A major Chinese daily has published an article about Bitcoin. The publication describes the first cryptocurrency as a successful application of the blockchain technology. It provides its readers with the basics they need to know about Bitcoin and highlights some of its main characteristics.
Xinhua Daily: Bitcoin Is One of the Hottest Topics
If there’s one thing that distinguishes democracies from other government regimes, at least at first glance, it’s the speed with which the executive power can bring its new decisions to the attention of the public and ultimately to implementation. In single-party systems such as the People’s Republic, when authority says ‘hop’ – you jump.
It’s been only a couple of weeks since the General Secretary of the Communist Party, Xi Jinping, told a Politburo meeting that China has to gain an edge in blockchain development and Bitcoin has already made its way to the pages of a leading state-controlled newspaper. The Xinhua Daily just published an article titled “Bitcoin: The First Successful Application of Blockchain Technology.”
The piece starts with an acknowledgment which in this case seems a bit late. “Bitcoin is undoubtedly one of the hottest topics in recent years,” notes the author, Professor Qiang Geng from the School of Business at Nanjing University. Then he goes on to ask a question you’d often hear from Western mainstream media: “Is it the inevitable trend of future currency development, or is it another ‘tulip bulb’ that is frantically hyped?”
Bitcoin is not a tangible currency, professor Geng remarks. It is an open source, peer-to-peer digital currency, produced and operated on the internet. Like gold and silver,