You should burst this MYTH - page 3.

alyssa85

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Quote from: HammadAli on December 31, 2019, 12:53:53 AM

I often hear people quoting that some country (most of the times China) is positive towards blockchain and are thinking to using it in their country, so they are also positive towards Bitcoin.

This is just a myth. To be honest Bitcoin and Blockchain are separable. Blockchain can sustain without crypto but crypto cannot without blockchain.

In recent times Bitcoin moved from 7k range to more than 10k may be with the news of China president talking about blockchain. Then people were saying that China is positive towards crypto but things were not that good. And now things are on the same page again.

So burst this myth that where blockchain is Bitcoin will also be there.

Everyone knows this. But traders like to move the price on "news" and sometimes fake news is concocted to try to move the market and persuade newbies to buy.

Also - there are keyword trading bots that automatically buy when the words "china likes bitcoin" appears in the news. They also sell when "china bans bitcoin" appears in the news.

pearnapple

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Quote from: HammadAli on December 31, 2019, 12:53:53 AM

I often hear people quoting that some country (most of the times China) is positive towards blockchain and are thinking to using it in their country, so they are also positive towards Bitcoin.

This is just a myth. To be honest Bitcoin and Blockchain are separable. Blockchain can sustain without crypto but crypto cannot without blockchain.

In recent times Bitcoin moved from 7k range to more than 10k may be with the news of China president talking about blockchain. Then people were saying that China is positive towards crypto but things were not that good. And now things are on the same page again.

So burst this myth that where blockchain is Bitcoin will also be there.

Well bitcoin is not necessary for blockchain of course, just go to coinmarkecap and see how many blockchains there are with different tokens. The thing is though that bitcoin is the best application for blockhain we have to date, and it works perfectly. All the other applications are still in their infancy and there's mostly no proof that they can be implemented to work. However, in the future I can agree that bitcoin is not going to be the most popular blockchain app.

zviadits

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Quote from: davis196 on December 31, 2019, 03:17:47 AM

Crypto whales need this "myth",in order to manipulate the bitcoin price.Nobody is going to burst it. Grin

Oh yeah, that's for sure. Whales love such myths to get their chunk of profit.

bounceback

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Quote from: HammadAli on December 31, 2019, 12:53:53 AM

I often hear people quoting that some country (most of the times China) is positive towards blockchain and are thinking to using it in their country, so they are also positive towards Bitcoin.

This is just a myth. To be honest Bitcoin and Blockchain are separable. Blockchain can sustain without crypto but crypto cannot without blockchain.

In recent times Bitcoin moved from 7k range to more than 10k may be with the news of China president talking about blockchain. Then people were saying that China is positive towards crypto but things were not that good. And now things are on the same page again.

So burst this myth that where blockchain is Bitcoin will also be there.

yes it is true that the Chinese government that we know is one of those governments that hate cryptocurrencies and in their country has passed laws on bitcoin or crypto bans, but I am confused why now the Chinese government has developed blockchain technology in their country and they also want to launch their own coins with blockchain technology.

samcrypto

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China will always be a big market, and indeed they support blockchain technology but not bitcoin at all. They can also create their own coin if they want to, we should not expect too much from this kind of news. If ever China support Cryptocurrency and the hype goes on again, you have to ride because China can make another news that is against cryptocurrency. Blockchain and bitcoin should work well together, blockchain is a must for a good transparency.

ololajulo

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We are likely to see a level of partisanship by countries and Governments in coming year toward some coins from their citizens/countrymen and country. Asia could guide their exchanges and project jealously with some of their recent body language, project from crypto regulated countries could boost confidence of traders and investors to investing more funds. On ground project with physical use case will attract top institutions, some in energy etc. It is still a developmental phase in the space

blckhawk

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I don't also get it, and China adopting blockchain is nowhere good as a news. They are even on the progress of making their own cryptocurrency to effectively ban Bitcoin and other cryptocurrencies. Whale/manipulators only use these news as a catalyst to further instill FOMO and drive the prices to their desired trends.

putukin

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Quote from: HammadAli on December 31, 2019, 12:53:53 AM

I often hear people quoting that some country (most of the times China) is positive towards blockchain and are thinking to using it in their country, so they are also positive towards Bitcoin.

This is just a myth. To be honest Bitcoin and Blockchain are separable. Blockchain can sustain without crypto but crypto cannot without blockchain.

In recent times Bitcoin moved from 7k range to more than 10k may be with the news of China president talking about blockchain. Then people were saying that China is positive towards crypto but things were not that good. And now things are on the same page again.

So burst this myth that where blockchain is Bitcoin will also be there.

Many people directly associate Blockchain with Bitcoin, so it is not surprising that after the news of China's acceptance of Blockchain, the price of Bitcoin began to grow rapidly. Unfortunately, China is determined to create its own cryptocurrency and develop Blockchain in the country, and not to accept Bitcoin, because if Bitcoin is accepted, China will lose a large piece of power, which is not beneficial for such a powerful country

Gyfts

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There was a story a while ago how technology companies attached the word "blockchain" to their brand/name and saw increases in stock prices just because they were associated with the name, not even having any sort of relation to blockchain technology. Blockchain can be used in different ways that exceeds crypto but does it really matter that BTC relies on Blockchain in a digitalized world?

MURONDI

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I think almost all crypto users already know between blockchain and bitcoin, bitcoin uses blockchain but blockchain is not bitcoin, almost all crypto use blockchain, For example Android and Playstore, Playstore uses Android but Android is not a Playstore, but if a country uses blockchain it's likely they will also accept bitcoin.

Harlot

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I don't know where you are getting your news at but I'm not on your side with regards to China not being crypto-friendly but just Blockchain supporters because they are really both. China recently had already made it clear that there will be no more crackdown against Chinese crypto farm operations and they are also encouraging the digitization of payments which includes cryptocurrencies. Aside from that they also have one of the biggest exchanges by volume and they also have crypto mining hardware manufacturers found in their country which only means they fully support crypto not only Bitcoin. Blockchain is something more being utilized or exploited by independent companies in China but I still barely see news about it.

btc_angela

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I don't know who will belief such myth though. Since 2017 we are already exposed what China grand scheme against bitcoin so I doubt that someone will still fall for their trick here. China had already telling us for years that they love blockchain but 'hate' crypto or at least bitcoin because they know that Chinese people are using it to hedge their wealth and afraid of capital flight. No need to buy stories coming from China, just saying.

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Quote from: HammadAli on December 31, 2019, 12:53:53 AM

I often hear people quoting that some country (most of the times China) is positive towards blockchain and are thinking to using it in their country, so they are also positive towards Bitcoin.

This is just a myth. To be honest Bitcoin and Blockchain are separable. Blockchain can sustain without crypto but crypto cannot without blockchain.

That is the misconception. And media played a big role on it.

Quote from: HammadAli on December 31, 2019, 12:53:53 AM

In recent times Bitcoin moved from 7k range to more than 10k may be with the news of China president talking about blockchain. Then people were saying that China is positive towards crypto but things were not that good. And now things are on the same page again.

So burst this myth that where blockchain is Bitcoin will also be there.

Smart investors know it, that's why they just ride along and make money out of this so called China hype. But for those who believed in the myth though, sooner or later they will find the hard truth.

CarnagexD

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Literally a myth, it is not that China wants bitcoin big businesses does. If you are going to China you can see a lot of stalls and businesses that accepts bitcoin as a payment, why? because it is pretty convenient. Chinese government already talked about this, and sadly bitcoin isn't a thing for them to adopt but the system behind it which is the blockchain. As for now I think China is working on their own blockchain project.

adjed

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China has been in the news severally saying that "It's Blockchain and not Cryptocurrency".
But you cannot blame Cryptocurrencies enthusiasts for believing otherwise since the same China are planning to launch their own Cryptocurrency in 2020, so they are just releasing a bunch of contradictory messages one after the other.

Normally Cryptocurrency enthusiasts are a very optimistic set of people and we tend to blow every good news relating to Cryptocurrencies out of proportion and milk it for all it's worth, but I cannot help thinking that China actually lives Cryptocurrencies and are just trying to get rid of competition before launching their own Cryptocurrency.

You cannot say it's Blockchain and not Cryptocurrencies and then go ahead to be building your own Cryptocurrencies, in other words, they are saying... "Listen to what I am saying but don't look too closely at what I am doing".

bitvalak

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But the fact is there are many bitcoin mining companies in China, meaning there is a great interest in China towards bitcoin.
The news was made to manipulate market conditions to benefit one party, we never know what they planned behind a news that often circulated about the Chinese government banning the use of bitcoin.

Wintersoldier

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Basically most of the people are always talking about bitcoin being accepted in China, wherein, from allot of news platforms, the always tell news concerning blockchain projects being developed in China. People perceived it to be bitcoin that is widely accepted in which for me isn't bad at all. It creates hypes that literally people believe into, resulting from them buying and accumulating more volume of bitcoin. With this, we just need to make things clear, bitcoin isn't blockchain and it is not necessarily implying that if blockchain is widely accepted, bitcoin is so.

davis196

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Crypto whales need this "myth",in order to manipulate the bitcoin price.Nobody is going to burst it. Grin

pooya87

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actually it is the exact opposite. whenever someone mentions China in 99% of the cases they are spreading a very different myth about how China is "against" bitcoin and wants to ban it or have already banned it. it is the go to FUD for at least the past 6 years.

as for the most recent thing about China the coincidence of price rise it is normal that you find some random people try to link things together. i wouldn't call it a myth that needs to be corrected though.

Juggy777

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Quote from: HammadAli on December 31, 2019, 12:53:53 AM

I often hear people quoting that some country (most of the times China) is positive towards blockchain and are thinking to using it in their country, so they are also positive towards Bitcoin.

This is just a myth. To be honest Bitcoin and Blockchain are separable. Blockchain can sustain without crypto but crypto cannot without blockchain.

In recent times Bitcoin moved from 7k range to more than 10k may be with the news of China president talking about blockchain. Then people were saying that China is positive towards crypto but things were not that good. And now things are on the same page again.

So burst this myth that where blockchain is Bitcoin will also be there.

@HammadAli yea you’re correct as China is definitely keen to utilise blockchains technology, but it’s yet not keen to legalise bitcoins and we all were mislead by the media houses who claimed that China will adopt bitcoins too. In a way the myth is not entirely wrong too, because whenever governments will speak about blockchains technology people’s attention will be drawn to bitcoins, and that’ll increase bitcoins adoption among the masses which will sooner or later compel the governments to legalise it.

https://www.cnbc.com/2019/11/25/bitcoin-sinks-to-a-6-month-low-as-china-accelerates-crackdown.html

Topic: You should burst this MYTH - page 3. (Read 449 times)