Former Chinese Official: Bitcoin Is The Most Successful Commercial Application Of Blockchain Technology

Ex-vice president of the main China regulator, Wu Xiaoling commented on prospects of Bitcoin.

Bitcoin is the best use of blockchain technology

She believes that despite the fact that Bitcoin is not able to completely replace fiat money, it is the most successful use of blockchain technology from a commercial point of view.

Not just a quote, but a preface to the book

The words of Wu Xiaoling were printed in the introduction to the new book on digital currencies, which was published with the full support of the Communist Party of the PRC.

“Bitcoin is the most successful commercial application of blockchain technology. Bitcoin, as a private currency, has its market base, but it is also limited to the private currency field.”

But the coin has its negative side

The former TOP official of China is not a blind Bitcoin follower, along with the advantages, she points to the disadvantages of the first cryptocurrency:

“Today, with the existence of a sovereign state, it cannot replace the fiat currency issued by the state. Bitcoin, even as a private currency, has fatal weaknesses because the currency itself must have a specific stable value, but the value of Bitcoin fluctuates greatly”.

Still, Wu Xiaoling is quite optimistic about the future of Bitcoin and cryptocurrencies in general. She believes that over time, digital coins will increasingly move into social life, so people need to learn this new kind of money.

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