We spoke to Sime Bakic from Bitkonan, one of the rising Bitcoin startups tipped for success in 2014.
Although BitKonan is EU based, CEO, Sime Bakic, from the very beginning wanted to have product which will attract a client base from all over the world. That was main reason why BitKonan is USD and not EUR trading platform. However, since than some European countries made biggest progress in terms of regulation of crypto currencies and potential of EU clients is growing rapidly everyday. Of course, people from BitKonan, flexible as they are, decided to react quickly and to introduce SEPA transfers for their European clients and for us that was reason to organize an interview with BitKonan CEO, Mr Sime Bakic in their Croatian headquaters.
What prompted you to enter the world of Bitcoin?
Bitcoin is a revolution. Bitcoin verification technology is two steps ahead of his time, and can be mapped to all segments of the business or those who need a certificate of authenticity. In this case it is Bitcoin, and tomorrow it may be something else. In any case, I see great potential for widespread use and I just couldn’t let such great things happen without me. So I gather a team of top experts from different fields (finance, programming, organisation) and we very seriously started the implementation of the project.
How did you come up with the idea to make BitKonan market?
Bitcoin markets are still very poorly developed and have not yet reached the level of a full range of functions which Bitcoin with its potential deserves. So we decided to use our experience and knowledge and to offer to the Bitcoin community a market that meets the demands of a professional trader who seeks swift execution, advanced functions (stop limit) and visibility. On BitKonan is also very easy to place an order (the key combination buy, sell) and this makes it accessible to any ordinary trader as well.
Bitcoin is very often linked to crime, what do you think about this general perception in public?
I think that’s nonsense. Everything can be linked to the crime. Criminals use all currencies including Bitcoin. Bitcoin is not anonymous, as some may think, because all Bitcoin transactions are public and visible in the transaction chain.
What do you think about the future of Bitcoin?
Anything is possible. I think the Bitcoin protocol is a revolutionary technology that has a great future, although still belongs to an extremely risky investment. If enter in widespread use, Bitcoin could worth more than half a million dollars each. In the long term I think Litecoin could profile itself as a currency for the broad mass because of the rapid transaction processing and to become a serious alternative to Bitcoin. If we apply 2nd law of thermodynamics, the long-term value of Bitcoin and Litecion will be leveled out. Looking from this point of view it seems that Litecoin is currently better investment for long term investors and speculators. Now it seems impossible, but remember that only a year ago Bitcoin was worth a few dollars, and today about the 650 dollars, same thing could happen with Litecoin. In any case Bitcoin protocol will leave a deep mark in history … you can bet on it! We can be happy that we live in a time when Bitcoin occurred and that we are part of it.
What do you think about other crypto currencies? We are thinking to introduce shitcoin on the market…. Laugh. No, I think the market will take what it needs, and that will probably be the LTC and BTC. All alternative crypto currencies are copies of Bitcoin and Litecoin, so I do not see reason why they should enter in the widespread use. However, I consider them positive to test various concepts and if some currency brings something ingeniously new and pass the test of the market it can easily take a leading role.
What are your plans for the future of BitKonan market?
As you mentioned earlier, we are currently working on the implementation of new funding options. Except of basic Bitcoin, Litecoin trading options, we think about the introduction of more complex financial instruments, but for something like that we have to wait market to mature.
Of course if the negotiations with venture capital investors start to be more dynamic we can expect it soon… in any case it will be a challenging endeavor, which will require more engagement and resources. To summarize, our aim is to offer a wide range of services, so that BitKonan take the lead role of Bitcoin industry.