It is appropriate to use the word ‘turbulence’ to describe Bitcoin currency. Bitcoin was proposed by Konosuke Nakamoto in 2009. Unlike the previous cryptocurrency, Bitcoin is a transparent transaction that everyone can participate in. Based on the trust of Bitcoin itself, more and more people are involved in the transaction. Last year was the hottest year for Bitcoin, so what is the current state of 2018 Chinese Bitcoin?
What is the status of Bitcoin in China in 2018?
In the CCTV financial commentary broadcasted by CCTV Financial Channel, the two commentators said that the central bank’s attitude toward Bitcoin is rather embarrassing, mainly because Bitcoin is based on blockchain and has a very broad application prospect in the future financial field. This makes the central bank dare not give up on its research. It is not willing to stop the development of the blockchain. Financial commentator Li Yuyu said: ‘China's Bitcoin-based risk has blocked some trading platforms, but we can only warn of private trading risks.’
On December 5, 2013, the five ministries and commissions, including the Central Bank, issued a notice to prevent the risk of Bitcoin. They believe that Bitcoin is not issued by the monetary authorities, has no legal and mandatory currency attributes, is not a real currency, and cannot and should not be used as a currency in the market. Affected by this news, Bitcoin prices fell by 35% in 40 minutes. In February 2014, Go. Gox, the world's largest Bitcoin trading platform, declared bankruptcy, which cast a shadow over the industry, which has been plagued by compliance. Since the second half of 2014, Bitcoin prices have been steadily declining and are currently stable at around 1,500 yuan per unit.
From mid-2014 to mid-2015, continued low price volatility is clearly a new industry for the beginning of the rational era of Bitcoin. But this is also the best time to eliminate the speculative bubble, re-examine the properties of Bitcoin, sort out industry rules, and explore the ideas of industrial development.
Strengthen supervision of special currency trading platforms
Considering the decentralized point-to-point nature of cryptocurrencies such as Bitcoin, it is neither realistic nor feasible to prohibit Bitcoin. However, it is completely feasible and necessary to strengthen the supervision of cryptocurrency trading platforms such as Bitcoin. The real focus is whether Bitcoin has practical value in the real economy. At present, the state vigorously promotes economic development and promotes the development of the real economy. If Bitcoin has no value in the real economy but invests in the value of speculation, and limiting its speculation will help guide the money from Bitcoin speculation to the real economy. This should also be the main reason for regulators to consider limiting Bitcoin issuance. The strengthening of the regulation of the Bitcoin trading platform and the promotion of standardization of virtual currency transactions should be the next step of supervision.
Let the blockchain project with real technical connotation develop
While praising the timely introduction of this regulatory policy, we should also re-emphasize the essential differences between the blockchain and Bitcoin and ICO. The blockchain is a technical means, and icons, which are currently flooding in China and a means of financing. The ban does not allow insurance companies to raise funds, but no blockchain project financing is prohibited. In fact, a good blockchain technology application project can be realized not only through ICO financing but also through traditional VC/PE financing. As a technology distributed accounting method, the blockchain solves the problem of centralized authentication. It has a broad application prospect such as property rights certification, and a diamond that authenticates the authenticity of artworks.
Blockchain technology is available, and such certification requires a centralized third-party agency, such as a court, an arbitration agency, or a bank. Blockchain technology simplifies certification. Blockchains have a wide range of applications in the financial sector. The application scenario can be used for all aspects of payment, clearing, and accounting, credit reporting. Blockchain technology is still in the early stages of development, but it will have broad prospects in the future and it will mature.
In the long run, the policies issued by the regulatory authorities should be beneficial to blockchain chain projects. Eliminating fraudulent items is not material to avoid bad debts because it prohibits good money. Let the ecological chain's blockchain focus on innovative technological innovations rather than the attributes of its hidden financial instruments. Let the real technology chain project have the opportunity to develop.
BTC info
Bitcoin price today is at $7064.35. rose 1.04%.