OKCoin was invited to attend TechCrunch International Innovation Summit

TechCrunch 2016 International Innovation Summit was jointly hosted by TechCrunch, a prestigious American technology media, and TechNode, the only official Chinese partner and bilingual technology media. The TechCrunch International Innovation Summit has tens of thousands of people. OKCoin, as China's largest digital asset trading platform, was invited to attend the summit. OKCoin founder and CEO Xu Mingxing was also a roundtable guest to express his views on the topic of Bitcoin and blockchain.

Image provided by OKCoin

The guests who participated in the roundtable discussion on Bitcoin and blockchain were: Xu Mingxing, founder and CEO of OKCoin, Yang Zaiyong, founding partner of Guangzhao Capital, and Hua Songxiu, president of Bitbank. The first question the three guests discussed was the current status of Bitcoin development.

Yang Zaiyong of Illumina Capital said:

“Bitcoin itself is still a new thing for everyone. In fact, compared to Bitcoin, blockchain is more interesting. The blockchain market is very hot, and in fact, people in the investment community are starting to pay attention to it.

Bitbank President Hua Songxiu said:

“Bitcoin is the first major application of blockchain, but blockchain has actually developed completely differently from before. Currently, blockchain is still in a very early stage in all aspects of its application, including specific applications and the APP mentioned earlier. It is still in the process of exploration and has not yet formed a very complete system or a technical model that can be used commercially on a large scale.”

OKCoin founder and CEO Xu Mingxing said:

Many people think that Bitcoin is a currency, just like RMB and USD. More people use Bitcoin for settlement or payment. Many world-renowned companies, such as Dell and micropayment platforms, have begun to accept Bitcoin as payment. Many innovative startups are also using Bitcoin as their acceptable payment currency. For example, in the United States, you can directly use Bitcoin trading to convert your foreign exchange. For example, you can convert USD into Euros and use your Bitcoin to do the operation. So Bitcoin is seen as a payment tool.

Traditional financial institutions want to use Bitcoin blockchain as a very useful technical tool to save their expenses and costs. It can save costs in storage, manpower, etc. We launched the application of blockchain in 2016. We use blockchain as a tool for remittances. This product is called OKLink. We have hundreds of cooperative companies in 20 countries. Before, international remittance payment platforms abroad took 3 to 5 days to settle foreign exchange. But now our global blockchain financial network OKLink can realize real-time remittances. Through blockchain technology, financial institutions, banks, and multinational companies are linked together, and the network directly reaches community terminals to jointly build a fast, secure, and transparent value transmission network for cross-border remittances and payments. OKLink is a very popular settlement and remittance method internationally.

The three also expressed their unique views on the future development of Bitcoin and blockchain technology. Xu Mingxing believes that in the next five years, more and more people will use Bitcoin. It will be a global currency, just like the US dollar and gold. They can also help improve efficiency. As for blockchain, many traditional financial companies will use blockchain as an infrastructure to reduce costs. Some start-ups will also make some innovative products related to blockchain and let more users use blockchain. I think blockchain will definitely affect many years of life in five years.

Yang Zaiyong said that he likes Bitcoin and blockchain very much. Bitcoin can become a medium for us to make simple transfers in this world. It will definitely exist as a medium. It will not disappear. It has proved this in the past 7 or 8 years. And its value will rise against the US dollar. From the perspective of profit calculation, they are very clear that the value of Bitcoin will rise in the future. If you want to hedge your assets, buying some Bitcoin is not a good choice.