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Bitcoin Age: Is US about to Lose ‘Crypto Leadership’ to China?

  • Yuri Molchan
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    As the US is making more hurdles for Libra’s launch and China is testing its digital currency, some fear the US may lose its leadership in the crypto industry to China

Bitcoin Age: Is US about to Lose ‘Crypto Leadership’ to China?
Cover image via u.today
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Many experts say that Libra currency may become a tokenized dollar outside the US, unless the government decides to come up with its own legitimate digital currency.

However, instead of encouraging Facebook to kickstart Libra, the Congress and regulators are doing their best to prevent the release.

This makes some experts worried that since the so-called ‘China Coin’ is already on track to be launched (and it is expected to attract foreign investments into the country, as well as to bypass the US trade sanctions), the US could lose its technological leadership in the crypto industry to China.

These concerns have been recently expressed by a thought leader in the Bitcoin investment industry Anthony Pompliano and the CEO of Ripple, Brad Garlinghouse.

 

Garlinghouse: China Coin should be a call to action for the US

In a recent interview, the CEO of the crypto giant Ripple said that the US must grab the leadership in the sphere of crypto in the same way it once gained it in the sphere of the Internet. This leadership brought the US numerous advantages and benefits regarding GDP, etc.

However, seeing that now the US is merely watching its Chinese rivals preparing to launch their own yuan-backed CBDC (central bank digital currency), Garlinghouse says that it is China that may become a leader here in the near future.

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The Libra situation getting worse

Meanwhile, Facebook’s Libra currency has faced as many obstacles from regulators globally as you could only imagine. France and Germany have stated that they will not have the coin working in the EU. After the former head of the IMF, Christine Lagarde, voiced her positive opinion of XRP, many in the community began speculating that XRP may well become allowed for massive legal use in Europe.

What happened next is that partners of the Libra Association started considering backing off from it. PayPal became the first organization to do it officially. Now, CNBC has reported that the CEO of the Association, Simon Morris, left it in August this year.

Recently, a member of the FED stated that they would ‘inevitably’ launch their own digital crypto. But will they do it early enough to be able to compete with China if they release their CBDC earlier?

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China keeps suppressing other crypto before launching its own

As reported by U.Today previously, Alipay, the payment provider, member of the Alibaba Group, has promised to ban any payments that will be related to Bitcoin or any other cryptocurrencies.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
Cover image via www.123rf.com
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According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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