Blockchain is not Bitcoin

[Patatas]

What more could you expect from the communist government? They do know that bitcoin has the power to give financial freedom for the massive population there and of course, without paying taxes of any sort. In a country like China where the government doesn't let the normal people  to access the Internet so they will know what's going around the world so explain their mentality.

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

Of course, they do! That's why there are huge bitcoin mining farms in China.

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[BitHodler]

Of course, they do! That's why there are huge bitcoin mining farms in China.

That doesn't mean the government of China likes Bitcoin. They probably have their reasons for tolerating a large mining industry within their country, or they just don't care to further attack that industry.

I personally think that we will see some sort of an anti reaction from the government there, which is why I'm glad that mining in general has shifted to a wide variety of other countries. China is no longer THE country.

[MarioV]

But hasn't the paired bitcoin + blockchain been cleared yet? Bitcoin is the first use of the blockchain and, in my opinion, also the only one. It makes no sense without a transfer of value.

[electronicash]

not everyone is reading though. most of the people who took time to read are the ones that understood it but some are just going to assume BTC is blockchain. and its going to be easy to see why since from the beginning people are going to hear Bitcoin which is the primary coin in blockchain which both are associated to each other. i tried explaining to someone about ETHEREUM and the first reaction was that he already laugh how it sound, its too long, he doesn't even asks if it also have a blockchain since he doesn't understand blockchain when its not associated with bitcoin.

[Artemis3]

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.

This basically. Unless that government explicitly accepts Bitcoin (like Japan did). A blockchain can be used for too many things, and it doesn't mean anything in particular. You can have perfectly useless central state issued coinage with a blockchain running in maybe a single server somewhere in their central bank, where no one can audit anything.

Its quite the facade, trying to piggyback on Bitcoin's success. But at least some people will want to learn about the origin, and then discover the truth...

[Nolimitz84]

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/

China constantly provides conflicting news.It’s impossible to engage in mining, then it turns out that it’s possible, then a complete ban on cryptocurrencies — now the approval of blockchain technology, but a ban on cryptocurrencies.It's a mysterious country to me.

[BobBct]

I think it's a well knows fact that bitcoin is a leading crypto currency which utilizing blockchain as it's platform.  It's like a story of Ice Cream and a cone, they are not the same but situation makes them as one for a much better result. It is the same as blockchain and bitcoin, it's different but it's partnership is like marriage made in heaven.

[Kyraishi]

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/

So this does make sense to a lot of whats happened in recent times, where China raided offices and basically destroyed some exchanges from operating inside of China, and tried to shut them all down.

So it looks like China is going to support their own blockchain creations, and they are supportive of blockchain technology, but they don't like how it is currently being used with crypto-currencies, so that's why they are banning btc, eth, and a bunch of other coins from crowdfunding or operating in China?

Jesus...

[Upgate]

The issue about cryptocurrency legality china has always been questionable in as much as they have intense cryptocurrency lovers in the country the government seems not to be ready to give there full support

[khaled0111]

This clarification has to be made especially after the famous statement made by the Chinese president Xi Jinping in which he praised Bitcoin and said that China must take advantage of the blockchain technology

His statement was misinterpreted by some investors and crypto-enthusiasts and thought he is endorcing cryptocurrencies and that its use is no longer illegal which is not true.

[airdnasxela]

Yes we know that it is not. We already know that blockchain is not bitcoin. Though it is commonly mistaken especially by newbies...
China wants blockchain technology. They know what blockchain can do. It's been tackled here in the forum, how the President of China praised blockchain yet they didn't praise bitcoin or any other cryptocurrency because they have plans of making their own currency.

[minersday]

Blockchain is not Bitcoin

Exactly, a lot of people do not know this. Once they heard the Chinese government talking about Blockchain, they quickly concluded that it was about Bitcoin. We should understand that Blockchain is a technology and bitcoin is just a feature that this technology can be used for. Why I don't really blame people who think blockchain is also referred as Bitcoin, because bitcoin introduced blockchain technology to the entire world. Blockchain is its own technology and the Chinese government is just interested in the nature of this technology...

[1Referee]

China constantly provides conflicting news.It’s impossible to engage in mining, then it turns out that it’s possible, then a complete ban on cryptocurrencies — now the approval of blockchain technology, but a ban on cryptocurrencies.It's a mysterious country to me.

That's not really China's fault. People should blame news outlets for purposely misleading readers by spreading fake news and not having native Chinese translators working for them. I'm pretty sure that in 95% of the cases the fud can be attributed to the incompetence and malicious intent of news outlets.

Don't forget that news outlets publish sponsored articles too, which means that any entity can attempt to manipulate the sentiment within the market, mainly with how fast news outlets copy and paste each other's articles. In a market this volatile and filled with weak hands, and relatively low regulatory oversight, there is something to gain by doing so.

[Stedsm]

The facts - There is literally a sheer difference between Bitcoin and Blockchain. Bitcoin being a "global currency" has strong technical aspects being the major one, but when it all began, we needed something for it to rely upon. Blockchain is the backbone of Bitcoin that can be trusted as a whole network of people who trust it in order to believe in Bitcoin. You can say that if Bitcoin is a train, Blockchain is the track on which it runs; if Bitcoin is a lock, Blockchain is the key to open it. Bitcoin relies over Blockchain in order to get ahead securely. About China's new shit spitting regarding Bitcoin, I see them trying to lash up on the current situation and make fun of us, the ones who believe in it.

No, I don't see BTC to be illegal, because trust is one of the major things it has taught me. Okay I know that there are possible chances of getting scammed by almost anybody anywhere but that simply doesn't limit itself for crypto alone. What about these countries who are making fool of people in the name of security and clamp down a lot of money (their own currency in reserves) for their personal future uses? At least BTC can be publicly seen due to Blockchain being transparent (though there are mixers, but I don't think each and every one of us are aware of it but few), thanks to such system it can be traced somehow, but what about the Black money (money without any records) that they've kept in foreign currencies in banks abroad? Can it be traced by someone like us, except Govs? NO.

[Blawpaw]

I guess that this is only the beginning of a witches hunt in the cryptocurrency sector. China already fears Bitcoin, and even though they see the blockchain as an amazing technology, I believe they must be trying to avoid anon cryptos to get out of control. While btc is not anonymous, China can even tolerate BTC, but they will not tolerate coins that will enable power to be taken out from them.

[xiboothrezi]

Blockchain and Bitcoin are a 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 its own Cryptocurrency which seems to be the reason for backing Blockchain.

you are absolutely right.  However, blockchain and bitcoin are inseparable, so when the Chinese president declared his openness to the blockchain, it had a significant impact on the price of bitcoin.  China uses the blockchain to form cryptocurrency niches that they can control with full.  No problem, doesn't that make cryptocurrency more interesting and diverse?

[Wintersoldier]

News regarding cryptocurrencies and blockchain in china often emphasizes blockchain rather than cryptocurrency. In my perception, if ever China would want to excel, it is through the utilization of blockchain technology, and cryptocurrency is just a secondary. One of the news that I've read is that they are using the blockchain to enhance their identity systems. Though many people around the world supported the cryptocurrency because of the impact on Chinese adoption, it doesn't necessarily mean that China is now adopting cryptocurrency.

[elisabetheva]

The issue about cryptocurrency legality china has always been questionable in as much as they have intense cryptocurrency lovers in the country the government seems not to be ready to give there full support

It is also difficult to determine the legality of crypto in China, even though the population is very large and the development is good, lacking support.
there may be a purpose to this and we cannot be certain of what their country will create. it is certain that there are certain intentions that we cannot understand.

[Bim abk]

News regarding cryptocurrencies and blockchain in china often emphasizes blockchain rather than cryptocurrency. In my perception, if ever China would want to excel, it is through the utilization of blockchain technology, and cryptocurrency is just a secondary. One of the news that I've read is that they are using the blockchain to enhance their identity systems. Though many people around the world supported the cryptocurrency because of the impact on Chinese adoption, it doesn't necessarily mean that China is now adopting cryptocurrency.

The legality of crypto in China does not really exist but they are more interested in the blockchain technology behind it. maybe the impact of crypto which still makes the China government does not provide legality, and only pay attention to blockchain technology. maybe they just glance at the parts that are profitable and more distant that can harm the community

[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

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.

they won't be able to turn off the bitcoin chain, so there are a lot of people who get the wrong catch on this thread, why did they mock the price of bitcoin yesterday to go up because of people's misconceptions about bitcoin and blockchain from president Xi Jinping's announcement, yes I know that bitcoin is a blockchain product First, I understand it until here, so when people in China ask what is the first blockchain product? everyone will get a Bitcoin answer, when they know about bitcoin they will certainly buy it, as well as Libra and others, I hope the answer from my mind can reduce the stupidity of friends who are in this thread, think long term and not with short-term