Bitcoin

Chinese Crypto Mogul: We Don’t See Bitcoin as Payment System

Bobby Lee, former CEO and co-founder of China’s first crypto exchange BTCC, in an interview said that Chinese have always looked at bitcoin as an investment and they do not think of it as a payment system which seems to be the obvious use case. Lee appeared in the Untold Stories Podcast, hosted by Charlie Shrem on 18th September and made the remarks.

During the podcast, Lee reflected a lot on the Chinese cryptocurrency landscape and how regulations in China have affected the crypto scenario. He also talked about the local investor tendencies of the Chinese people and made some revelations about the crypto scene in mainland China. He also talked about a new venture he is pursuing, a cold wallet company called Ballet.

What is Ballet?

During his interview, Lee also introduced the world to his new project that he has been working on for some time and that is a hardware crypto wallet, Ballet. He said during the interview that Ballet is a product of his experience in the crypto sector;

I led the [BTCC] exchange, I led the mining pool, we produced mobile wallets. Under the BTCC brand, we launched the production of physical bitcoins. As part of the Ballet project, we are developing an innovative solution that, we hope, will be the simplest and most convenient in the world – the most reliable hardware wallet

He explained that the product is centered around user security and he thinks that security is paramount in financial transactions. He dubbed the wallet as, a wallet for “non-geek users” like himself. He said that most of the people like him aren’t aware of the importance of security and this product is for them so that they can secure their digital assets, without knowing an awful lot of things about technology or security. He noted:

They don’t know how to correctly set a strong password […] they don’t know what two-factor authentication is, how to work with firmware, security updates, etc. They hardly understand how to log in, not to mention 2SA and SMS verification.

READ ALSO: Bitcoin Mining in China Faces Ban – Crackdown to Start From Inner Mongolia

He then went on to explain how one of the biggest hurdles in crypto’s mass adoption is simplicity. Cryptocurrencies have become a thing that is only talked about and used by geeks or financial gurus. The key to making crypto common is by making cryptocurrency easy and safe for the common people. Bobby put it during the podcast:

from a nine-year-old child to a 99-year-old grandmother

The Rise of Cold Wallet

Ballet is essentially a cold wallet, a wallet that holds digital currency in hardware that is not connected to any network, making it safer and reliable. Although major companies in the crypto space have their own hot wallets (Storage connected to internet), which they market as the safest option, however, independent researchers and a few government departments have concluded these wallets to be unsafe.

The cold wallet Ballet, will launch this year, and would be able to hold major cryptocurrencies, such as bitcoin, Litecoin, Ethereum, and the XRP token. And according to the company’s website, another 18 cryptocurrencies are to be added in the next few months.

READ ALSO: Bitcoin Adoption: Investing in BTC is Popular Among UK Millennials

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Shahzaib Zafar

Electrical Engineer, Crypto enthusiast, a tech nerd and a developer with a keen interest in blockchain, writes daily articles about bitcoin and cryptocurrencies for blockpublisher.

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