You should burst this MYTH

[alyssa85]

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.

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.

[bitcampaign]

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

[shark1006]

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.

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?

[Bitcoin_bullish]

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.

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.

[airdnasxela]

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.

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

[gabmen]

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.

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.

[Lucius]

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.

[Artemis3]

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.

[BitcoinsGreat]

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.

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.

[TastyChillySauce00]

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.

[joinfree]

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.

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

[Lauren Smith]

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.

[hatshepsut93]

Blockchain can sustain without crypto but crypto cannot without 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.

[sunsilk]

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.

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.

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

[figmentofmyass]

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?

technically blockchain technology was invented when satoshi released bitcoin.

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.

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.

[oktana]

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.

[JollyGood]

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.

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/

[adaseb]

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.

[bitcoindusts]

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.

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.

[Fundamentals Of]

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.

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.