Chinese Internet Celebrity Explains Bitcoin, Blockchain Technology to Over 500,000 Viewers

A Chinese internet celebrity called Li Yongle (李永乐) has recently made a 15-minute long video where he tried to explain to his followers what bitcoin and blockchain technology are. The video reportedly went viral in the country.

According to local news outlet 8BTC, Yongle has over 900,000 followers on a popular Chinese video-sharing platform, 2.8 million followers on the country’s version of Twitter, Weibo, and over 270,000 subscribers on YouTube.

This, as he is a well-known math and physics teacher in China, that helps others understand complex topics by simplifying them. The video of him explaining bitcoin and blockchain technology, which has also been shared on YouTube, is said to have been viewed over half a million times, and racked up over 5,000 comments.

The video went viral, according to 8BTC, thanks to key opinion leaders in the Chinese community, who helped spread the word by retweeting it. Among the 5,000 comments were viewers trying to learn more, asking how they can use bitcoin with their bank accounts, or whether or not mining the cryptocurrency consumes huge amounts of energy.

While the Chinese government has in the past cracked down on cryptocurrencies, state-run publications reportedly often share Li Yongle’s work. Other Chinese celebrities have reportedly already promoted bitcoin and cryptocurrencies on their shows.

Chinese cryptocurrency billionaire Zhao Dong has, back in November of 2018, predicted bitcoin could hit $50,000 within three years. Per his words, the right time to buy bitcoin is during the bear market, as those who “make truckloads of money do not have a very short-term speculative driven investment mindset.”

Notably, China’s central bank, the People’s Bank of China (PBoC), has late last year said security token offerings (STOs) are illegal in the country, reinforcing its attitude towards the nascent sector. Despite the central bank’s attitude, a Chinese court has ruled that cryptocurrencies like bitcoin should be protected by law.

Vitalik Buterin Calls Ethereum’s Scalability a ‘Big Bottleneck’

Michael LaVere
  • Vitalik Buterin calls Ethereum's scalability a "big bottleneck" issue. 
  • Proposes a network system that does not require each computer to verify transactions. 

Ethereum co-founder Vitalik Buterin had some interesting words on the state of scalability for ETH, calling it a pressing issue facing the cryptocurrency. 

Ethereum Scalability

In an interview with The Star published on Aug. 19, Buterin said that scalability has become the primary hurdle for organizations interested in using Ethereum’s blockchain, and that the issue has become a “big bottleneck.”

He said, 

Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining.

Buterin proposed an alternative to the vice grip of scale that has plagued most blockchain-based projects, including cryptocurrency. He speculated that the Ethereum’s network should evolve beyond the need to have every computer verify each transaction.

Instead, he believes that a blockchain can remain secure while utilizing a model that has connected computers only verifying a small portion of the transactions on average. 

When asked whether this would compromise the existing security of blockchains, Buterin said, 

There would be a sacrifice but it would be fairly modest.

However, he also said that implementing such a system would reduce scalability costs by “a factor over 100,” for every transaction. 

In addition to scalability, Ethereum’s co-founder also highlighted challenges in usability, posing the rhetorical question, “how do you turn it into something people will use?”