BitKan: The Ups and Downs of Bitcoin and What Its 10 Years of Existence Mean to China
Can you believe it’s been 10 years since Satoshi Nakamoto published the original Bitcoin whitepaper? Neither can we. But 10 years it is, and everyone who’s stuck with Bitcoin and cryptocurrency for all the ups and downs along the way have reason to celebrate. We turn again to BitKan’s Chinese experts for their recollections of how the original whitepaper was received, and what impact it had.
This is a press release provided by BitKan
Images in this article are from BitKan’s documentary “Bitcoin: Shape the Future“, released in September 2017.
10 Years: Bitcoin’s Impact on China
Bitcoin has been through its ups and downs like a rollercoaster ride. In China, the key stages it went through include:
- Nobody knew or cared about what Bitcoin was
- Bitcoin skyrocketed to $1,000 USD after speculators started joining in
- PBOC Regulation caused a severe depression in price
- China’s wild wild west of ICOs led to a bull run in 2017
- Chinese Policy to ban ICOs and exchanges
- Bull run to $20,000 USD
- Bear market once more
As we can see, regulators around the world are moving in to regulate blockchain and cryptocurrency technology. We don’t see any other technology being regulated this fast, and in such a drastic manner, in China.
This goes to show that the potential impact of Bitcoin is huge on the financial ecosystem. We’ve seen blockchain research institutions formed, the concept of national cryptocurrencies in China and elsewhere, and also ICOs’ potential to disrupt the traditional IPO market.
Thus, Bitcoin’s 10 years of existence thus far has impacted the economy, regulation and technology in China — and we believe that it will continue to change the world as we know today.
Participation in the Blockchain and Cryptocurrency Industry
Bitcoin has also brought many new participants into the fintech industry. BitKan chairman Liu Yang feels that 99 percent of those who enter are out to make a profit, while perhaps only 1 percent are here to pursue their passion.
However, there is nothing inherently wrong with that. The idea of profiting and passion do not have to be mutually exclusive. The passion and dreams of the minority require the support of the remaining 99 percent who may only be there for personal gain.
In the history of mankind, the boom of each new industry has always led to a huge inflow of talent. It’s human nature and basic economics for people to pursue their best interests.
In blockchain, proof-of-work discourages collusion of actors through built-in economic incentives. As the network gains more value, it incentivizes more people to join the network and further decentralize it — increasing the cost to hypothetically reverse transactions.
In order for this to work, it makes use of these economic incentives to encourage people to be good actors. This is the beauty of Bitcoin and blockchain in general, as we cannot count on people to be naturally good and act for the good of the system rather than for themselves. But in Bitcoin, acting in your own interests often serves the wider ecosystem.
BitKan was founded by four former employees of Huawei Technology in 2012. The startup has rapidly scaled to become one of China’s leading providers of cryptocurrency data and services, with recent expansion into Singapore, Tokyo and Hong Kong.
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What impact has Bitcoin’s 10 years of existence had on your life? Let us know.
Images from “Bitcoin: Shape the Future“, a documentary released by BitKan in September 2017
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