China is continuing its long-running (and mixed) streak with cryptocurrencies. A recent analysis submitted by the country’s Center for Information and Industry Development (CCID) suggests that the best cryptocurrency available today is EOS, while bitcoin was much further down the list.
China Says EOS Is Number One
As mentioned, EOS earned the top spot, while its primary competitor and “parent” cryptocurrency Ethereum garnered the number two position. Despite several problems, TRON earned third place, but bitcoin didn’t even earn a spot in the top ten.
It’s hard to imagine what the country seemingly has against bitcoin. For one thing, it’s the oldest form of crypto out there, and while its technology isn’t quite up there with Ethereum’s or EOS’ (bitcoin transfers typically occur within a few days, while Ethereum and EOS transfers are said to take only minutes), it holds the biggest market cap and the most space for traders given its 21 million units (of which three million still aren’t in circulation).
Several analyses show that while bitcoin is old, it’s still king and holds the most trust among crypto traders, so why would China place it in such a low position?
Bitcoin came in 11th place, primarily because its development is considered “relatively slow” when compared with the prospects of other competing cryptocurrencies. Steem, for example, is still a relatively new type of digital asset, yet earned position number four on the list given its status as a “wild social media experiment” that took heavy risks when coming to fruition. In addition, Zilliqa – one of the first cryptocurrencies to undergo the sharding process – also earned a higher position than bitcoin.
One could argue that bitcoin doesn’t take that many chances, but the fact is that it remains a solid blockchain in that it works to ensure all crypto transfers are recorded and remain accurate. Bitcoin is trying to be the cryptocurrency that survives all odds by not taking that many risks, and thus far, it’s stood the test of time. It’s ten years old and doesn’t appear to be disappearing anytime soon.
Furthermore, bitcoin has not fallen victim to corporate influence and has refused to allow businesses to be built on its blockchain, unlike competitors such as Ethereum, XRP and Zcash.
What Is the Country Up to?
As Live Bitcoin News has reported in the past, China could also be out to dismiss bitcoin entirely because the country recognizes it boasts the highest level of competition. The nation has long claimed to be looking into building its own national cryptocurrency, but systems like bitcoin and now Libra have long proven to be far more popular and compelling with crypto enthusiasts, and regulators within China’s government are starting to feel the pressure.
In addition, the country says it’s looking into banning bitcoin mining in the future.