China Strips Bitcoin Of Its Cryptocurrency-God Status

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The Chinese Center for Information and Industry Development, CCID, has downgraded Bitcoin to12th spot in the cryptocurrency rankings on 18th June 2020, at the 18th iteration of the Global Public Chain Technology Evaluation Index. 

This index ranks the 37 most popular forms of cryptocurrencies by measuring their technical specifications.

Which Is The Top-Ranked Cryptocurrency Today?

CCID has ranked the EOS network as the leader with a lead of 156.1 points. It is followed by the TRON network, with 138.43 points. The number 3 spot goes to the Ethereum blockchain, with 136.4 points. Bitcoin, the first global cryptocurrency, has just managed to get a rating of 106.2 points and 12th place overall.

Looking more closely at how the EOS performed- It managed a score of 24.7 on creativity and scored 20.4 points on applicability. TRON, on the other hand, got 15.5 and 28.4 points respectively on creativity and applicability. The fourth and fifth places in this listing are given to IOST and LSK. While LSK received 119.3 points, IOST managed to get a ranking of 130.3 points, and XRP, another heavyweight crypto like Bitcoin, got labeled at 14th place with only 105 points.

Bitcoin Is No Longer The Magic Internet Money That It Was Branded As For The Longest Possible Time

But there is something very interesting to note here. Bitcoin was even lower in the previous iteration of this ranking system. It stood at the 17th place with a rating of 43 for innovation and a measly 19.9 for applicability at that time!

Many Factors Are At Play Here

But, how much credence should one give to China’s downgrade of Bitcoin, the cryptocurrency that started it all? Experts warn that China is a strange fish, and something sure seems very off here. They also state, without mincing words, that this listing must be taken with a grain of salt. 

We mustn’t forget that The Chinese Center for Information and Industry Development, or CCID, is a Chinese State-owned ranking system. It’s no secret that the CCP has been viciously against Bitcoin. Rumors have also gained ground that Bitcoin is being steadily downgraded because the Chinese can’t control it completely. 

TRON network’s CEO and founder, Justin Sun, had also warned that Chinese authorities had started to become suspicious of the CCID network’s legal status. This had led to an extremely tense relationship between Sun and the Chinese authorities, as one can well imagine.

It’s pertinent to mention that China has been at the forefront in the adoption of blockchain technology as a whole. They have already come up with their own form of cryptocurrency, which they call the DC/EP.

Where Does This Downsizing Leave The Early Bitcoin Converter?

Early bitcoin users bought this currency of the internet for mainly ideological reasons. People used bitcoin because it lets them buy stuff online without needing to use a bank, like drugs for example. People converted to bitcoins as this currency couldn’t be manipulated by governments, by printing more paper currency and was ‘fun’. 

Bitcoin saw an exponential increase in value even though its value was constantly fluctuating. A single bitcoin was worth $4.931 in 2019. And this was significantly higher than other cryptocurrencies that existed then. Major companies like Overstock.com and Microsoft were accepting bitcoin too. And major investors were supporting its growth as it had been around the longest, but coronavirus dented its value much before the Chinese did. 

Today, bitcoin remains as the first financial digital innovation and not magic. Bitcoin is a payment system, and this is something that investors should never lose sight of. It is the message from the Chinese downgrade of bitcoin. Everything else is up in the air.