital flight. No need to buy stories coming from China, just saying.

I don't know where you are getting your news at but I'm not on your side with regards to China not being crypto-friendly but just Blockchain supporters because they are really both. China recently had already made it clear that there will be no more crackdown against Chinese crypto farm operations and they are also encouraging the digitization of payments which includes cryptocurrencies. Aside from that they also have one of the biggest exchanges by volume and they also have crypto mining hardware manufacturers found in their country which only means they fully support crypto not only Bitcoin. Blockchain is something more being utilized or exploited by independent companies in China but I still barely see news about it.

I think almost all crypto users already know between blockchain and bitcoin, bitcoin uses blockchain but blockchain is not bitcoin, almost all crypto use blockchain, For example Android and Playstore, Playstore uses Android but Android is not a Playstore, but if a country uses blockchain it's likely they will also accept bitcoin.

There was a story a while ago how technology companies attached the word "blockchain" to their brand/name and saw increases in stock prices just because they were associated with the name, not even having any sort of relation to blockchain technology. Blockchain can be used in different ways that exceeds crypto but does it really matter that BTC relies on Blockchain in a digitalized world?

Many people directly associate Blockchain with Bitcoin, so it is not surprising that after the news of China's acceptance of Blockchain, the price of Bitcoin began to grow rapidly. Unfortunately, China is determined to create its own cryptocurrency and develop Blockchain in the country, and not to accept Bitcoin, because if Bitcoin is accepted, China will lose a large piece of power, which is not beneficial for such a powerful country

I don't also get it, and China adopting blockchain is nowhere good as a news. They are even on the progress of making their own cryptocurrency to effectively ban Bitcoin and other cryptocurrencies. Whale/manipulators only use these news as a catalyst to further instill FOMO and drive the prices to their desired trends.

We are likely to see a level of partisanship by countries and Governments in coming year toward some coins from their citizens/countrymen and country. Asia could guide their exchanges and project jealously with some of their recent body language, project from crypto regulated countries could boost confidence of traders and investors to investing more funds. On ground project with physical use case will attract top institutions, some in energy etc. It is still a developmental phase in the space

China will always be a big market, and indeed they support blockchain technology but not bitcoin at all. They can also create their own coin if they want to, we should not expect too much from this kind of news. If ever China support Cryptocurrency and the hype goes on again, you have to ride because China can make another news that is against cryptocurrency. Blockchain and bitcoin should work well together, blockchain is a must for a good transparency.

yes it is true that the Chinese government that we know is one of those governments that hate cryptocurrencies and in their country has passed laws on bitcoin or crypto bans, but I am confused why now the Chinese government has developed blockchain technology in their country and they also want to launch their own coins with blockchain technology.

Oh yeah, that's for sure. Whales love such myths to get their chunk of profit.

Well bitcoin is not necessary for blockchain of course, just go to coinmarkecap and see how many blockchains there are with different tokens. The thing is though that bitcoin is the best application for blockhain we have to date, and it works perfectly. All the other applications are still in their infancy and there's mostly no proof that they can be implemented to work. However, in the future I can agree that bitcoin is not going to be the most popular blockchain app.

Everyone knows this. But traders like to move the price on "news" and sometimes fake news is concocted to try to move the market and persuade newbies to buy.

Also - there are keyword trading bots that automatically buy when the words "china likes bitcoin" appears in the news. They also sell when "china bans bitcoin" appears in the news.

It looks like bitcoin can't be legalized in China let alone be used as a currency, but if it's just an asset I don't think it's a problem and China doesn't need to worry about this, bitcoin and blockchain can't be separated basically maybe China wants to use blockchain technology but they will certainly see also bitcoin itself, because we know bitcoin is the first blockchain product so before using blockchain technology they also need to know about bitcoin, no need to ask China to legalize it and make bitcoin prices go up, even without china actually bitcoin is able to develop, it needs patience to that

Sure, China is working on its Blockchain project, but the question is, will their product be decentralized? I think not, because its not profitable for the government. The question then becomes, what is the use of ordinary people from this project if it does not protect them from third parties?

I doubt the Chinese government wants to create a digital yuan that will be decentralized and run on a blockchain in order to provide financial freedom for their citizens. Most probably they are building a centralized ledger, that will give them absolute control on all accounts. They will have every transaction recorded on a centralized chain where only authorized government personel would access. The Yuan-chain will be controlled by the government and not consensus mechanism.

Chinese communist party will claim that corruption will be reduced this way, while they will actually acquire totalitarian power on all economic activities for the next hundred years. It is basically a dystopian financial future for the chinese population.

It was just a common mistake when you're still learning in cryptocurrency. But once you've learned enough, you would know bitcoin is different from blockchain. I don't know if this is considered as myth because I don't think we're telling newbies this misconception of bitcoin and blockchain. You're right with your idea though. That not all that's into blockchain are also into cryptocurrency

Lol. What myth? It's a pretty common knowledge that blockchain and bitcoin are different. It's only for those who haven't dealt with crypto or who doesn't understand it that much that thinks these two are the same. No myths to be busted as most people don't even consider this at all.

Quite familiar knowledge for whom? Maybe for you and me, and some other people who are still a minority who understand some of the basics. If an innocuous speech by the Chinese president on the subject of blockchain can provoke a general euphoria on markets, then it's quite clear how many people actually distinguish Bitcoin from the blockchain.

If you just look at how many people think positive (for BTC) when a country just mentions blockchain, we're still far from some global understanding of this technology.

Blockchain is not Bitcoin. Blockchain can be used for anything including garbage coins. If someone says they are using blockchain technology, it tells you basically nothing, they are using a peculiar database.

Blockchain alone is NOT secure, without proper decentralization, and this is the main issue with these "State" attempts.

There is even people that dislike Bitcoin and use "blockchain" as a buzzword to promote their project (usually some garbage altcoin). So your suspicions should go high when you hear this word, rather than Bitcoin.

Of course there are some non coin projects that use blockchain, but these projects as well are not secure without proper decentralization, and most of them lack it, especially when they don't release the code so anyone can run their own node.

More strange thing is why people relate bitcoin development with china adoption ? The thing is that even if china is negative about bitcoins ,this should have no effect on the bitcoin price and market. Bitcoin is independent of china adoption and should not be influenced by it.

People are usually overly hyped if it's about money and some media are taking advantage of this. I do agree that people should know or be able to distinguish the differences between blockchain and bitcoin because some people everytime hearing word blockchan they'd simply think that it's just another name for bitcoin which is really wrong and could potentially lead to misinformation just like what most of the media with lack of "information" did with thes rather clickbait titles.

When i hear people saying this it makes me laugh because it basically means we are dropping a whole feature of blockchain technology. Without the use of cryptocurrencies i dont think we can ever boast of a true and transparent financial system. If we really want to have the full benefits of blockchain technology then i suggest we don't take cryptocurrencies out of the equation

What is the point of your post? All cars need roads but not all roads need cars. Blockchain is a road and crypto is a car. Without crypto, the blockchain is useless so obviously china support crypto since that's the whole reason for the blockchain.

This is hilarious, blockchain technology was invented like 4-5 years ago, while Bitcoin was created 11 years ago, but you tell us that crypto can't do without blockchain? And blockchain it yet to be used beyond trial applications and experiments, while Bitcoin is used as a currency, an investment and a tool for achieving freedom. And a lot of the "blockchain technology" hype has vanished when crypto entered bear market, which shows that it's actually blockchain that depends on crypto as of now.

Blockchain and bitcoin are two different things but isn't it that bitcoin made blockchain known for its use case? China is mostly being used by the manipulators and media to spread rumors where the majority reacts without any way of validating it.

Just like few years ago when it was reported that bitcoin was banned on China but the real thing it wasn't bitcoin but the ICOs. They have included bitcoin with the ban of ICO because it was a crypto and the reports said that crypto was banned in general. So, this is where the media played a big role to confuse everyone but as OP is pointing out, I think everybody knows it but we all agree that if there's no bitcoin, blockchain wouldn't be known. We will see how many companies will use blockchain technology without crypto in the future and how many of them will stay and rely on it meanwhile cryptocurrencies will emerge, keep going and is here to stay.

I think he's just pointing out that bitcoin and blockchain are not one. Blockchain can be used for other purpose not just for crypto nor bitcoin that's what he meant to say and thinks that everybody doesn't know about that

technically blockchain technology was invented when satoshi released bitcoin. :P


tbh i think a lot of blockchain pilots/projects at large companies are just for show, for the benefit of shareholders. bank of america applying for blockchain patent after blockchain patent but never doing anything with them---it feels like they are just trying to maintain relevance in fintech.

PBoC prohibits bitcoin and altcoin, their citizens also understand that.

However, the main issues are still related to collective fundraising, exchanges and mining that are considered illegal, and they still seem to be progressive with positive global monitoring. Everything still cannot be summed up as a myth because the impact of patented blockchain has also not yet been tested commercially. in my opinion the two will still be interconnected with two-way speculation in different market spaces.

Sadly China will be implementing a crypto currency for Chinese citizens so it can monitor where they spend it. It seems they have taken the best or most usable parts of crypto then created their own centralised version of the whole thing to suit their needs:

https://bitcoinist.com/how-chinas-national-cryptocurrency-will-improve-the-nations-economy/
https://www.forbes.com/sites/jasonbrett/2020/12/30/chinas-dichotomy-between-cryptocurrency-and-blockchain/

Think about it this way, when people say MP3 player, most people think of the Apple iPod. Was the iPod the first MP3 player? Not it wasn't. Is Apple iPod the only mp3 player on the market? No its not.

So Bitcoin might be the best blockchain example but the 2 are pretty separate however for the regular person when you hear blockchain the first thought that comes to mind is "Bitcoin".

The Xi speech for Blockchain was pretty powerful, it wasn't only the pump from $7K to $10K but it was also how Universities overnight added blockchain courses. So I think that the acceleration of Blockchain will always be good for Bitcoin even if the 2 are separate in reality.

I agree, Bitcoin is just one of the product of blockchain tech and Blockchain is not Bitcoin.  I do not know why people think that Bitcoin and blockchain is one.  There are lots of applications that can use blockchain aside from Bitcoin so we should be aware that if someone speak of Blockchain it does not mean he is talking about Bitcoin.

It is just that there are some people within crypto that are so fond of creating stories, even those that have very little or no significant connections at all. This is a myth, it is very obvious. And I think it will burst itself as soon as people realize that the price of Bitcoin is not moving according to what is being expected due to reasons such as this one. But this is old news already. We can forget about china and move on.

Both of them are not the same and Blockchain can be used without Bitcoin. There are lots of companies and countries that are creating cryptocurrencies and those cryptocurrencies are going to function with Blockchain and they are not adopting Bitcoin. So you’re right, they are both two different things and Bitcoin cannot function without Blockchain, and same thing applies to every cryptocurrency there is today.

As we all know it, China is creating their own cryptocurrency and they will be releasing it very soon. I’m still confused on what’s really the status of Bitcoin in China, I’ve heard that it is legal but the banks have been issued warnings to stay clear from handling Bitcoin.

Blockchain can work on its own without any cryptocurrency on top of it and that's the reality. That's why huge companies love the idea of blockchain since they can tailor-fit it into their own enterprises and ventures and would still work flawlessly, unlike cryptocurrencies which would not function to its fullest without blockchains.

Companies would only bring blockchains with them sans bitcoin or the crypto part. I mean, what incentive do they have in mind that would make them profit off of cryptocurrencies if that facet of the market is already exploited heavily and filled with too much players already?

I think people already know this. Most of the people who are interested in Bitcoin or crypto in general know the difference between blockchain and Bitcoin.

Everyone here knows on why china is capitalizing in bitcoin. China is utelizing the technology behind bitcoin not bitcoin itself the blockchain provides extreme convinience and more reliable transactions compared to credit card payments that we are very used to.
I'm tired of reading other people on social media sites saying that bitcoin can work without blockchain.

Probably they have less knowledge about bitcoin and its backbone. Blockchain is the technology that makes each transaction secured and possible. And in case of China, what they saw to have huge potential in the future is the blockchain not the bitcoin directly. So I am really wondering why when there are new concerning blockchain in the mainstream media, people are celebrating about bitcoin that is in some point, will not have a direct impact on bitcoin but basically their false knowledge does really have an effect for them to buy more.

It depends on what the government wants a Blockchain for (assuming that the news about this are true). If it is to create a real Blockchain/cryptocurrency, i guess it would affect Bitcoin positively,  because more people from the country will be exposed to crypto/Bitcoin... I don't expect it to be positive if the government builds private/centralized "Blockchain"... which they mostly likely will.
Governments will likely go for private ones anyway. So, news like that do not interest me very much.

For the most part I agree with your views but where do the domestic/global aims of China fit in to the narrative your posted?

Yeah, your statement is right about bitcoin and blockchain that both of them are different things. Where bitcoin is a digital currency that runs on the blockchain while blockchain is a digital data storage system.

Why do people always assume when the blockchain is raised that bitcoin will rise? well that's because bitcoin is the currency that popularized this blockchain technology. So fundamentally they will think like that.

It is always an issue for bitcoin and blockchain. Many people thought that they are all inseparable but the thing is blockchain can exist without cryptocurrency. However, bitcoin is the core of all trend happened in cryptocurrency. The discovery of blockchain was made because of bitcoin. They are different things but they function as one for me. It is a slap for companies who are adopting the criteria of Satoshi without any acknowledgement for him. If ever blockchain will be used in data storing only.

That’s very true that not many are aware of this fact that both cryptocurrency and blockchain are different things. Blockchain is something that can be controlled and cryptocurrency is something that can’t be controlled. That’s why even Chinese president is pro-blockchain but zero tolerance is for cryptocurrency by government officials.

Market manipulators make good use of the misunderstanding of most people about the two concepts of bitcoin and blockchain. This is why we need to be knowledgeable in this market to avoid falling into FOMO.

It is not a myth, China is positive towards the blockchain technology but they are not willing to accept the currency aspect of the blockchain and it is a well known fact but the myth is created by some click bait news sites where they want to spread the fake news and thereby people clicking their articles so that they can make money with these fake news and nothing else.

 

hardly achieved when most of people just choose to be ignorant about this, what they care is the price and there's nothing more than that. I bet if you ask some people who did daily trader about how BTC work they won't have  idea or atleast doesn't fully understand about but well, atleast OP here spreading some knowledge so people won't fall into misunderstanding.

not a myth to me because  both blockchain and bitcoin are related to crypto but you are right that blockchain is independent while btc isnt i guess . thats what i heard  . china is a controversial country when it comes to crypto talks  because they are known to accept and reject crypto  . that is the reason that things werent good for them when it comes to crypto development . blockchain might have advantage but btc  is the ones that people recognize the most .

China, of course, minimizes Bitcoin to exalt its cryptocurrency (stablecoin) not yet launched, take advantage of blockchain technology for it, I do not see it as a myth, it is simple, anyone who starts researching and realizes that Bitcoin can reach more At $ 20k at any time, it is reason enough to discard all the information against Bitcoin.

It is true that there will be a war between stable currencies, the economic war between the US. UU. And China will also have a lot to do, but on the basis of all this, it will be beneficial for Bitcoin, there will be a massive adoption, I see no myth there. And without counting the bubble of the global economy that has been unleashed, where the Fed can no longer make up negative interests.

It's definitely a good thing for Bitcoin overall, even when it isn't doing much for it in the near term. In the end, whatever people are interested in that's crypto or blockchain but not Bitcoin, they will get involved in Bitcoin later on anyway. Education is key, and when even universities are jumping on board, that's a development I can only welcome.

It might help people actually value the fundamentals of whatever they invest in, and fundamentally speaking, Bitcoin is a sound investment that belongs in every portfolio, even when you don't like it. I know some people who aren't that fond of Bitcoin and are exposed to mostly altcoins, but they at least acknowledge the importance of an allocation to Bitcoin.

If even people who don't really like Bitcoin because it's boring or "slow" still own Bitcoin, that's a damn powerful statement.  :D

This is a common misconception.

People often think that if blockchain is being endorsed or used by some company, government or individual, this is a boon for all things related to blockchain, e.g. IoT and cryptocurrencies.

This isn't the case, however.

Instead, it is possible for certain sub-industries to completely fail, whilst other sub-industries built on the same tech can thrive. This is why food traceability and supply chain applications for blockchain have taken off, while digital currencies haven't really improved since the release of stablecoins.

Bet on blockchain, not crypto guys.

They know it but tend to separate blockchain from bitcoin too much. They can be separated but adopting blockchain makes it more probable for Bitcoin to slip through. It's like a computer program added with the hardware. When you're accepting computers you also get the program.

If you're oblivious to Bitcoin and your country accepts and develops blockchain you will gain knowledge about uses of blockchain and will inevitably be drawn to bitcoin. That is unless it's totally outlawed.

more to education that gives Chinese citizens an understanding that blockchain is technology, and bitcoin as an illegal currency, they carry out unilateral propaganda. I think in the end the government also realized this was a time bomb, gradually bitcoin would be widely used, and at the same time they were ready with their own coins as the mainstream conversion medium for bitcoin and crypto as a whole.

My idea on this matter was, they're government was obviously taking the mindset that they're thinking bitcoin as a form of threat despite of helping their citizen enjoy the benefits of it. Although it seems that their people are now having positive feedback, they're more intimidated by their pride as well. Greediness had put this situation more complicated and difficult.