1.Although good news of Bitcoin are continuing, the price of Bitcoin still goes down, and Bitcoin field goes into depression. What’s your opinion about this phenomenon? Besides, the price of some other cryptocurrency sometimes will surge suddenly, but then the price will goes down and even drop sharply. What’s your opinion about this?
As Bitcoin is not backed by a central institution, such as a government or a bank, and is quite a recent invention (since 2009), the exchange rate of Bitcoin to fiat currencies is likely to be volatile. For more than 4 years, the value of Bitcoin never surpassed $100 tag, but in 2013 because of China taking part in trading and some illicit game of MtGox it shoot up to $1200. The recent drop of value was partly caused by the trading bots of big Chinese exchanges, introduction of new forms of trading (margin trading, leverage, etc) and sales of massive amounts of Bitcoin by investors and projects that acquired huge amounts of them via IPO.
2、In China, some people supporting cryptocurrency is not because they believe in it but they want to make money from it. What’s more, many people are strongly opposed to altcoin, how do you see the Bitcoin ecosystem of China?
Unlike the Western point of view that Bitcoin is more like a currency and is being used to pay, the best way to describe cryptocurrencies in China would be via an analogy to precious metals or commodities. Chinese, as a nation of savers and investors, are eager to exploit every opportunity to make money. Cryptocurrencies can be compared to gold. In the past Chinese made massive investments in gold and affected the value of it and the same indeed happened with Bitcoin. Concerning altcoins, Chinese do not think they have as strong potential as Bitcoin has. An exception, of course are altcoins that offer some added value on top of cryptocurrency, such as Txcoin or other similar coins.
3、For most people, Bitcoin is just a social experiment in a small limited filed. It is still in doubt whether it will make something. Since it is an experiment in a small limited filed and threre are hundreds of altcoin in this field, but why do you not try to improve the good existing cryptocurrency but create a new altcoin?
One can discuss the extent up to which the field of Bitcoin is small and limited. In my opinion, its boundedness is analogical to the one of the internet in 1994. Not many people including well established banks and government institutions fully understood the potential of this media until the dot com bubble started. There are significant differences among various types of altcoins. On the one hand many altcoins are clones of the other altcoins and do not bring any added value to the open source code. On the other hand, a lot of them are a major advance from what was released so far.
4.Since nowadays Bitcoin is basically forming a relative strong industry chain, it is almost impossible for other cryptocurrency to repalce it. The altcoin certainly has innovation, but scams related to altcoin have always been reported, which seriously impact the concept of the public and further block the development of cryptocurrency, what’s your view about this?
The position of Bitcoin is certainly strong on the market of cryptocurrencies, but it does not mean it will remain forever. The market is far from being saturated, it is rather at its very beginning. Hence, nowadays there are many opportunities to develop the industry and there will be many more. Scams are the black sheep of the family, but this not a phenomenon that is specific to this field. Since scams and frauds happen in all industries, we would not be afraid
5.A good altcoin is either a kind of innovation or meeting some consumers’ need. Dogecoin is popular in west countries that can help perform the role of tips in west culture; Lietcoin claimes itself to the supplement of Bitcoin whose slogan is “Bitcoin is the gold and Litecoin is the sliver.” So, how does TXC attract the community?
One of the main advantages of Txcoin (TxC) is that one can get it free of charge. Thanks to the phenomenon of merged mining, miners get TxC at the same time when mining Bitcoin or Dogecoin. TxC implements double mining algorithm approach, that means, one can choose whether to mine Bitcoin or Dogecoin in order to get free TxC. The choice of Bitcoin is obvious, and Dogecoin’s community is more developed that the one of Litecoin or other altcoins. Furthermore, TxC will be used as a coin that eliminates the bad side effects of Bitcoin and Dogecoin mining, such as fat electricity bills, CO2 emissions, costs of mining hardware (ASICs), etc. TxC are issued to amend above mentioned side effects. TxC was born on 06/06/2014 and already has a significant user base. TxC Foundation will be incorporated soon to standardise, protect and promote the role of TxC.
6.Some people thinks that the price going down is because of asset allocation where capital is always moving for profit. Cryptocurrency lacks a killer app and this reduces the attraction. In your opinion, what killer app may appear in the future? Cryptocurrency will be all in prosperity, or only several of them will be left in the future?
Cryptocurrency is a killer app itself. The reasons enough for owning a cryptocurrency are the worldwide adoption, speed, the ease of use and much lower expenses when compared to banks or existing payment processing companies. As the number of cryptocurrency users is still not very high, an important aspect is the education of general public about the advantages of the use of cryptocurrencies. This should be done via the attendance and organising of appropriate events, incorporating foundations and associations of cryptocurrencies, cooperating with educational institutions and many more. Txcoin was a proud principal partner of BitcoinExpo 2014
http://bitcoinexpo2014.com that took place in Shanghai and Bitcoin 2 Business Congress Brussels
http://btc2b.com. Another important aspect is to simplify the ways of acquiring cryptocurrency. One of those is merged mining.
7、Well, Give us a simple instruction on TXC.
Txcoin (aka TXC or Txcoin,
http://www.transactioncoin.org/) is a P2P Crypto Currency with a hybrid proof of work(PoW) system. This crypto currency was launched on 06-06-2014 06:06:06 GMT/UTC and its average block generation time is only 2 minutes, which means a major advance from the Bitcoin’s 10 minutes. Txcoin supports SHA256 and SCRYPT hashing algorithms. Miners can get free Txcoin when mining Bitcoin or Dogecoin. This is thanks to merged mining that allows to use hash power more than once. When SHA256 or SCRYPT hashes are computed, they are inserted into Bitcoin and Txcoin (in the case of SHA256) or Dogecoin and Txcoin (in the case of SCRYPT), respectively. As the most of work of Bitcoin mining is to compute the actual hashes, the operation of inserting them into a number of blockchains has negligible cost. Therefore, one can mine Txcoin free of charge. Moreover, Txcoin fully supports multisignature addresses that offer increased security, wallet sharing and the possibility of escrow.
