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BTCC CEO Bobby Lee was invited by Bitcoin social network ZapChain to post a message on the website at 19:00 Pacific Standard Time on October 1 to answer netizens' questions about digital currency and BTCC. The editor has selected some of the wonderful questions and answers: Q: Hi, Bobby. It’s great to see your company is committed to getting deeper into the community. Do you think that as BTCC expands, your company will move further into futures/leveraged trading? Is BTC/USD a consideration for the next step? Also, what insights do you have on security for Bitcoin business owners? It looks like BTCC has been successful in terms of security. ——Gavin Knight A: We will definitely continue to explore new and diverse trading methods to supplement the products and services we currently provide. At the same time, we need to pay attention to the regulatory situation to ensure that our business is correct and legal. As for currency pairs, we understand that BTC/USD is very popular and has received high demand. Thank you for your advice in this regard! We have been extremely successful in security, and Bitcoin security has always been our top priority. Because we are the longest-running exchange in the world, we have gained a lot of experience in Bitcoin trading, and as a result, we have been able to develop a lot of best practices over the years. Of course, we will continue to be vigilant and take security issues seriously. ——Li Qiyuan
Q: Thank you for this Q&A opportunity. Now that BTCC has expanded overseas, which specific markets are you currently planning to focus on? Given the low penetration of alternative payment methods such as credit and debit cards in other parts of Asia, are you attracted to these markets? ——Daniel Cawrey A: After the BTCC name change, we are excited to provide Bitcoin services to users around the world. Our mission is to provide the most convenient and trustworthy digital currency services to the world. It is difficult for us to say which specific country we plan to enter, but of course, we will first use our advantages in China. ——Li Qiyuan
Q: Hi, Bobby, thanks for joining us. Can you talk about the reasons for the peak in Bitcoin prices? Do you expect the next peak in Bitcoin prices to come soon? I guess the next peak will be much higher than in 2013. ——Dot A: When buyers come in in large numbers and the amount sold remains constant, the price will rise. Similarly, when sellers come in in large numbers and the amount bought remains constant, the price will fall. We can see that there were price spikes in early and late 2013, both of which led to additional awareness of Bitcoin. The first surge (March-April 2013) gave early adopters more confidence, while the second surge (October-November 2013) attracted global attention as everyone learned more about Bitcoin through mass media. The block reward is scheduled to halve in July 2016, and considering this expectation, I think the next price increase will probably happen in early 2016. Yes, this time the price increase should be much higher than the one in 2013. I want to make one thing clear: the above comments are only my personal views on the direction of the Bitcoin industry and how the block reward halving will affect the price of Bitcoin. Just as the price of Bitcoin has increased approximately 10 times in the past six years, I believe that the next price increase may also push the price of Bitcoin to a new 10 times increase. These comments are my personal opinions and do not constitute investment advice to anyone, nor do they represent the official views of the company. BTCC neither encourages people to invest in Bitcoin or other cryptocurrencies, nor does it provide investment (or speculative) advice in this regard. As a member of the industry, I am optimistic about Bitcoin and cryptocurrencies, and I am a firm believer that Bitcoin and other electronic currencies will eventually become mainstream. My logic tells me that when this becomes a reality, the rise in Bitcoin prices will be inevitable. ——Li Qiyuan
Q: Hello, Bobby. I have an account at OKCoin and suffered huge losses when OKCoin went offline during the peak period in July. Did BTCC also go offline during the same period? I know Bitfinex and BTC-e also went offline at that time. ——David Sanger Kildare A: It is true that some other exchanges experienced outages during the high volatility that summer. Fortunately, BTCC coped well and we did not stop operating in July of that year. As you know, we have been operating for a long time and have experienced many major volume periods in the past, so our systems are designed to handle this kind of robust volume well. I hope you can continue to enjoy the good services provided by BTCC! ——Li Qiyuan
Q: How will you generate revenue in the long run? I hope to get your answer from a business perspective. I appreciate everything you do, thank you. ——Elijah of Mt. Carmel A: Our mission is to provide the most convenient and reliable digital currency services to the world, including transactions, business services and many other services. As in the past, we will continue to launch new services to attract new users and bring new benefits. ——Li Qiyuan
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