Startup App Dev Bihang, Launches Admits China’s Negative Stance on Bitcoin.
During the end of 2014, the People’s Bank of China banned firms from processing payments in virtual currency. This lead towards a 28% decline on the value for bitcoin’s just a day later. Although, this hasn’t stopped a new bitcoin startup by the name of Bihang to establish itself.
The Bihang website was lunched by co-founders Jian Changhao and Wang Hao. These two men have experience with some major companies, as Changhao was a researcher during his time at Facebook, Hao had previously worked at Goldman Sachs.
Although, they’re involvement with bitcoin isn’t likse most stories surrounding the virtual currency startups, as the two men own a relatively small amount of the digital currency. They are not as enthusiastic about bitcoin as most investors tend to usually be.
Changhao learned about bitcoins while reading an article that was sent out by Satoshi Nakamotoe, the elusive person or group behind the creation of bitcoin. He elaborated:
“If one can carry out peer-to-peer transactions without relying on the support of centralized organizations and third-party payment firms, it would be very cool. This will be a whole new set of rules for the game, which will turn a lot of traditional trading practices on their head.”
The co-founders are far more interested on the bitcoin wallet side of the business, as well as the technologies and application involved with bitcoin. Changhao feel that the future of bitcoin startups will be diverse, by offering a wide spectrum of services, such as trusts, transfers and wealth management.
As for Bihang’s operations, Changhao and Hao both feel that a smaller group will help the Bijang site remain secure. Bihang has a staff made up of 1 0 people, with half of them in charge of technical products and the other half handling customer service, administration marketing and operations.
The current state of investing in bitcoins within China has been affected largely by the world around it. With its attempts at banning the cryptocurrency within the nation, and the recent collapse of Japanese bitcoin exchange Mt.Gox, it quite understandable why most citizens in China maybe a bit weary on the subject of digital currencies.
Although, companies such as Bihang and BTC China have hopes on restoring investors confidence into the revolutionary instrument that can benefit the world. BTC China is a bitcoin exchange, trying to bring bitcoin into the lives of the Chinese nation, all the while stretching out past boarders.