July 29, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The oldest of the current banks in China — Bank of China on its website published material with infographics, in which they explained how the Bitcoin works and how valuable it is.

The publication covers the history of Bitcoin, including the release of white paper in 2008, the mining reward of the first 50 BTC, the purchase of pizza for 10,000 BTC in 2010 and other important events for the system, ending with the announcement of Facebook’s Libra.

Also, the material mentions a number of factors that have a positive effect on the price of a cryptocurrency, including the limited emissions, the increasing complexity of mining, the use as a medium of exchange and a tool to protect against inflation.

As negative characteristics of cryptocurrency, the authors point to speculative risks, as well as some events in the past, including the collapse of the Mt. Gox and various asset theft episodes.

According to the Bank of China infographics, the main area of ​​application for Bitcoin is an international settlement, since the cryptocurrency has lower commissions compared to traditional payment systems and allows you to transfer money faster.

“Yesterday, the Bank of China posted up an article about Bitcoin,” commented Blockstream CSO, Samson Mow. “They explained how BTC works, why the price is going up, and why it’s valuable. Never thought I’d see that happen. #Bullish”

Earlier, the Bank of China attended testing the payment system on the blockchain developed by the central bank of the country.

Author: Marko Vidrih