CoinWatch Japan Party: Wu Jihan talks about the obstacles that high transaction fees pose to the development of Bitcoin

Japan is a rising star in the entire digital currency community. According to Yusuke Otsuka, president of Japanese trading platform Coincheck, the total number of registered users on major Bitcoin platforms in Japan has exceeded 600,000, and there are currently more than 4,200 merchants in Japan that accept Bitcoin payments.

Due to the high enthusiasm of digital currency enthusiasts in the Japanese community, last week, the domestic OTC guarantee platform Bikan came to Tokyo, Japan, and held a "Bitcoin Industry Gathering". More than 100 people attended the gathering, and the atmosphere was warm.

Guests invited to the event included Bitmain CEO Jihan Wu, Bitcoin.com CEO Roger Ver, BitKan COO Fang Yu, BTCBOX CEO David Zhang, and veteran Bitcoin media personality Jon Southurst.

As China's first OTC (over the counter) trading guarantee platform, Ruby Chen, the marketing director of Bikan, gave the participants a detailed account of the methods and risks of over-the-counter trading that is currently emerging in the Chinese market.

OTC and trading markets provide liquidity to each other, and OTC has diversified and customizable features, providing more traders with the possibility to trade Bitcoin in any way on a global scale. It is precisely because of the dispersion and risks of OTC that third-party guarantees for OTC are particularly critical.

According to Ruby, Bitkan.com, as a domestic Bitcoin OTC guarantee platform, provides strict identity authentication standards for users and traders, isolates users from pyramid schemes and money laundering violations as much as possible, ensures the safety of traders' Bitcoin and bank accounts, and provides a green fortress for OTC transactions. At the same time, Bitkan is still constantly optimizing the functions of OTC transactions, providing products that meet the needs of different trading groups, and providing a convenient channel for fast Bitcoin transactions and large OTC transactions.

Later, Bitmain CEO Jihan Wu also talked about the high transaction fees that hinder the development of Bitcoin in his keynote speech on "Global Bitcoin Ecosystem". He quoted Satoshi Nakamoto's views on transaction fees:

“The increase in intermediary fees has led to a significant increase in transaction costs, limiting the minimum size of actual transactions and blocking the possibility of small temporary transactions, not to mention the costs of performing irreversible transactions on irreversible services.”

Roger Ver said when discussing the importance of Bitcoin’s economic program:

“So-called ‘high-quality currencies’ are homogeneous currencies that are difficult to counterfeit, easy to transfer, scarce in total, divisible, and enduring.”

Roger reviewed the ups and downs of market prices of cryptocurrencies represented by Bitcoin and the substantial growth in the user base in recent years. He said that Bitcoin has the foundation and advantages to become a "high-quality currency", but it still needs to overcome the various problems that still exist at this stage by increasing blocks, reducing fees, and providing efficient communication methods for the growing user base.

David Zhang and Jon Southurst also shared and presented relevant content such as Bitcoin enterprise development and industry prospects at the conference.

The offline meetup of Bikan received strong support from local Bitcoin companies in Tokyo, Japan, including event assistance provided by BTCBOX. Sandy, the operations director of Bikan, said,

"Japan is one of the important markets recognized by the industry. According to data from Japanese Bitcoin companies, the highest exchange rate for 1 Bitcoin has recently been 140,000 to 150,000 yen (about RMB 8,700 to 9,300), which is 2.5 times higher than the same period last year. The total number of users registered on major Bitcoin platforms in Japan has also exceeded 600,000. Bikan has always attached great importance to exchanges and cooperation with Japanese Bitcoin companies. We believe that through this event, China and Japan will establish a good relationship and make great contributions to the development of Bitcoin in the Asia-Pacific region.