Since its birth in 2009, from the creation of the World Bank’s “Financial Minister is on the verge of implementing the second round of bank emergency assistance”, to become the world’s eighth largest base currency, buy two pizzas from 10,000 bitcoins, and become With more than $180 billion in market capitalization, Bitcoin has been around for 10 years. Looking back at the trading market of the past 10 years, we have to mention a name that has been with Bitcoin for 8 years – Bitcoin China / BTCC, China's first, and once the largest bitcoin trading platform. After a series of twists and turns and changes, breaking the long silence, BTCC has re-started with the glory of the past.
Passing through the glory days, BTCC rebirth
Bitcoin China was established on June 9, 2011. The transaction volume has surpassed the world's top two bitcoin trading platforms Mt.Gox and Bitstamp, becoming the world's largest trading platform for Bitcoin. The highest daily trading volume is close to 90,000 BTC. The maximum transaction amount per day is over RMB 200 million. Compared to the hundreds of millions of dollars and billions of daily transactions in the head trade today, these figures may seem insignificant, but, know, in the era when the BTC price was still three digits, the popularity of bitcoin was far from It is so wide now.
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With the continuous expansion of the business, Bitcoin China is no longer a single exchange, including digital currency services such as mining pools and wallets, covering users all over the world. Based on this, on September 16, 2015, Bitcoin China upgraded its brand globalization strategy and officially changed its name to BTCC. After “9·4”, Bitcoin China stopped all trading business in China and gradually faded out of the traders’ sights, so that new investors who poured in the blockchain tide in the second half of 2017 even knew OK. Fire coins, coins, and not know BTCC.
Just when everyone wondered if BTCC would disappear, on January 29, 2018, a news about the acquisition of BTCC by a Hong Kong blockchain investment fund caused an uproar in the circle. According to the news, this round of acquisitions includes all of BTCC's core businesses, including the mining pool, Mint Coin, Mobi wallet, all technology, team and BTCC logo. However, due to the fact that the Bitcoin China trading business was closed at the time, the Bitcoin China brand was not included in the scope of the acquisition. In other words, everyone knows that Bitcoin China's technology and business are actually completely attributed to its global brand BTCC, and the bitcoin China that has been stripped of its reservations is more of a feeling of the past. This means that BTCC and Bitcoin China are now virtually unrelated, and BTCC has not only become the inheritor of China's first bitcoin exchange, but also the future of this veteran exchange.
Since then, the addition of Initial Honor has brought tremendous changes to BTCC, turning BTCC from a company into a group, which has greatly accelerated the expansion of BTCC's overseas market. Dan, BTCC's chief research officer, told Babbitt:
“The addition of Initial Honor has brought sufficient funds to BTCC, and BTCC no longer needs to raise funds through the issuance of platform coins, so that BTCC can do research and development and develop better products. At the same time, BTCC team has also joined a lot of traditional finance. The talents of the world let us combine the experience of traditional finance with the technology of blockchain."
In November 2018, the BTCC mine pool announced the closure of all mining servers and officially ceased operations. The end of the former mining pool predators has made many people stunned, but it also shows us the BTCC's drastic changes in the route adjustment. Abandoning the model of comprehensive development of various businesses in the past, BTCC chose to go light and keep focusing, and professional services as the core of future development.
After eight years of experience, BTCC has embarked on the road of rebirth after experiencing many high-light moments and many twists and turns.
"Retreat" for 1 year, BTCC new return
After the completion of the acquisition, in addition to a few news, BTCC in general appeared to be somewhat silent in 2018. What are the busy BTCCs busy with? Dan said that BTCC is only doing one thing – polishing a new product .
BTCC, a brand with many bitcoin development history marks, represents a kind of heritage that always triggers a lot of memories and feelings. However, in the fierce market competition, if BTCC can't meet the needs of current users, it will be slowly eliminated. BTCC has gone through 8 years, but for the continuation of the brand, in order to reproduce the glory of the past, we must be brave. Innovation, using new products and services to meet the needs of users and improve the integrity of the transaction. In fact, before the acquisition of BTCC, the team made a comprehensive concept, and has been studying the feasibility of new products and new Integration of products and other lines of business.
At the same time, after the “9·4”, the top 3 pattern of the fire currency, OKex and the currency security gradually formed, and the spot trading market became the most competitive battlefield. With the aura around, it is not easy for BTCC to break through in the spot market. In order to further increase the trading volume and adapt to the diversified needs of different investors, the rise of the derivatives trading market has become inevitable, and this field has increasingly become a battleground for the military. The BTCC is focusing on this, but it also needs to consider how to stand out from the competition.
In order to improve the integrity of the transaction, but also to achieve differentiated competition, the answer given by the BTCC is the perpetual contract of physical delivery. The new products are different from the cash delivery contracts that are common in the market today, and can also take into account users who like the spot.
BTCC physical delivery perpetual contract trading interface
“Every transaction in our physical delivery perpetual contract transaction has physical bitcoin support, and it has the property of spot itself. It is actually a kind of continuation and new continuation of the BTCC brand. After all, BTCC was a lot of people. The first place to buy spot Bitcoin."
In the "reclosing" period of one year, from the wallet to the gold, to the contract transaction, to the physical delivery, BTCC is in the process of testing and optimizing the entire transaction process. This product feature of physical delivery also proves that BTCC itself has strong strength in the spot reserve of cryptocurrencies such as BTC. In addition to showing the underlying gas, a large amount of spot stocks reduces users' concerns about security claims, and allows BTCC and users to stand together. BTCC must be more cautious in dealing with security risks, protect encryption assets to the greatest extent possible, and avoid security incidents. At the same time, BTCC's wallet-end business Mobi also carried out a series of optimizations for the physical delivery function, improving the user experience of the deposit and delivery process, and fully supporting physical delivery.
New products, new positioning, new services , BTCC announced its return with a new attitude.
BTCC bright sword, can you reproduce the glory?
There is no doubt that the perpetual contract for physical delivery is the first sword that was revealed after the return of the BTCC. What is the quality of the product and the prospects are also the key to whether BTCC can create more glory.
The current crypto-derivative market has gradually become the main battleground for competition in various platforms. In 2019, new platforms entered the market, and the head exchanges such as the currency security also expanded their business from spot to futures contracts. Where is the core competitive advantage of BTCC? Dan believes that the core strength of the physical delivery of sustainable contracts is fairness and professionalism.
“The current management team brings together top talent from the traditional financial and blockchain industries and has experience in financial derivatives. We are looking forward to integrating traditional financial success models into the digital currency to create a fairer trading environment for investors. Breaking the rules of each digital currency exchange, but the users have no choice. In the product line, we continue to focus on shutting down the spot exchange, mining pool and other businesses, focusing on physical delivery of sustainable contracts, the purpose All are to provide users with professional and fair service."
Fairness is also reflected in the mark price of the BTCC physical delivery perpetual contract . The price of the BTCC index is generated by the spot price of the 8 head platforms. The price is real and transparent, and the price of each mouth is openly available. There will be no artificial pinning or spotting.
“We can indeed see that some exchanges do have so-called pins. If BTCC is focused on financial trading services, this cannot happen. It must provide a fair and equitable platform.”
In addition, in the face of the trend of the platform currency issued by the exchange, BTCC did not choose to “follow the flow” and did not plan to issue platform coins in the future . It did not intend to bring the relationship between users and exchanges closer through platform coins. Dan believes that the platform currency still requires users to bear the risk of price fluctuations, and BTCC does not issue the platform to eliminate this risk, which is also a manifestation of fairness and justice. Instead, BTCC launched a BTCC Community Partner Program , inviting industry KOLs to join and participate in the BTCC eco-construction, sharing the benefits of the platform with fans without having to bear platform currency fluctuations. “Overall, BTCC is purely focused on the product itself, taking a professional route and strengthening community building.”
BTCC Community Partner Benefits
On the other hand, Bakkt's physical delivery contract has been officially launched. Will there be any pressure on the BTCC in the face of this behemoth? Dan said that Bakkt is a futures commodity connected to the spot delivery, BTCC is a perpetual contract to connect the spot delivery, the product itself is different . In addition, the Bakkt trading threshold is relatively high, and the customers are mainly institutions; the minimum number of BTCC orders is 0.01 lots, that is, 0.01 BTC. The customers are mainly retail investors, and the target groups are also different.
"What BTCC is doing now is to put mature products in traditional finance into the encryption market. The essence of products is the same. The innovative things are actually more about services. Bakkt's launch of similar services does not make us worry. Instead, their admission gives us more confidence in this direction."
At present, the new products of BTCC are only available for several months, but the monthly user volume can achieve more than 70% growth. In the face of the future, Dan also proposed his own small goals:
“Stable active trading users reach 100,000 is our first stage goal, the next target is 1 million; as for the farther goal, it is definitely the largest contract trading platform.”
In contrast, BTCC is more conservative and cautious in terms of product updates. “The perpetual contract for physical delivery is the first new product launched by BTCC. There is basically no similar competing product on the market, so we should also slowly take a look at the acceptance and attractiveness of this product in the market. Then follow the next step. Try the water first, stand firm and then proceed to the next step ."
The product positioning is accurate, the development ideas are clear, the innovation is not lost, the business advancement does not forget the original heart, adhering to the professional and fair concept of doing things, BTCC is returning strongly.