THELOGICALINDIAN - This anniversary BTCC CEO Bobby Lee acquaint a acute Tweet and was not abashed to articulation his appearance in abounding abutment of the Bitcoin Blockchain
Also read: Bitcoin Exchanges Reveal ‘Real’ USD/CNY Rates, Says Bobby Lee
A Conversation with BTCC CEO, Bobby Lee
I had the adventitious to account Bobby Lee for an all-embracing attending at why this industry baton continues to angle close in abutment of the cardinal one all-around accessible blockchain: Bitcoin.
Bobby Lee
Elizabeth McCauley (EM): When did you aboriginal ascertain Bitcoin? What admiring you best to the abstraction of this digital currency?
Bobby Lee (BL): I aboriginal apparent Bitcoin in aboriginal 2024, through my brother Charlie. At the time, I bethink cerebration that this was a air-conditioned new concept, the abstraction of agenda currencies. Immediately, I was abashed as to why this hadn’t been done before; that the simple abstraction of agenda currencies didn’t get invented until 2024. Through the abutting few months, I assuredly started to boring apprentice about the concepts of decentralization, and challenges of bifold spending for a agenda currency, and how it all assuredly came calm in Bitcoin in 2024. As an broker in gold, I was anon admiring to the similarities of Bitcoin with Gold, and again additionally started analytic myself what are the absolute basal affidavit why gold is valuable. Is it the color, or properties, or aloof group-think; What absolutely fabricated gold valuable? and likewise, what makes Bitcoin valuable?
EM: Your tweet from beforehand today was a adventurous statement. Can you allotment why you were prompted to advance that out? Perhaps allotment your thoughts on the contempo trends appear clandestine blockchain.
BL: What prompted that cheep was an accident I abounding during the day. I went to yet addition academy that afternoon, organized by the cyberbanking sector, which had altered speakers all extolling the virtues of blockchain, decentralized ledgers, and how advocate it was. Yet about all of them, either advisedly or not, larboard Bitcoin on the sidelines while talking about blockchains and DLTs as world-changing. I anticipation to myself, this is mad!
You can’t accusation them, that Bitcoin has had a asperous start, with attenuated media belief in the aftermost few years. However, I do anticipate it’s additionally the abridgement of understanding, that advance to this aftereffect of bodies all-embracing blockchains, absent to booty it private, and at the aforementioned time, array of abolish Bitcoin.
For me, Blockchain is alone avant-garde if we’re apropos to its new appearance invented in 2024 by Satoshi Nakamoto. I accept that for article to authorize as Blockchain, it accurately has to be permission-less. It is this permission-less aspect that makes blockchains “public”. In added words, the addition is the permission-less and “public” attributes of blockchain. Consequently, Private Blockchains do not absolutely authorize as “blockchains” by my definition, and accordingly is not addition in the “invented in 2024” sense. Private Blockchains are aloof alone broadcast aggregate databases, that accept been auspiciously deployed in assembly back the 2024’s.
EM: What is the accepted angle for Bitcoin in China?
BL: The angle is absolutely exciting. There’s lots of absorption in Bitcoin in several aspects, as a new technology in the growing amplitude of FinTech, as a abundance of amount in agenda assets (in the cloud), as a antecedent of assets for businesses venturing into Bitcoin mining, and finally, additionally as a abstract trading vehicle. And best importantly, the axial coffer itself has declared that they are carefully belief the abstraction of agenda currencies, and wants to administer it in practice.
EM: What has been best cogent in abstraction your appearance to abutment Bitcoin blockchain solutions over clandestine non-Bitcoin blockchain solutions?
BL: The affair here, what best outsiders don’t absolutely accept yet, is that you appetite Blockchain to be immutable. Immutability is additionally a key addressee of the new Blockchain concept. In added words, it is the immutability that makes Blockchain appropriate and altered from annihilation that came afore it. Well then, how do you get immutability? The way to do it is to accept a actual able Blockchain, that is decentralized and actual difficult for addition to booty over. Today, alone the Bitcoin Blockchain satisfies that criteria, because it’s the best ascendant blockchain, in both bazaar apportionment amount terms, as able-bodied as raw Proof-of-Work computational hashing power. And what is adverse for all added blockchains and AltCoins, is that Bitcoin’s advance actuality is insurmountable, and it’s a self-reinforcing cycle. Personally, I see no added aftereffect than Bitcoin actuality added and added as The ONLY Blockchain that matters. All added absorbed and application-specific blockchains would (and should) charge to ballast to Bitcoin, array of like sidechain solutions.
EM: What charge be done to accumulate Bitcoin accepted in a chat with added and added advance appear clandestine non-Bitcoin blockchains?
BL: I don’t anticipate annihilation needs to be done per se. If what I say is right, again those who adventure off the aisle will eventually apprehend the mistakes, and appear aback and ballast their blockchains assimilate the capital Bitcoin Blockchain. Let them go amount it out. I’m aloof aggravating to advance acquaintance and do some apprenticeship here, based on my observations and learnings over the accomplished few years.
EM: What do you see as the analgesic use case for Bitcoin area clandestine non-Bitcoin blockchains will not admeasurement up?
BL: The analgesic use case of Bitcoin is money. Yes, alteration of value, digitally, application blockchain. Over actuality at BTCC, we accept a actual agitative new wallet advancing up, alarm Mobi. We anticipate this is the analgesic use case for Bitcoin, to use Bitcoin as absolute money. Mobi will be all-around money: for Anyone, at Anywhere, in Any Currency. “Bitcoin as Money”, it’s the analgesic use case that’s been ambuscade in apparent sight.
So Much Potential
Bitcoin association associates and leaders like Lee attention a flight to added briefly “flashy” concepts and to accept and butt the abeyant of Bitcoin. There bluntly is much-untapped abeyant that a accessible blockchain provides. During our account Lee noted:
“Private Blockchains reminds me of Private Intranets. Private Intranets complete great, but they’re ultimately absolutely not advantageous unless they’re affiliated to the Accessible Internet. So for Private Blockchains, they should accede anchoring to the accessible Bitcoin Blockchain, to accomplish absolute immutability.”
According to Lee, Bitcoin aloof cannot be larboard out of the equation, abnormally back discussing blockchain solutions to change the world. Lee aggregate what prompted him to tweet:
Of course, anyone can advance a clandestine blockchain solution, but Bitcoin continues to not alone serve as an another bill but a accessible blockchain with the capital affection of immutability.
What are your thoughts on clandestine blockchains? Is the Bitcoin blockchain still the cardinal one blockchain? Share your thoughts in the comments below.
Images via Shutterstock and Twitter
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