Bankruptcy in China, Bitcoin (BTC) and crypto, the solution?

Bankruptcy in China, Bitcoin (BTC) and crypto, the solution?

China is in trouble at the moment. Last Sunday, Chinese authorities violently suppressed a crowd of demonstrators who peacefully demanded that the country’s banks return their assets. Discover how bitcoin (BTC) and altcoins can help combat this type of threat.

The situation of Chinese savers is deteriorating

In China, fro six banks in Henan and Anhui provinces suddenly have customer accounts. Their savings could not be withdrawn, the Chinese panic and decided to organize a series of demonstrations to make their voices heard. Something the Chinese government did not like.

Last weekend, victims came from all over China to protest to the central bank Chinese. At one point, the security forces clashed with the demonstrators, who threw things at them. The confrontation lasted for hours, and the police handled and beat the participants, regardless of their physical condition.

However, for the past few months, the authorities have remained motionless despite complaints from the population. On the other hand, they would have gone so far as to disrupt the country’s digital health system, which is linked to Covid, to limit travel. The goal is to thwart any attempt at protest. In this case, most of the protesters arrived at the meeting place before dawn. They wanted to avoid being caught by the police.

How can bitcoin (BTC) prevent such a crisis?

Supervisory bodies do not manage crypto-currencies like bitcoin. So no one will be able to stop anyone from withdrawing their assets. Unless, of course, they are maintained on centralized platforms. In fact, cryptocurrencies give their owners complete control over their financial resources. All this while guaranteeing a high level of security.

In addition, cryptocurrency transactions are not subject to caps, procedural justification and time constraints as in the case of banks. On the contrary, they offer freedom, speed, mobility, availability and advantageous costs. So, crypto-asset holders can use their funds as they wish.

Moreover, even if the speculative aspect tends to prioritize the intrinsic value, it is always worth 1 bitcoin. This is also true for all cryptocurrencies.

We often hear that money gives freedom, but what money are we talking about? Recent events have highlighted the failures of the banking system. This panic movement occurs because savers have lost all confidence in their bank. Banks that, after betraying them, like to embarrass them with public authorities.

Source: CNN

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Junie MAFFOCK avatar


I came across a blockchain out of curiosity and stayed with it out of passion. I was amazed at the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.

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