Bank of China published informational materials on its website in which it reviewed in detail the principles of Bitcoin functioning and the reasons for its value.
This publication is a further report on the history of Bitcoin since the 2008 White Paper was released. The following refers to the creation of the Genesis block in 2009, the purchase of two pizzas for 10,000 BTCs in 2010 and other important industry events that have shaped the formation of new types of digital assets in some way. The story ends with the announcement of Libra.
In addition, these materials indicate some of the factors that have a positive impact on bitcoin prices, with particular emphasis on their limited circulation, increased mining complexity, use as a medium of exchange and prevention of inflation.
The authors of the publication also identified the negative aspects of the first cryptocurrency, including speculative risks and other aspects related to security. For example, such as the crash of the MtGox exchange and various episodes of stealing cryptoactive assets.
Bank of China infographics claims that bitcoin is used mainly for international payments. This is due to the low transaction costs, when compared with traditional payment systems, and fast transfers.
“Yesterday, Bank of China did what I never expect. He published an article about Bitcoin that explained the reasons why Bitcoin grew and the principles of work, ”said Samson Mow, director of security for Blockstream.
In September last year, it became known that Bank of China took part in testing the payment system on the blockchain, which is being developed by the Central Bank of the country.
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