Crypto

Should I keep my Money in Crypto?

The youtube channel Altcoin Daily published an interview with the CEO and founder of Binance, one of the largest international crypto-exchanges. Changpeng Zhao is a Chinese-Canadian billionaire, better known as CZ (“Si Zi”). The businessman has made a fortune on cryptocurrencies. He worked with various platforms and projects, including Blockchain.info, OKCoin. In July 2017, he founded Binance and in less than a year he was on the list of the most influential people from the cryptocurrency world. At the end of last year, his fortune was estimated at $1.4 billion.

Answered by the CEO of Binance 

Do I invest in crypto?

Over the past six months, crypto exchanges have experienced difficult times – there has been an outflow of coins since January. From sites 92 thousand bitcoins were withdrawn. Crypto fell especially hard in March – bitcoin almost halved in price after the COVID-19 pandemic was announced cryptonew.info

In July, for the first time in six months, the volume of bitcoins entering exchanges exceeded their outflow. 

According to CZ, the crisis once again showed that cryptocurrencies cannot be considered a safe heaven. In the long term it is safe enough investment, but in the medium and short term – no. You have to understand that cryptocurrency exchange is a high risk area. At the same time, it is a very promising market. 99.9% of the world’s population are not involved in cryptocurrencies, less than 0.1% are in this business, which means the potential is huge. 

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The price “bottom” of BTC has already been reached and it is $3,200. It is unlikely that bitcoin will ever fall lower. The opposite trend – growth – is quite probable. The time will come when BTC will be worth a million dollars. 

Zhangpen Zhao prefers BNB and BTC among all cryptocurrencies, he bought them back in 2014. In the long term, according to Zhao, bitcoin will remain the king of cryptocurrencies – BTC deserved. In addition, it is currently the “most decentralized” of all cryptocurrencies (Dogecoin is also interesting from this point of view). But in the even more distant future, its influence is likely to wane. In the IT world, there is nothing eternal, nothing permanent. Everything is changing very fast: programming languages, frameworks. So it is only a matter of time. Decentralization slows down the development process a bit, because a project with personally interested investors will evolve faster than a more impersonal one. 

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Zhanpen also singles out Ethereum and its crypto platform among others. It is a progressive platform moving the entire cryptocommunity forward. The first smart contracts were launched and became widespread here. In April, the DAO D5 (a community of data scientists and engineers) launched Nansen to control the Ethereum blockchain. The site is engaged in data analytics of Ethereum wallets and monitors their activity. Ethereum 2.0 will launch soon (final testing is scheduled for early August).

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Should I develop crypto?

If you want to become a crypto-businessman – to create a new token or crypto – you should ask yourself some questions.

Will I be able to do the same project for the next 10 years? Is this something I want to do and could dedicate my whole life to it? If the answers to both of these questions are yes, you are on the right track. You have to understand that this is a long-term project, it can be unprofitable for a long time and bring more problems than bonuses. CZ advises to go into this field for those who already have experience in product development. You have to understand that creating a new token will require a large investment. If a newcomer enters this sphere, even if he finds investors (which is also a difficult task), what will he do when the $10-20 mln financed project goes bankrupt (which is a quite possible scenario)? A person must have a clear vision of near and far future, a strategy. A detailed plan should be developed and followed. In general, however, there can only be one piece of advice: work hard. 

About Binance

CZ told how he came to create Binance. He got into crypto in 2013. Before that, he acquired a technical background: he graduated from McGill University (Montreal) with a degree in engineering. He worked in fintech, in particular – on creation of trading systems for Bloomberg. Later – in cryptocurrency projects. 

Every day Binanse support service receives complaints from users about the theft of money from their wallets. Most often, it turns out that the coins were not stored on the site itself, but on the user’s computer, which was hacked – either by a malicious PC or hackers. It is not uncommon for users to forget their wallet passwords. Exchange can not do anything in such cases.

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As for Vinanse itself, a lot of money is spent on its security. If the site is hacked, all the media will write about it, because we are talking about large sums of money. When one person loses $10,000, it is his personal tragedy; when thousands of people lose $10,000, it is the exchange’s disaster.    

Binanse is going to introduce SegWit technology – separate signature and transaction verification. This will reduce the size of the transaction and simplify the development of smart contracts. Implementing the technology takes time. For example, bitcoin wallets are being customized right now. SegWit can’t work properly with wallets downloaded from bitcoin.org. A lot of time is spent on security protocols as well.   

On a personal note.

Zhangpen Zhao is sympathetic to libertarians and anarchists, although he does not consider himself to be one or the other. Thus he believes that individuals should have as much freedom as possible – self-expression and choice.

And freedom is a fundamental principle of cryptocurrencies and blockchain in general. It helps decentralization (when power, resources, and information are dispersed among a large number of individuals rather than one or a few carriers). That’s why Zhangpen thinks he has the best job possible – making people and the world as a whole more free and independent.