At the Global Bitcoin Summit 2014 in Hong Kong on November 28-29, OKCoin CTO Zhao Changpeng stepped in for CEO Star Xu to give a conference keynote.
Zhao’s keynote was upbeat about the Bitcoin ecosystem and OKCoin’s place in it. He said that when he was asked to give this presentation on “What is the Future of Bitcoin?” his reaction was that it is “to the Moon”.
Zhao defined Bitcoin as a distributed P2P credit system. He noted “People don’t have to know or trust each other. Just have to trust Bitcoin the system.”
Zhao compared it to other financial systems or credits:
The paper itself is not worth very much money. If you think bitcoin is a virtual currency, I can tell you paper money is virtual. It has been since 1971 when Nixon removed the Gold Standard.
Credit cards, air miles, online banking systems are all virtual. Only difference with bitcoin is that it is distributed.
Bitcoin is not a coin. It is just a number and a unit.
Zhao indicated that Bitcoin is not going to replace everything immediately.
When online banking came along it did not replace cash.
It is very useful for mass global border transactions.
If Internet is the information highway, bitcoin is the currency highway.
OKCoin Will Become Google of Bitcoin
According to Zhao, OKCoin is the “on and off-ramp” to the Bitcoin highway, and that company focused on reliability, service, and product. The company’s goals are to protect users and be reliable with “less mistakes, no wrong prices, no lost coins, no big losses.”
It is very hard to have no mistakes. There are only a few actual exchanges. A Bitcoin exchange is very hard to do.
We are one of the few companies that provide 24/7 customer service, available via phone, web chat, Skype, Reddit,Twitter, Facebook.
OKCoin has a large tech team over hundred members, and 150 plus employees altogether.
The company claims a number of firsts, namely first to go international and first to offer futures with multiple contracts.
Zhao heralded OKCoin’s ambition to be more than just a bitcoin exchange:
We want to be a significant company in the bitcoin space. We want to in 5 to 10 years be the Google of the Bitcoin space.
— AllCoinsNews (@AllCoinsNews) November 28, 2014