BTCChina's Li Qiyuan: How to operate a Bitcoin exchange in China?

As part of the continuing education partnership between the Digital Currency Council (DCC) and Inside Bitcoins Hong Kong, DCC Vice President Sarah Martin had the pleasure of interviewing some of the digital currency thought leaders who spoke at the Hong Kong Bitcoin Summit (May 14-15). In this article, we share some insights from Bobby Lee, CEO and co-founder of BTC China.

Sarah: How did you first get involved with Bitcoin and digital currencies? What was your motivation?

Li Qiyuan: I first came into contact with Bitcoin in 2011. My brother told me that there was a new type of digital currency that fascinated him, so I started mining that summer. At that time, my equipment was a home computer graphics card. So for a period of time, Bitcoin was just a small hobby for me.

Sarah: So how did you join BTCChina? And how did BTCChina become the world's leading Bitcoin financial platform?

Li Qiyuan: When I first started mining Bitcoin, I was still working at Walmart, responsible for e-commerce in China, so I hadn’t considered doing anything related to Bitcoin from a career perspective. Later, I left Walmart in the second half of 2012, and at this time I thought I could start a Bitcoin business. Then I joined Bitcoin China as CEO and co-founder.

Sarah: Can you tell us about your experience of operating a Bitcoin trading platform in China? What difficulties have you encountered before? Or what plans do you have for the future?

Qiyuan Li: Operating a Bitcoin exchange in China is challenging and exciting. It is a brand new area of ​​financial technology that is just beginning to be regulated, licensing and regulatory measures are not yet fully in place, and the customer base is often unstable, they move from platform to platform, trying to make a profit with minimal cost. This is a country where investors and speculators coexist, and as some people say, this concept is deeply rooted. In general, if there are more formal regulations on Bitcoin and digital currencies in the future, we will accept them calmly.

Sarah: What aspects of digital currency and blockchain technology are you most excited about right now?

Li Qiyuan: The fact that excites me the most is that all of this is brand new! At present, we have been exposed to the concepts of Bitcoin and blockchain for 6 years, but in fact, we have just touched the surface of this disruptive technology. Bitcoin and blockchain technology will change human society as a whole.

Sarah: What do you feel is the biggest challenge facing the industry?

Li Qiyuan: Bitcoin China must deal with the fact that the price of Bitcoin is driven by the market, which is both a good thing and a bad thing. When the price rises, it attracts global attention, which is a good thing. But over the past year, the price has been falling, so there is a voice in the international community saying: the good times are coming to an end, and Bitcoin is also going to end. This is far from the reality, but this widespread negative view is a big challenge for us.

Sarah: What are your plans for the future? What are the latest developments in Bitcoin China?

Li Qiyuan: BTCChina is the first Bitcoin exchange in China. It was established the earliest and is a pioneer in this industry. "Everyone will use Bitcoin in the future" is our company's vision. Our mission is to "provide the most reliable and convenient digital currency services to the world". In the past year, we have expanded our service scope to wallets, merchant payment services and mining pools. We will continue to innovate and bring more digital currency services to users. We will go global from China.