Interview with Li Dawei, CEO of China Bitcoin

From June 22 to 24, the 2016 Blockchain International Summit and the 3rd Bitcoin International Summit were held at the Beijing Renaissance Hotel. More than 500 industry elites from banking and insurance, securities trading, Internet of Things, cryptocurrency equity crowdfunding and other industries participated in the summit. China Bitcoin CEO Li Dawei represented the Bitcoin Group to participate in the summit throughout the whole process. The reporter followed up the exchange and interview since June 23, and had several conversations with Li Dawei during the period. N3E Daily Finance Network

China Bitcoin CEO Li Dawei N3E Daily Finance Network

Reporter: After these years of development, Bitcoin and blockchain, a new thing, have gradually entered the public eye. As an insider, what do you think of the evolving blockchain technology? N3E Daily Finance Network

Li Dawei: The development of digital currencies represented by Bitcoin has become mature in China, while blockchain has just started. It is the underlying technology of digital currencies, but it has now surpassed the scope of digital currencies. Blockchain can be vividly described as a public ledger that records all transactions that have occurred on the entire network. Its most important technical innovation is to realize the trustless proof mechanism for all network transactions. In the past, we relied on the Internet to transmit information, but the massive nature of information transmission made it impossible for us to determine the authenticity and accuracy of the information. The development goal or value of blockchain is to solve this trust problem. Based on this value, blockchain will surely become the underlying technical architecture of Internet finance in the future, and as blockchain technology matures, it will bring about the maturity of Internet finance. N3E Daily Finance Network

Reporter: It is safe to say that blockchain technology is still in its early stages of development and there are many problems. For example, the attitude of regulatory authorities is still unclear, blockchain technology lacks unified standards, and there has been a lot of debate about capacity expansion. What is your opinion on these real problems? N3E Daily Finance Network

Li Dawei: At present, blockchain technology does have some problems. For example, from the perspective of specific applications, blockchain technology is still in the exploratory stage and is not mature enough. Technology suppliers need to prove the maturity of technology and application stability to the market. From the perspective of market acceptance, the audience of blockchain technology still needs to be improved. The biggest problem at present is people's understanding of blockchain and their willingness to accept it. In addition, if this technology is applied in the financial field, it may face the problem of regulatory attitude. However, I am very happy to see that more and more government agencies recognize the advantages of blockchain technology and rush to enter the competition of blockchain research. Many large financial institutions and companies also express their recognition and great interest in blockchain and continue to invest in the research and development of this technology. I believe that there are always more solutions than problems. With the development of blockchain technology, it is no longer far away for blockchain to be truly put into effective application and recognized by the whole people. N3E Daily Finance Network

Reporter: It is said that Biyin Group is a financial group covering the entire blockchain industry chain. Could you please introduce your main business and group development plan? N3E Daily Finance Network

Li Dawei: Bitbank Group is a large Internet financial group company, based in the field of blockchain and digital currency, with a comprehensive layout of industrial chain related businesses. Its businesses include: Bitbank.com is the world's largest digital currency bank, providing digital currency financial management, interest-bearing storage, cloud computing power sales and other services; BW.com mining pool computing power ranks among the top three in the world, and its subsidiary Longkuang Technology has successfully developed the world's first 14nm chip Bitcoin mining machine; CHBTC.com is one of China's most professional digital currency trading platforms, supporting BTC, LTC, ETH transactions, and ETH trading volume ranks first in the world; 8R.com is the first virtual asset mortgage lending platform in China; Bter.com is the first multi-currency digital currency trading platform in China. In addition, Bitbank Group has also invested in BitTorrent Wallet and invested in multiple mines in Inner Mongolia, Sichuan, Xinjiang and other places. While providing one-stop financial services to global digital currency enthusiasts, Bitbank Group has established a blockchain laboratory in Shenzhen, recruiting technical talents in the blockchain field from all over the world, and striving to make positive explorations and innovations in the fields of blockchain technology development and application. N3E Daily Finance Network

Reporter: Bitcoin and other digital currencies are the "killer" applications of blockchain technology. As far as I know, Chinese Bitcoin exchanges have also opened trading functions for Bitcoin, Ethereum and Litecoin. Do you agree that investors should hold a large number of Bitcoin and other digital currencies? N3E Daily Finance Network

Li Dawei: Objectively speaking, the value of digital currency depends on social recognition. The higher the recognition, the stronger the value attribute. Therefore, whether to invest in digital currency needs to grasp the following points: First, pay attention to the implementation of digital currency. The faster the application is implemented and the wider the economic benefits are, the higher the value of digital currency. Second, the recognition of various digital currencies by the whole society. The higher the recognition of digital currencies, the faster the value will increase. Third, pay attention to controlling the investment ratio. Any investment has risks. Therefore, it is recommended that the majority of digital currency enthusiasts pay attention to controlling technical risks and market risks when investing, and invest rationally within their own tolerance.