Blockchain is not Bitcoin

[HammadAli]

So now Chinese government has said exactly what i was anticipating which is Blockchain is not just Bitcoin or crypto.
An article has been published in newsbtc.com, the announcement said that the sale of tokens for Bitcoin, Ethereum, and other virtual currencies remains “essentially unauthorized illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising.” The PBoC’s Shanghai branch then added that crimes enabled via cryptocurrencies have “seriously disrupted the economic and financial disorder.”

Source: https://www.newsbtc.com/2019/11/22/china-confirms-blockchain-not-bitcoin-pboc-crypto/

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[crossabdd]

yeep, china is only welcome on the blockchain. but remains controversial with decentralized cryptocurrencies. because bitcoin and friends can't be controlled. so China considers it illegal.
Bitcoin technology (blockchain) is indeed needed, so the Chinese government is planning to make their currency using the blockchain, and this is one way to block bitcoin and make changes to their transaction systems.

[pakhitheboss]

Never believe a government, they are control freaks and often lie. Whatever China said in the past about Blockchain was to create a platform for its own stable coin. That being said supporting Blockchain does not mean favouring Bitcoin.

[bitcampaign]

they only use blockchain technology to make their own crypto currencies, this is separate bitcoin is not a blockchain, but the first blockchain product is bitcoin, but it doesn't matter to me China is always great at tracing a product even with the same technology which is blockchain, so why with that problem hoping bitcoin is only for people around the world not for governments around the world especially China, it is not necessary and important

[AniviaBtc]

they only use blockchain technology to make their own crypto currencies, this is separate bitcoin is not a blockchain, but the first blockchain product is bitcoin, but it doesn't matter to me China is always great at tracing a product even with the same technology which is blockchain, so why with that problem hoping bitcoin is only for people around the world not for governments around the world especially China, it is not necessary and important

China are very strategic and well planned when it comes to using technology for the sake of money. Chinese government is always making a way to shutdown bitcoin block chain and create their own cryptocurrency. They don't deserve the value of having a cryptocurrency. That's the problem of China, they always want to create their own version of everything.

[HardFacts]

YES, for many years now people here have very wrongly and stupidly tried to claim that Bitcoin was the block-chain.

These are the same idiots that in 1903 would have been saying that FORD was the highway system, and no other car could ever use it 🤣🤣🤣🤣

Be VERY CAREFUL of who you listen to.  Everyone here has an interest in seeing Bitcoin go higher in value, and will say ANYTHING to make people buy and hold, in hopes that they can get rich from the resulting rise in price.

Hard Facts

[Fappanu]

Of course the blockchain is not bitcoin maybe this is the understanding of other chinese so the price of bitcoin is rising. The blockchain has been embraced by China and they already have plans to make their own crypto currency.

But I don't think the chinese people will accept their own coin because they also can't use it to trade and hold huge amounts of tax free money with the government.

[Viscore]

Of course blockchain is not bitcoin because in crypto altcoins are also using their own blockchain.
China would always be against bitcoin because they hate it, they want a centralized one but let's see in the future, I believe one day they will adopt as the world starting to adopt with bitcoin.

No government can stop bitcoin as it is decentralized, everyone and in every country can use and benefit it.

They are saying that blockchain is not bitcoin yes its true, but who originated blockchain, isn't it bitcoin?

at least they gave some credits to the creator and bitcoin.

[dothebeats]

At least right now it has been clear that it does not mean that they accepted blockchain, they have accepted cryptocurrencies. Perhaps they would be integrating the blockchain tech into something else and not particularly money and currencies. Now, no one would be trying to figure out whether China is really on the side of bitcoin since they have answered it perfectly straight.

[nienzer]

So now Chinese government has said exactly what i was anticipating which is Blockchain is not just Bitcoin or crypto.
An article has been published in newsbtc.com, the announcement said that the sale of tokens for Bitcoin, Ethereum, and other virtual currencies remains “essentially unauthorized illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising.” The PBoC’s Shanghai branch then added that crimes enabled via cryptocurrencies have “seriously disrupted the economic and financial disorder.”

Source: https://www.newsbtc.com/2019/11/22/china-confirms-blockchain-not-bitcoin-pboc-crypto/

It was to be expected. China has chosen the way to control the crypto space by creating its own national cryptocurrency and introducing blockchain into its structures. All that will happen outside this development and implementation will be alien and punishable by law

[blckhawk]

This is what I've also been telling. The two are not the same, so when the Chinese government announced their support on blockchain, I didn't really expect bitcoin to have positive pressure on the prices. The president still wants to, and aims to, replace Bitcoin and other cryptocurrencies by making their own cryptocurrency. They must have realized that they're missing out on something that has potential to grow and could replace current monetary systems.

[taufik123]

Many have misinterpreted the problem of China embracing Blockchain. Netizens concluded that China also supports cryptocurrency and bitcoin, even though the news was wrong. President Xi Jinping only adopted Blockchain as a new breakthrough for core independent innovation that would increase investment, a number of China's main technologies and accelerate the development of blockchain and industrial innovation.

But thanks to the news of the Blockchain adopted by China, the price of bitcoin has increased.

[TinaK]

I hope you are really confusing everyone here. Understand that every cryptocurrency travels through the each and every block while making transaction and this transaction is possible via blockchains and mining nodes.
So Bitcoin is in blockchain, and not a blockchain...

[kryptqnick]

So now Chinese government has said exactly what i was anticipating which is Blockchain is not just Bitcoin or crypto.
An article has been published in newsbtc.com, the announcement said that the sale of tokens for Bitcoin, Ethereum, and other virtual currencies remains “essentially unauthorized illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising.” The PBoC’s Shanghai branch then added that crimes enabled via cryptocurrencies have “seriously disrupted the economic and financial disorder.”

Source: https://www.newsbtc.com/2019/11/22/china-confirms-blockchain-not-bitcoin-pboc-crypto/

I've actually seen similar clarifying statements before, a couple of days after the Chinese President made the statement about Blockchain's potential. Yes, it's indeed a predictable move by China here. Blockchain can be useful, so they don't want to miss out on that one. But they don't want anything to undermine the national fiat and people's transactions to be out of the governmental control. So they can use Blockchain for voting, storing important data or whatever. I believe they are also exploring the opportunity of making their own cryptocurrency, I read something about that as well.

[Willitivity]

Blockchain and Bitcoin are pretty different thing. Simply put, Blockchain is the technology, Bitcoin is the product. That been said, the Chinese government was actually referring to Blockchain technology and not Bitcoin in particular. China is developing their own Cryptocurrency which seems to be the reason for backing Blockchain.

[adzino]

Never believe a government, they are control freaks and often lie. Whatever China said in the past about Blockchain was to create a platform for its own stable coin. That being said supporting Blockchain does not mean favouring Bitcoin.

Supporting bitcoin and supporting blockchain are two different things. Let me rephrase it "Supporting crypto currencies is not the same as supporting blockchain". Blockchain. Both are totally different but are related. I mean, blockchain is a technology (concept) and crypto currencies work depending on blockchain technology. Now, a country can support blockchain but may be against using blockchain to create crypto currencies for their own reasons. Eventually they might end up changing the current monetary system to crypto currencies.

[hatshepsut93]

Anyone with at least basic understanding of cryptocurrencies and blockchain always knew how different those things are, and exactly what China was saying when they praised blockchain technology. But sadly, most people in crypto community don't understand said basics, they tend to mix up all those things and hype things up when they really shouldn't. I personally blame low quality crypto news sites and blogs here - it's them who actively spread these misconceptions first with how they cover events.

[red4slash]

China does indeed appreciate the technology behind it and they are still in their stance. basically I am also impressed with the blockchain technology outside of that maybe the use is too free to make many countries still think twice to legalize it because to handle it is quite difficult

[kissme09]

Blockchain is the value of this whole market. Blockchain includes a lot of things including technology and technology. Bitcoin in the eyes of China is no different from other currencies. The way they speak about blockchain technology is to imply their launch of their own cryptocurrency and to support local blockchain companies in their efforts to create their own blockchain.

[Lizzylove1]

More fraud is been perpetrated through fiat than cryptocurrency, the government knows about this.  I really don't understand what the Chinese government want bitcoin to look like. Maybe they want to ensure it's within their control.