The oldest bank in China, the Bank of China, published an infographic material on its website explaining how Bitcoin works and what it is worth.
The publication covers the history of Bitcoin, including the release of white paper in 2008, the mining of the first 50 BTCs in 2009, the purchase of pizza for 10,000 BTCs in 2010 and other important events for the system, ending with the announcement of Libra, writes Cointelegraph.
The article also mentions a number of factors that have a positive impact on the price of cryptocurrency, including limited emission, increasing complexity of mining, use as a means of exchange and protection against inflation.
As negative characteristics of the cryptocurrency, the authors point to speculative risks, as well as some past events, including the collapse of the Mt. Gox exchange and various episodes of asset theft.
According to the Bank of China's infographics, the main area of application of Bitcoin is international settlements, as the cryptocurrency has reduced commissions compared to traditional payment systems and allows for faster transfers.
Bank of China published an article about Bitcoin yesterday," Samson Maw said to CSO Blockstream. - They explained how the BTC works, why its price is rising and what its value is. I never thought it would happen."
Previously, Bank of China participated in the blockchain payment system testing developed by the country's central bank.