The central bank of China published the new infographic on its website that explains various things of leading cryptocurrency Bitcoin, such as defines Bitcoin, how Bitcoin functions, and why Bitcoin value is increasing. The infographic was revealed on 26th July 2019.
Infographic mentions crypto story: From Bitcoin to Facebooks Libra coin
Bitcoin was launched almost 10 years back. The infographic published on the Central Bank’s website reveals the Bitcoin story, beginning from the time it was officially revealed in 2008. The foremost bitcoin mining of 50 BTC back in 2009, about Bitcoin worth 10,000 BTC paid for a Pizza in 2010. Further, it also mentions other major steps for the platform and closes with recent Facebook’s Libra coin announcement.
Samson Mow, CSO of Blockstream stated that on Friday, the Central Bank of China published an article relating to Bitcoin, wherein they described how Bitcoin operates, why the Bitcoin price is increasing, and why Bitcoin is precious. He had never imagined he could see this happen.
Reasons for the progress of Bitcoin
One part of the infographic is specifically focused on describing why the value of Bitcoin currency is scaling up. The dedicated part refers to minimum supply, high mining issue, and Bitcoin utilized as means of exchange and shelter for anti-inflation.
Recently, Co-founder of Morgan Creek Digital Assets, Anthony Pompliano commented saying that Central Banks of European country believed the peaceful move would offer ‘rocket fuel’ for the top cryptocurrency Bitcoin and illustration is according to his comment.
The infographic does not state anything related to crypto hacks such as about the shocking crypto hack of Mt. Gox that happened on 19th June 2011 or about the speculation threat neither about stories of missing funds.
As per the picture, important use case of Bitcoin cryptocurrency is foreign adjustments because bitcoin charges are relatively less in comparison to traditional system and transactions are quick.
Recently, the CEO of Huawei, Ren, shared his view on the global cryptocurrency coin of Facebook Libra to a source. He believes that China can launch its own cryptocurrency and fight with Facebook’s Libra coin to gain market position.
News is also circulating that central bank of China is in the process of creating its own virtual currency so as to compete with Facebook’s Libra coin; they believe that the Libra coin of Facebook might pose a threat to the financial system of China.