Dear clients, friends and fellow Bitcoiners,
Since 2014 the team of VBTC has been serving the Vietnamese market as Vietnam’s very first VND-BTC live trading platform.
VBTC performed these functions as part of the Bitcoin Vietnam (BitcoinVN) team which had launched its BTC-VND retail brokerage service just a few months prior to the inception of VBTC.
While VBTC still remains part of the larger BitcoinVN group, VBTC is operating as an independent sub-unit within the BitcoinVN ecosystem with its own balance sheet and its own strategic direction.
This might also result in a partially strategic different approach compared to the one taken by our mother company BitcoinVN.
To clarify our position on the “ecosystem” and our view on it and what our role is going to be moving forward, we would like to clarify some of the beliefs we hold dear in this article.
VBTC got often asked in the past when we would start to support so-called “Altcoins”.
To be very clear on this point: We do not believe in any of the - surprisingly still ongoing “Blockchain” hype and even less so in “Crypto” which has proven to be a “melting pot” of scammers from all around the world; riding on Bitcoin’s tailwaves to squeeze out $$$ of other people who are in it for the “quick gainzzz” (we do not believe that the majority of investors into these “projects” are victims - most of them are in it for the greed and get ultimately hosed as a result of such unsustainable, high time preference behaviour).
Is there “money to be made” in “Crypto”? Sure - but not without selling your soul. You have to be willing to leave your conscience at the door when you enter this world and want to “make it” there. Naturally, scammers, liars and other hucksters who have no qualms about “acting ethically/morally right” will rejoice in such an environment.
But is this why we entered this industry? Why we got interested into Bitcoin in the first place?
For almost everybody joining the “crypto” space in/after 2017 you can most likely answer this with a resounding “YES!”.
But there are still some of us “old school” folks who got attracted to Bitcoin mostly for the grand vision Satoshi outlined in front of us… - to seperate money and state; give us an apolitical form of money which can’t be weaponized by the powers in its control to achieve their political objectives on an international as well as domestic scale… - give a lot of power and freedom back to the people by providing them access to the world’s most soundest money it has ever seen.
This is what made us originally passionate about this industry - and this is what VBTC also will focus on in the future. Play our role in making Bitcoin a bit better, a bit more liquid, a bit more useful every day.
VBTC will therefore continue to exclusively cater Bitcoin as the - in our point of view - only viable global money of the future.
While some might deride this stance as extreme or even as “toxic Bitcoin maximalism”, we believe that - by looking at the combined forces and lessons of history, economics, human behaviour, network effects and computer science - all rational arguments can only lead to this outcome.
And we do not want to mislead people by giving them the impression that there are actual alternatives to Bitcoin, just to make a quick buck from it. There aren’t. If Bitcoin fails to succeed, the whole “crypto movement” which rides on its coattails has failed in its ambitions.
We see ourselves in good company with this stance. Just recently Square and Twitter CEO Jack Dorsey expressed that his companies will solely focus their efforts on Bitcoin, while a well-renowned tech visionary and contrarian investor such as Peter Thiel (who most recently correctly predicted the victory of Donald Trump in the US presidential elections against the prevailing mainstream narrative) stated that “I would be long bitcoin, and neutral to skeptical of just about everything else at this point”.
With our decision to go “all in” Bitcoin we might not maximize our revenue in the short term, but we will be able to look into the mirror knowing that we are doing the right thing.
Team VBTC - Your Bitcoin Exchange in Vietnam