Topic: Blockchain is not Bitcoin (Read 932 times)

The Subject is somehow misleading. It should be "Bitcoin is being tagged as Illegal". China is always scared of something that could overthrow their government in every way possible. They are scared of something that they cannot have control of because Blockchain Technology is still advancing and its security is one of its best feature.

Day by day now government also realised that cryptocurrency how much important for future.that's why they are now try to study about cryptocurrency.so, i think we see in future more upgrade blockchain technology.

Currently, almost every country is studying blockchain technology, and some countries just do not recognize it on the surface. Bitcoin is only a special coin for blockchain technology support applications. Zhongben Cong has created bitcoin and blockchain. His original intention is to change the existing economic model, be transparent and open.All of these need to be hidden from the national government

Understanding the fundamental difference between blockchain and Bitcoin is important to fully grasp the cryptocurrency world. Blockchain and Bitcoin are the foundation of the financial technology industry in the cryptocurrency space. The main difference between blockchain and Bitcoin is that the blockchain is used to secure data and perform various other tasks. However, Bitcoin is a single cryptocurrency. It is the pioneering cryptocurrency that introduces blockchain concepts. Where there is blockchain technology, Bitcoin uses the same technology, namely blockchain for payment security.

Blockchain is never Bitcoin however Bitcoin presented Blockchain innovation. In the event that Blockchain is a widespread set, bitcoin is only a subset of the all inclusive set. Blockchain has a ton of advantages thinking about what it very well may be utilized for separated from cryptographic money. Blockchain innovation can be utilized as a decentralized public record for the capacity of information and recovering of data in a cryptographic configuration.

A real-time, permanent database of transactions and ownership is often referred to as Blockchain. What does that mean, however? It is basically a secure, hard-to-hack record of transactions and who holds what.Think of a database stored in blocks of details. On individual computers, these blocks can be copied and repeated. These are all similar and coordinated with one another. it's basically called blockchain.

Bitcoin is an example of a cryptocurrency, a type of digital currency that can be exchanged over the Internet between individuals. There is no tangible form of these currencies and they just exist digitally. To guarantee the transfers are safe and to deter people from counterfeiting, a method called cryptography is used.

At least the Chinese government takes blockchain technology seriously. It must be a good sign. But it seems so strange to me that the country with the largest number of Bitcoin miners are so skeptic towards the first crypto.

Of course, Bitcoin is just a part of it.

Definitely yes because bitcoin is a cryptocurrency, while blockchain is a distributed database that store information. Bitcoin uses blockchain technology.

China prefers blockchain because it is safe and helps solve many crimes related to theft (and you all know how hard it is to solve crimes in China). China wants to create its own currency based on the blockchain system, but to displace bitcoin.

Blockchain and Bitcoin are pretty different thing. Simply put, Blockchain is the technology, Bitcoin is the product. That been said, Whatever China said in the past about Blockchain was to create a platform for its own stable coin. That being said supporting Blockchain does not mean favouring Bitcoin. China is developing their own Cryptocurrency which seems to be the reason for backing Blockchain. The Chinese government was actually referring to Blockchain technology and not Bitcoin in particular. Bitcoin technology (blockchain) is indeed needed .

yes it is both fall under the category of cryptocurrency  .

is that china is the supplier of mining equipments ? so if they allow these stuffs then why not make bitcoin/blockchain look bad but its normal , we cant stop them if they say something bad  . they arent the one that does that to be honest but there are also many countries that does it  .

yes they are  . i think the issue of china restricting bitcoin was over and only a thing of the past  .

Like it or not bitcoin is part of blockchain it, bitcoin the first to use the network blockchain other countries see and adopt network blockchain China continues to make statements that do not make sense to drop bitcoin when they make the currency cryptocurrency China itself always make bitcoin visible bad and is not eligible to be purchased and is not eligible for trading on the china.  China must also recognize bitcoin as a digital currency and giving freedom to the people of china to buy bitcoin.

In my country, bitcoin is just an asset not ancurrency, government reject it to be currency and its illegal activity to use bitcoin as payment processor
But government use technologi behind it, bockchain in some application, like tax payment use blockchain sistem called "online pajak" , one of bank in Indonesia use blockchain too by cooperation eith IBM

So blockchain and bitcoin is different, blockchain is technologi behind it, and bitcoin is peer to peer currency use blockchain technologi

That's right.. without Bitcoin, Blockchain technology would not be known. both are different, Bitcoin will not work without blockchain technology, but Blockchain technology is capable of running without Bitcoin.  in the future, I am very confident that governments in various countries will make use of Blockchain technology en masse, and will most likely turn their currencies (fiat) into cryptocurrencies (because they use Blockchain technology).

Blockchain is never Bitcoin but Bitcoin introduced Blockchain technology. If Blockchain is a universal set, bitcoin is just a subset of the universal set. Blockchain has a lot benefits considering what it can be used for apart from cryptocurrency. Blockchain technology can be used as a decentralized public ledger for the storage of data and retrieving of information in a cryptographic format.

Basically the blockchain serves as the backbone why the transaction in bitcoin remains strong and secure. With it, people will definitely think that blockchain is directly associated with bitcoin though it could be real in a sense that bitcoin has its own blockchain dedicated only for its transactions.

I think they still want full access to this technology, as far as I know bitcoin has succeeded in developing this technology and when a government says something like that it will look ridiculous, they say it and don't see the actual conditions at the moment

Blockchain technology help bitcoin for faster transaction.so, bitcoin and blockchain relationship is very important for cryptocurrency.

Which shows lack of knowledge. When goverment doing "blockchain" and have control over it, its not blockchain, its database which is used since at least 30-40 years.
No single entity can do crypto currency, many tried before bitcoin and everyone failed. There is reason to that.
Only Bitcoin succeed when everyone else failed.

I see a lot of cases that they reveal more in the chronology of fund-raising investments affiliated with the use of fiat, and that is indeed illegal in state regulation, but not with regular crypto ownership through things that do not conflict with the legal line. as if they only seem to forbid crypto, and not blockchain, but they still underline the great preparation for their own crypto in the end.

Indeed. The Chinese government only regulates blockchain technology and cryptocurrencies such as bitcoin, ethereum and so on are still illegal due to scam escalation, that is why China is also starting to create their own coin just like Libra coin which it will be centralized and it will be launch in the year of 2020.

Security features on blockchain are also important. For example, PayPal is only a secure software technology for currency transfer but it does not mint or mine any currency (fiat or virtual). In the same way, blockchain uses security measures to transfer both currency and information securely. However, if hackers want to attack the blockchain then it would be nearly impossible to do without any detection because the blockchain is one giant ledger. Change one digit or letter and it shows. If an organization holds its secure information in a database or cloud based service, there is some possibility of a hack without any detection for months or even years. See recent examples of Yahoo and Marriott. One took place years ago while the other happened only a few months prior.

Blockchain can also transfer information and not every transaction has to be the "value added" type. I recently attended an AMA that explored other applications of blockchain including use of decentralized apps (or dapps) for businesses to send and receive private information. In my country, healthcare information is held to high privacy and confidentiality standards that even some SaaS cannot meet. Tokenization of said information on the blockchain could solve this problem. The startups at the AMA did not go into details. However we can store regular purchases of needed medications in the blockchain then there are some uses for people who need regular heart or diabetes medications. Sure there are payments involved for the medication from insurance companies but what about the patient's information? Blockchain can also store and transfer this information. After all, blockchain is one giant ledger...

Blockchain popularity will never be accomplish without bitcoin. a lot of users knows blockchain because of bitcoin and your right @Oneandpure for that insight. the useful of blockchain is base of how they use bitcoin and how both side are useful for them so in time will come we can expect that blockchain is a totally a useless if bitcoin is unprofitable.

As what I understand, blockchain is the source that we can operate bitcoin and other currencies. So definitely, both are not the same but they are related. Blockchain is the technology and bitcoin is the product. Some just make it confusing for others maybe because they have other goals and purposes to pursue something like bitcoin. Indeed, the world is a big competition where everyone create and innovate products and services. Bitcoin so far is still the most amazing cryptocurrency.

Of course, you can't accept your bitcoin without blockchain but they can still use blockchain without Bitcoin and through their own coins they can use blockchain without Bitcoin. That's the reason why bitcoin was not fully adopted in China besides they still banning this currency due to they are gainst on it. They are thinking that might someday Bitcoin is one of their big competitors.

I think China was once one of the more strict countries when it came to cryptocurrencies, but it appears that they are now moving to a somewhat more friendly approach to it. Because they know by getting their people educated about Blockchain, they can and will lead the world into the next century, and If US loses the USD reserve status and PBOC believes bitcoin replaces, then they're very well positioned given bitcoin mining pools and ASIC production. the crypto Ban is only temporary giving the Chinese bank time to regulate. Cryptocurrency isn't some back alley invention. It was created to change lives and to do that the super powers of the world will attempt to regulate and control it.

It is a Communist government.
That means it is all about the money.
The financial claim of everyone who lives in China should be transparent. They need to see it all.
Because of bitcoin and other crypto currencies they cannot trace those, which they dislilke.

They want control, they need money flowing in for their government to move.
No worries, you give them a lot of money and then they will give you one television spot. 

can you accept your bitcoin without a blockchain, of course not, bitcoin is a digital currency that runs on the blockchain network without requiring shipping from its maker because of the decentralized nature of the blockchain and now of course blockchai technology is very popular among large companies that already want to partner with technology to advance their project because now some people prefer blockchain technology that is fully decentralized.

Blockchain and bitcoin do influence each other. The difference, bitcoin as one of the "products" of the blockchain has not been widely accepted because of the many controversies, one of which is anonymous, there is no official administrator, so it is likely to be misused for illegal activities, while blockchain can be widely accepted because it can be used to increase various activities, so conventional systems can be upgraded more modern. So, it's just a matter of use, people who are interested in using bitcoin as an investment and commodity will definitely use it more, while blockchain is more attractive to governments and other organizations to improve their network utilities.

Blockchain without bitcoin is nothing, many people only know whit bitcoin and less information when discuss about blockchain technology want to adopt with many companies, people only think with bitcoin as investment way to get much profit without care what is blockchain and how to get benefit using blockchain later, people just increase their money with bitcoin and altcoin investment.

So they have confirmed what we have been fearing, that they still don't want Bitcoin and they only want the technology behind it, they cannot control Bitcoin and they want something on their own that they can control, but can they stop their people from not patronizing Bitcoin while patronizing their own, this is something interesting in the future, once they launched their coin, we'll then see if they can really stop their people, because they are now part of the circle, they are introducing blockchain to all their people, it's another promotion for Bitcoin.

I always see bitcoin and blockchain is a package that cannot be separated. An example, someone who intend to know bitcoin they will automatically know or get understanding about blockchain in an easy way.

So, when the Chinese's government decided to use blockchain to their industries even they are constrain to use blockchain technology as its main system I just have an imagine that they will exactly legalized bitcoin or crypto as a whole, which mean I was predicting that bitcoin will increase at that time.

However, this is crypto industri which cannot be easy to predict it. The government have their own right/their own perspective regarding it. And made a supplementary news that they still including bitcoin as an illegal transaction. So at this time, I just worrying that for those countries who still consider the utilization of crypto and they will take a decision such as Chinese who just use blockchain but they will ban cryptocurrencies.

They already have technology companies and their achievements are no less than large businesses like Facebook and google. They will continue to create a miniature world in their country. Look closely, they have created works that look like the wonders of the world like the EFFEL-like tower model, the statue of the American goddess, other castle buildings.
They will create their own bitcoins and their government will find ways not to let the money flow out of their country.

Bitcoin still has a blockchain connection and in the first place you can think of bitcoin immediately. As far as I know, bitcoin is the first adopter of the blockchain, so we can't unlink the two. But it's right that we open our eyes that blockchain is not just for bitcoin.

Essentially they will adopt a blockchain to centralize their own coins.
Which can make people avoid bitcoin and the like and then switch to using their coins.
And that must be indirectly forcing people to use their coins.

China believes it is technologically advanced, but it has nothing to do with cryptocurrencies and the Blockchain . So this information cannot be trusted.

The Government never failed to make me laugh, they are complaining to a thing that they are the reason why it is illegal, even the truth is it is not illegal. Blockchain and cryptocurrencies especially bitcoin is a decentralized one, meaning that it doesn't need such regulations or control (which they wanted). We've been issuing couple of Bitcoin ETF but he SEC always rejected it for their pitiful selfish reason, so they should have blame SEC instead of cryptocurrencies if it is annoys them.

This is what makes other people confuse. They are connecting bitcoin and blockchain as one. Yes, bitcoin will not work without blockchain but it's 2 different products of technology. One is a coin and one is a system.

I disagree. China is the N1 maker of mining equipment, China is in the top 3 BTC mining countries, China has areas with very cheap electricity.
All this means they get USD when selling the mining gear, (as the people got rich during the Gold Rush by selling shovels, not by digging themselves). But on top of that they also are one of the top miners (e.g. BTC holders). Binance is Chinese. From all this I can conclude that crypto is a huge income for China.

And when something gives the government a huge income, but at the same time it gives financial freedom to your citizens, you can:

1. Put taxes on anything BTC related
2. Try to copy the technology and implement it yourself
3. Monitor and control as much as possible any huge BTC movements and track China BTC Richlist
4. you add here
5. you add here

Chinese are very smart in controlling outflow of currency n info from their country. They have banned Google, Facebook and other tech giants from operating in there country. How can they allow BTC to operate freely in there country?

they won't be able to turn off the bitcoin chain, so there are a lot of people who get the wrong catch on this thread, why did they mock the price of bitcoin yesterday to go up because of people's misconceptions about bitcoin and blockchain from president Xi Jinping's announcement, yes I know that bitcoin is a blockchain product First, I understand it until here, so when people in China ask what is the first blockchain product? everyone will get a Bitcoin answer, when they know about bitcoin they will certainly buy it, as well as Libra and others, I hope the answer from my mind can reduce the stupidity of friends who are in this thread, think long term and not with short-term

The legality of crypto in China does not really exist but they are more interested in the blockchain technology behind it. maybe the impact of crypto which still makes the China government does not provide legality, and only pay attention to blockchain technology. maybe they just glance at the parts that are profitable and more distant that can harm the community

It is also difficult to determine the legality of crypto in China, even though the population is very large and the development is good, lacking support.
there may be a purpose to this and we cannot be certain of what their country will create. it is certain that there are certain intentions that we cannot understand.

News regarding cryptocurrencies and blockchain in china often emphasizes blockchain rather than cryptocurrency. In my perception, if ever China would want to excel, it is through the utilization of blockchain technology, and cryptocurrency is just a secondary. One of the news that I've read is that they are using the blockchain to enhance their identity systems. Though many people around the world supported the cryptocurrency because of the impact on Chinese adoption, it doesn't necessarily mean that China is now adopting cryptocurrency.

you are absolutely right.  However, blockchain and bitcoin are inseparable, so when the Chinese president declared his openness to the blockchain, it had a significant impact on the price of bitcoin.  China uses the blockchain to form cryptocurrency niches that they can control with full.  No problem, doesn't that make cryptocurrency more interesting and diverse?

I guess that this is only the beginning of a witches hunt in the cryptocurrency sector. China already fears Bitcoin, and even though they see the blockchain as an amazing technology, I believe they must be trying to avoid anon cryptos to get out of control. While btc is not anonymous, China can even tolerate BTC, but they will not tolerate coins that will enable power to be taken out from them.

The facts - There is literally a sheer difference between Bitcoin and Blockchain. Bitcoin being a "global currency" has strong technical aspects being the major one, but when it all began, we needed something for it to rely upon. Blockchain is the backbone of Bitcoin that can be trusted as a whole network of people who trust it in order to believe in Bitcoin. You can say that if Bitcoin is a train, Blockchain is the track on which it runs; if Bitcoin is a lock, Blockchain is the key to open it. Bitcoin relies over Blockchain in order to get ahead securely. About China's new shit spitting regarding Bitcoin, I see them trying to lash up on the current situation and make fun of us, the ones who believe in it.

No, I don't see BTC to be illegal, because trust is one of the major things it has taught me. Okay I know that there are possible chances of getting scammed by almost anybody anywhere but that simply doesn't limit itself for crypto alone. What about these countries who are making fool of people in the name of security and clamp down a lot of money (their own currency in reserves) for their personal future uses? At least BTC can be publicly seen due to Blockchain being transparent (though there are mixers, but I don't think each and every one of us are aware of it but few), thanks to such system it can be traced somehow, but what about the Black money (money without any records) that they've kept in foreign currencies in banks abroad? Can it be traced by someone like us, except Govs? NO.

That's not really China's fault. People should blame news outlets for purposely misleading readers by spreading fake news and not having native Chinese translators working for them. I'm pretty sure that in 95% of the cases the fud can be attributed to the incompetence and malicious intent of news outlets.

Don't forget that news outlets publish sponsored articles too, which means that any entity can attempt to manipulate the sentiment within the market, mainly with how fast news outlets copy and paste each other's articles. In a market this volatile and filled with weak hands, and relatively low regulatory oversight, there is something to gain by doing so.

Exactly, a lot of people do not know this. Once they heard the Chinese government talking about Blockchain, they quickly concluded that it was about Bitcoin. We should understand that Blockchain is a technology and bitcoin is just a feature that this technology can be used for. Why I don't really blame people who think blockchain is also referred as Bitcoin, because bitcoin introduced blockchain technology to the entire world. Blockchain is its own technology and the Chinese government is just interested in the nature of this technology...

Yes we know that it is not. We already know that blockchain is not bitcoin. Though it is commonly mistaken especially by newbies...
China wants blockchain technology. They know what blockchain can do. It's been tackled here in the forum, how the President of China praised blockchain yet they didn't praise bitcoin or any other cryptocurrency because they have plans of making their own currency.

This clarification has to be made especially after the famous statement made by the Chinese president Xi Jinping in which he praised Bitcoin and said that China must take advantage of the blockchain technology

His statement was misinterpreted by some investors and crypto-enthusiasts and thought he is endorcing cryptocurrencies and that its use is no longer illegal which is not true.

The issue about cryptocurrency legality china has always been questionable in as much as they have intense cryptocurrency lovers in the country the government seems not to be ready to give there full support

So this does make sense to a lot of whats happened in recent times, where China raided offices and basically destroyed some exchanges from operating inside of China, and tried to shut them all down.

So it looks like China is going to support their own blockchain creations, and they are supportive of blockchain technology, but they don't like how it is currently being used with crypto-currencies, so that's why they are banning btc, eth, and a bunch of other coins from crowdfunding or operating in China?

Jesus...

I think it's a well knows fact that bitcoin is a leading crypto currency which utilizing blockchain as it's platform.  It's like a story of Ice Cream and a cone, they are not the same but situation makes them as one for a much better result. It is the same as blockchain and bitcoin, it's different but it's partnership is like marriage made in heaven.

China constantly provides conflicting news.It’s impossible to engage in mining, then it turns out that it’s possible, then a complete ban on cryptocurrencies — now the approval of blockchain technology, but a ban on cryptocurrencies.It's a mysterious country to me.

This basically. Unless that government explicitly accepts Bitcoin (like Japan did). A blockchain can be used for too many things, and it doesn't mean anything in particular. You can have perfectly useless central state issued coinage with a blockchain running in maybe a single server somewhere in their central bank, where no one can audit anything.

Its quite the facade, trying to piggyback on Bitcoin's success. But at least some people will want to learn about the origin, and then discover the truth...

not everyone is reading though. most of the people who took time to read are the ones that understood it but some are just going to assume BTC is blockchain. and its going to be easy to see why since from the beginning people are going to hear Bitcoin which is the primary coin in blockchain which both are associated to each other. i tried explaining to someone about ETHEREUM and the first reaction was that he already laugh how it sound, its too long, he doesn't even asks if it also have a blockchain since he doesn't understand blockchain when its not associated with bitcoin.

But hasn't the paired bitcoin + blockchain been cleared yet? Bitcoin is the first use of the blockchain and, in my opinion, also the only one. It makes no sense without a transfer of value.

That doesn't mean the government of China likes Bitcoin. They probably have their reasons for tolerating a large mining industry within their country, or they just don't care to further attack that industry.

I personally think that we will see some sort of an anti reaction from the government there, which is why I'm glad that mining in general has shifted to a wide variety of other countries. China is no longer THE country.

What more could you expect from the communist government? They do know that bitcoin has the power to give financial freedom for the massive population there and of course, without paying taxes of any sort. In a country like China where the government doesn't let the normal people  to access the Internet so they will know what's going around the world so explain their mentality.

Of course, they do! That's why there are huge bitcoin mining farms in China.

More fraud is been perpetrated through fiat than cryptocurrency, the government knows about this.  I really don't understand what the Chinese government want bitcoin to look like. Maybe they want to ensure it's within their control.

Blockchain is the value of this whole market. Blockchain includes a lot of things including technology and technology. Bitcoin in the eyes of China is no different from other currencies. The way they speak about blockchain technology is to imply their launch of their own cryptocurrency and to support local blockchain companies in their efforts to create their own blockchain.

China does indeed appreciate the technology behind it and they are still in their stance. basically I am also impressed with the blockchain technology outside of that maybe the use is too free to make many countries still think twice to legalize it because to handle it is quite difficult

Anyone with at least basic understanding of cryptocurrencies and blockchain always knew how different those things are, and exactly what China was saying when they praised blockchain technology. But sadly, most people in crypto community don't understand said basics, they tend to mix up all those things and hype things up when they really shouldn't. I personally blame low quality crypto news sites and blogs here - it's them who actively spread these misconceptions first with how they cover events.

Supporting bitcoin and supporting blockchain are two different things. Let me rephrase it "Supporting crypto currencies is not the same as supporting blockchain". Blockchain. Both are totally different but are related. I mean, blockchain is a technology (concept) and crypto currencies work depending on blockchain technology. Now, a country can support blockchain but may be against using blockchain to create crypto currencies for their own reasons. Eventually they might end up changing the current monetary system to crypto currencies.

Blockchain and Bitcoin are pretty different thing. Simply put, Blockchain is the technology, Bitcoin is the product. That been said, the Chinese government was actually referring to Blockchain technology and not Bitcoin in particular. China is developing their own Cryptocurrency which seems to be the reason for backing Blockchain.

I once argued with my friend once about this, that I said blockchain and bitcoin are different things, and blockchain is a technology and bitcoin uses blockchain technology. Even in my country, the government seems impressed with blockchain technology. But still consider bitcoin and cryptocurrency are different things. If the blockchain is bitcoin, and bitcoin is the blockchain, when news about the Chinese government and the blockchain is spread, the price of bitcoin will have a huge impact. But that did not happen.

I've actually seen similar clarifying statements before, a couple of days after the Chinese President made the statement about Blockchain's potential. Yes, it's indeed a predictable move by China here. Blockchain can be useful, so they don't want to miss out on that one. But they don't want anything to undermine the national fiat and people's transactions to be out of the governmental control. So they can use Blockchain for voting, storing important data or whatever. I believe they are also exploring the opportunity of making their own cryptocurrency, I read something about that as well.

I hope you are really confusing everyone here. Understand that every cryptocurrency travels through the each and every block while making transaction and this transaction is possible via blockchains and mining nodes.
So Bitcoin is in blockchain, and not a blockchain...

Many have misinterpreted the problem of China embracing Blockchain. Netizens concluded that China also supports cryptocurrency and bitcoin, even though the news was wrong. President Xi Jinping only adopted Blockchain as a new breakthrough for core independent innovation that would increase investment, a number of China's main technologies and accelerate the development of blockchain and industrial innovation.

But thanks to the news of the Blockchain adopted by China, the price of bitcoin has increased.

This is what I've also been telling. The two are not the same, so when the Chinese government announced their support on blockchain, I didn't really expect bitcoin to have positive pressure on the prices. The president still wants to, and aims to, replace Bitcoin and other cryptocurrencies by making their own cryptocurrency. They must have realized that they're missing out on something that has potential to grow and could replace current monetary systems.

It was to be expected. China has chosen the way to control the crypto space by creating its own national cryptocurrency and introducing blockchain into its structures. All that will happen outside this development and implementation will be alien and punishable by law

At least right now it has been clear that it does not mean that they accepted blockchain, they have accepted cryptocurrencies. Perhaps they would be integrating the blockchain tech into something else and not particularly money and currencies. Now, no one would be trying to figure out whether China is really on the side of bitcoin since they have answered it perfectly straight.

Of course blockchain is not bitcoin because in crypto altcoins are also using their own blockchain.
China would always be against bitcoin because they hate it, they want a centralized one but let's see in the future, I believe one day they will adopt as the world starting to adopt with bitcoin.

No government can stop bitcoin as it is decentralized, everyone and in every country can use and benefit it.

They are saying that blockchain is not bitcoin yes its true, but who originated blockchain, isn't it bitcoin?

at least they gave some credits to the creator and bitcoin.

Of course the blockchain is not bitcoin maybe this is the understanding of other chinese so the price of bitcoin is rising. The blockchain has been embraced by China and they already have plans to make their own crypto currency.

But I don't think the chinese people will accept their own coin because they also can't use it to trade and hold huge amounts of tax free money with the government.

YES, for many years now people here have very wrongly and stupidly tried to claim that Bitcoin was the block-chain.

These are the same idiots that in 1903 would have been saying that FORD was the highway system, and no other car could ever use it 🤣🤣🤣🤣

Be VERY CAREFUL of who you listen to.  Everyone here has an interest in seeing Bitcoin go higher in value, and will say ANYTHING to make people buy and hold, in hopes that they can get rich from the resulting rise in price.

Hard Facts

China are very strategic and well planned when it comes to using technology for the sake of money. Chinese government is always making a way to shutdown bitcoin block chain and create their own cryptocurrency. They don't deserve the value of having a cryptocurrency. That's the problem of China, they always want to create their own version of everything.

they only use blockchain technology to make their own crypto currencies, this is separate bitcoin is not a blockchain, but the first blockchain product is bitcoin, but it doesn't matter to me China is always great at tracing a product even with the same technology which is blockchain, so why with that problem hoping bitcoin is only for people around the world not for governments around the world especially China, it is not necessary and important

Never believe a government, they are control freaks and often lie. Whatever China said in the past about Blockchain was to create a platform for its own stable coin. That being said supporting Blockchain does not mean favouring Bitcoin.

yeep, china is only welcome on the blockchain. but remains controversial with decentralized cryptocurrencies. because bitcoin and friends can't be controlled. so China considers it illegal.
Bitcoin technology (blockchain) is indeed needed, so the Chinese government is planning to make their currency using the blockchain, and this is one way to block bitcoin and make changes to their transaction systems.

So now Chinese government has said exactly what i was anticipating which is Blockchain is not just Bitcoin or crypto.
An article has been published in newsbtc.com, the announcement said that the sale of tokens for Bitcoin, Ethereum, and other virtual currencies remains “essentially unauthorized illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising.” The PBoC’s Shanghai branch then added that crimes enabled via cryptocurrencies have “seriously disrupted the economic and financial disorder.”

Source: https://www.newsbtc.com/2019/11/22/china-confirms-blockchain-not-bitcoin-pboc-crypto/