While some countries are busy trying to ensure that cryptocurrencies do not reach mainstream adoption by proposing strict regulations, others like China are making efforts to give their citizens basic info and some history of digital currencies.
Yesterday, Bank of China, one of the four biggest state-owned commercial banks in China, posted an infographic on its website as part of an effort to educate users on how Bitcoin works, its value, and misconceptions surrounding the digital coin.
According to the bank, the cryptocurrency was once known as the “Myth of Riches,” thanks to the late 2017 bull run which sent the price of Bitcoin to around $20,000.
Since then, the number of people interested in cryptocurrencies has skyrocketed. “Everyone is talking about bitcoin, but only a few understand,” the infographic states (translated from Chinese). Many people think that Bitcoin can make them rich “overnight”, while others see it as a fraud.
The infographic, which is a bit comical, consists of three parts. The first part covers the history of Bitcoin, Satoshi Nakamoto, how Bitcoin works as a decentralized P2P system, how it is mined, the benefits of using cryptocurrency, and historical events such as the Mt. Gox hack of 2014. The second part of the infographic focuses on the special features of Bitcoin, its price history and volatility, as well as why the price keeps soaring. It notes that “trading Bitcoin is like a roller coaster; small hearts can’t handle it.”
Rising Number of ATMs
The final part involves evidence of Bitcoin’s adoption, such as the rapidly increasing number of Bitcoin ATMs and cross-border payment applications which are widely used today.
The infographic also mentioned some of the major business magnates and investors who hate bitcoin, including Warren Buffett of Berkshire Hathaway, Jamie Dimon of JPMorgan Chase, and Bridgewater’s Ray Dalio.
With one of China’s biggest banks explaining what Bitcoin is and why it is valuable, one would not be wrong to say that the crypto revolution is in full force, and nobody can stop it.