How to buy Bitcoin quickly and easily? Bikan OTC tool can help you easily

Bikan was founded in 2013. Its mobile app "Bikan Bitcoin" has realized many functions such as real-time market information, industry news, trading functions, mining, sharing and sending coins, etc. In April this year, Bikan successfully completed its A round of financing, obtained tens of millions of RMB investment from Bitmain, and released a new product: OTC. In May this year, Bikan OTC product was officially launched, known as the "Bitcoin trading tool". At present, both the Android and iOS versions have completed internal testing and are officially online.

According to reports, the Bikan OTC product adopts a platform matching model, in which there are two types of users, one is "traders" and the other is "ordinary users". "Traders" are equivalent to the exchange points between legal currency and Bitcoin, and "ordinary users" are equivalent to people who want to exchange. Ordinary users can exchange legal currency for Bitcoin, and can also exchange Bitcoin for legal currency, that is, they can buy and sell.

When ordinary users buy and sell, the system will automatically help you find a suitable "trader"; "traders" need to set up trading strategies and wait for ordinary users to buy and sell. For "traders" and "ordinary users", Bikan will conduct KYC certification according to local legal requirements; for "traders", there will be a qualification review of traders to ensure that they can provide good services to ordinary users.

How big is the potential of the OTC market?

Liu Aihua, the founder of Bikan, is usually called Bikan Lao Liu by people in the circle. He introduced the original intention of Bikan to make OTC products: to meet people's needs for more convenient holding and using Bitcoin.

"Some people don't understand the transaction matching system, don't know what depth, pending orders and other concepts are, and just want to buy some Bitcoin; others don't have a local exchange and have no convenient place to get Bitcoin. Bikan OTC products are designed to meet the needs of this group of people."

According to incomplete statistics, the profit margin elasticity of OTC transactions is mostly concentrated between 0.5% and 20%. Depending on the market and demand conditions, the usual profit margin is between 2% and 5%. Therefore, apart from buying and selling Bitcoin on exchanges, OTC has always been a huge market.

According to Liu from Bikan, the current conservative estimate is that the daily transaction volume of OTC is万数量级, and this number is still rising. This is based on statistical data, and without statistical data, the number may be far higher than this.

Regarding the market prospects of OTC, Lao Liu believes that "from the comprehensive statistical data, it has not yet exceeded the on-site market. In the future, the number of people using Bitcoin will increase, and the more convenient the channel, the more popular it will be."

Easy to operate and low handling fee

Due to the high profit margin and huge market potential of OTC, many similar OTC trading platforms have appeared on the market. Many users also questioned that in the face of professional OTC trading platforms such as LocalBitcoins, what advantages does Bikan have in OTC trading product design? Lao Liu believes:

“LocalBitcoins is the most famous OTC trading website. However, its usability needs to be improved. Ordinary users may be a little confused when using it at the beginning. The beta version of Bikan has been used by some novice users, and the purchase process was very smooth. In addition, LB’s 1% handling fee is a bit high, and Bikan’s will be much lower than it.”

100% reserve to ensure fund safety

Bikan OTC products adopt an off-chain model. People who sell Bitcoin need to deposit Bitcoin to the Bikan platform, which inevitably involves considerations of fund security. Lao Liu introduced:

“Bikan is going to adopt a 100% reserve system. There are currently several solutions for proving 100% reserve, such as the “Merkle Approach” or the function of opening hot and cold wallets, but they all have some disadvantages. In the near future, we will combine various solutions and adopt a method that is easy to use and can protect the privacy of users and platforms to prove it.”

At the same time, in terms of anti-money laundering and customer review, Lao Liu said that Bikan will also simplify the review process as much as possible and make the review process easy to use on the basis of complying with the laws of various countries; for small transactions, it will try to minimize the obstacles caused by the review.

It all comes down to making it easy for users to use Bitcoin

One of the goals of Bikan is to make it easier for users to use Bitcoin. In the ever-changing world of Bitcoin, Bikan is always ready to join the ranks of new technologies. Lao Liu mentioned that the Lightning Network has advantages in small payments and transfer speed, which makes the use of Bitcoin very convenient, which is completely in line with the goal of Bikan, so when the technology of the Lightning Network matures, Bikan will also join it.

In subsequent versions, Bikan will also launch a function for ordinary users to select traders. Of course, Bikan will serve most users well: there is no need to choose, the system will choose what you want. For users who want more choices, they can also get the choices they want through simple operations.