You should burst this MYTH

[jostorres]

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.

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.

[dothebeats]

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?

[iram3130]

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.

[Astvile]

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.

[Eugenar]

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.

[Ucy]

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.

[JollyGood]

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?

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?

[Amel]

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.

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.

[bettercrypto]

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 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.

[altcointalk14]

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.

[BlacksmithCorporation]

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.

[SaShiRaJaVu]

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.

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.

 

[X-ray]

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.

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.

[shoreno]

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 .

[LUCKMCFLY]

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.

[1Referee]

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.

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. 

[Docnaster]

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.

[pixie85]

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.

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.

[the rise]

It looks like Bitcoin can't be legalised in China let alone used as a currency, but if it's just an asset, I don't think it's a problem and China doesn't have to worry about it, Bitcoin and Blockchain can't be separated really, maybe China wants to use blockchain technology, but they'll also use Bitcoin itself. Since we know that bitcoin is the first blockchain product, they also need to learn about bitcoin before using blockchain technology. No need to ask China to legalise it and make the price of Bitcoin increase, even without China being able to develop Bitcoin, it requires patience.

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.

[3la9l_kolbaCa]

It looks like Bitcoin can't be legalised in China let alone used as a currency, but if it's just an asset, I don't think it's a problem and China doesn't have to worry about it, Bitcoin and Blockchain can't be separated really, maybe China wants to use blockchain technology, but they'll also use Bitcoin itself. Since we know that bitcoin is the first blockchain product, they also need to learn about bitcoin before using blockchain technology. No need to ask China to legalise it and make the price of Bitcoin increase, even without China being able to develop Bitcoin, it requires patience.

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.