Eric Benz Talks Crypto with Danish Chaudhry, COO of Bitcoin.com Exchange
Changelly space team has recently conducted a new strategic partnership with Bitcoin.com Exchange – a new cryptocurrency exchange in Bitcoin.com brand line. CEO Changelly Eric Benz and Danish Chaudhry, COO of Bitcoin.com Exchange, had a chat about the project’s current stage, and further development. Also, the crypto pioneers speculated about the future of Bitcoin and crypto industry as a whole. Have a read!
Hello, Danish! So good to have you at “Crypto Talks on Changelly”! So, for starters, tell us about the new exchange launched on the Bitcoin.com domain, namely Exchange.Bitcoin.com? How did you come up with the idea of its creation? Why now?
Thanks so much for having me. The exchange was just a logical step towards fulfilling the vision of bitcoin.com Let me explain. Bitcoin.com has been a trusted domain in the industry for years. To reflect this trust, we went through a re-branding earlier this year to be even more accessible to anyone. We want to make cryptocurrencies and blockchain easy to understand and approachable. With all we have seen and experienced in the industry, we felt the strong need for an exchange that people can trust. Considering our reputation as well as our existing user-base, it was a plausible extension of our existing products. Now that all the craziness around ICOs has cooled off, it was the perfect time for launching an exchange that is serious about bringing crypto to the masses.
Today there’s a tendency of making whole crypto ecosystems around one brand. Bitcoin.com is not an exception. What components should be involved in a crypto brand ecosystem so that its community does not need any third-party tools and services? Wallet, exchange, crypto media? What would you add to this list?
Yes, this tendency is not unique to crypto-companies. We have seen it in many other sectors. Just consider how amazon is getting into the delivery and loan business.
The whole crypto-scene is very community-based. Therefore we feel that products that are needed by the community should be prioritized. Having a media platform where people can learn about the latest going on combined with an exchange as well as a wallet is a great start. In the future we want to add-on more content to make learning about crypto and blockchain easy and fun. Furthermore, we see a big interest in the combination of games and blockchain. For now, we offer a casino where you can gamble with bitcoin cash, but for the future, we would love to expand to more games. At the end of the day, it comes down to keeping close eyes and ears to the community to cater best to their needs.
Cryptocurrency exchanges are known to have that sad pattern of various hacks and money leaks. What measures are taken by the new Bitcoin.com Exchange to prevent that bitter experience?
One of the first things we learn in this industry is the necessity of having your safeguards on 24/7. Our exchange is no exemption. Despite forcing users to set-up 2-FA, we have integrated IP whitelisting. Furthermore, we store most of the funds safe from hackers in cold storage and only keep enough in hot wallets to ensure smooth trading experience. And we are constantly evolving. Our tech-team is always on the look-out for new technologies that could either threaten or be used to better protect our exchange against hacks. Additionally, it is important to us to educate users on security. Yes, it might be bothersome to use 2-FA, but the increase in security it gives them should make up for that. It is a very common pattern for people to only start thinking about their security once they have been hacked. It is in the whole industry’s interest to educate about cybersecurity to prevent incidents that can easily be avoided.
Does a user need to create an exchange account? What data is requested to start trading on Bitcoin.com Exchange?
Yes, users will have to create an account providing their e-mail address as well as their password. Furthermore, to deposit and withdraw, they have to set-up 2-FA using the Google authenticator. As long as they don’t want to withdraw more than X bitcoin per month, no further verification is needed.
What is your attitude towards increasingly popular decentralized exchanges? Do you believe they will supplant traditional exchanges one day? If not, why?
To this date, decentralized exchanges are still only accessible to tech-savvy users. I haven’t seen any crypto-novice yet completing a trade on a DEX. Nevertheless, decentralized exchanges are a great supplement to centralized exchanges for users that have a good knowledge on crypto and risk-management. For anyone looking for convenience a centralized exchange is and will remain the best place to go. Why? Because there will always be a support team to go to, when you are experiencing an issue. If you lose your password or keys, we got your back. If you can’t withdraw, our support will figure it out. Therefore for people that want a safety net, centralized exchanges will still remain the first place to go to.
Here’s a tricky question: will BSV get listed on Bitcoin.com Exchange? What’s your attitude towards BSV blockchain from a tech perspective, aside from all the other factors?
I don’t really have much to say about BSV. From what I know, they try to imitate the real vision of Satoshi Nakamoto, but then why don’t they just go mine bitcoin? Either way, we will probably not list BSV in the near future. If ever, I don’t know.
As to you, what will BTC price be in a couple of years?
Hopefully enough for me to retire and buy an island 😉
And the last traditional question sounds like – what would you ask Satoshi if you meet him/her one day?
Question, how would I even know that it is Satoshi? 🙂
Thank you for the inspiring conversation, and have a nice swap!