Bitcoin hailed as ‘success’ by China in dramatic shift in attitude

A state-run newspaper in China has published a front-page story hailing Bitcoin as the first successful application of blockchain technology.

The praise marks a significant shift in Beijing’s stance towards the cryptocurrency and comes as the country prepares to launch its own digital currency.

Monday’s edition of Xinhua went into detail about how Bitcoin and its underlying blockchain technology works, describing it as “one of the hottest topics in recent years”.

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China has been slow to acknowledge the potential benefits of cryptocurrency compared to other countries and has typically taken a hardline attitude towards the industry.

In September 2017, as Bitcoin was heading towards its record high price, Beijing introduced a ban on all cryptocurrency exchanges to prevent citizens from purchasing digital currencies with Chinese yuan.

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1/8 Satoshi Nakamoto creates the first Bitcoin block in 2009

On 3 January, 2009, the genesis block of Bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled ‘Bitcoin: A peer-to-Peer Electronic Cash System’


2/8 Bitcoin is used as a currency for the first time

On 22 May, 2010, the first ever real-world Bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 Bitcoins – the equivalent of $90 million at today’s prices

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3/8 Silk Road opens for business

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4/8 The first Bitcoin ATM appears

On 29 October, 2013, the first ever Bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange Bitcoins for cash

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5/8 The fall of MtGox

The world’s biggest Bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers Bitcoins. At the time, this was around 7 per cent of all Bitcoins and the market inevitably crashed

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6/8 Would the real Satoshi Nakamoto please stand up

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

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7/8 Bitcoin’s big split

On 1 August, 2017, an unresolvable dispute within the Bitcoin community saw the network split. The fork of Bitcoin‘s underlying blockchain technology…

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