Liu Zhipeng, CEO of 8btc: It is possible for Bitcoin to change from commodity attributes to currency attributes

Author: Jia Jingyi

In June this year, the price of Bitcoin experienced two sharp increases, breaking through the 4,000 yuan mark at one point. Coupled with the subsequent announcement of a halving of Bitcoin production on July 9, Bitcoin has returned to the public eye.

It is understood that Bitcoin has now grown to a scale of nearly 5 billion US dollars, of which China occupies more than half of the market. It is worth mentioning that Bitcoin has not achieved currency status in China and is only circulated as a commodity.

However, Liu Zhipeng, CEO of Babbitt, recently said in an exclusive interview with a reporter from Jinping Media that as more and more merchants accept Bitcoin payments, it is not impossible for Bitcoin to be transformed from a commodity attribute to a currency attribute.

Bitcoin anonymity is not reliable

In fact, central banks around the world are actively studying the issuance of digital currencies through blockchain technology. In addition to using this technology to effectively reduce circulation costs, the distributed accounting of blockchain technology itself is also a focus of regulators.

Since Bitcoin itself is anonymous, it makes it easier for some gray transactions or criminals to launder money. But in Liu Zhipeng's view, as long as blockchain technology can be used to intervene in the people behind anonymous addresses, it will be very beneficial to supervision. "It can be intervened through big data analysis and the user's UEC model. The exposure of the address identity does not depend on the owner of the address itself. As long as he participates in the transaction, the counterparty can intervene in his identity. In fact, the anonymity of Bitcoin is unreliable. If the regulatory authorities use big data analysis and track related addresses, and establish a blacklist or whitelist of addresses, they can monitor the flow of Bitcoin on the blockchain very well." Liu Zhipeng said.

In addition, Liu Zhipeng also believes that due to the increasing transaction volume, the block causes congestion, so Bitcoin is now facing a capacity expansion problem.

Future application areas of blockchain technology

In fact, since the concept of blockchain entered China, many companies, including several listed companies, have announced that they will apply blockchain technology to various fields. Although it is just concept hype, in Liu Zhipeng's view, blockchain technology may be applied in cross-border remittances, bills, crowdfunding and other fields in the future.

Liu Zhipeng believes that in any area where settlement, liquidation or manual reconciliation exists, the use of blockchain technology will greatly save settlement costs. In terms of bills, since financial institutions are not very enthusiastic about handling small bills, the circulation of small bills is very low, and the use of blockchain technology will greatly improve the circulation efficiency of small bills. In crowdfunding, whether it is equity crowdfunding or income right crowdfunding, there is a general problem of untrue and untimely information disclosure. The information disclosure of the project party that initiates crowdfunding through blockchain technology can be kept on the blockchain through proof of existence to prevent cheating and tampering. In addition, some disputes that may arise during the crowdfunding process can be prevented through smart contracts.