When Bitcoin first came out, it was treated almost exclusively as a payment system. Such was the first crypto narrative. Indeed, Satoshi Nakamoto’s white paper was titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.
Ever since the time of King Croesus, whose invention of coinage made him fabulously rich, powerful intermediaries have jealously guarded the control over money. The intervening millennia have been a shut-out win for the middle men, who have used new systems and technologies to increase their power over and hold of money, creating or exacerbating inequity. Till this day the legacy banking system operates to the exclusion of billions of people. Some 30% of the world’s population is still left unbanked.
Austrian-British economist and Nobel laureate F. A. Hayek anticipated cryptocurrencies when he called for the “denationalization of money”, where we “by some sly or round-about way introduce something they can’t stop”.
Cryptocurrencies represent the biggest step since King Croesus in the opposite direction — removing power and loosening hold from the intermediaries, and have created a sliver of daylight between currency and state. It is no wonder that some nation states view crypto with suspicion, alarm or outright hostility. Others choose to develop central bank digital currencies, or CBDC, to gain a new lease on their control. In this sense, crypto has been a key catalyst for the development of CBDC and the accelerating currency digitization. This is the second crypto narrative.
So from the genesis block in January 2009 till the onset of the pandemic, we had “payment system” and “catalyst for currency digitalization” as the prevailing narratives in which cryptocurrencies were cast. But as with almost everything else, the narrative of crypto entered a new chapter because of the pandemic,
in which Bitcoin again proved its versatility. As the world’s economies struggle to recover from the aftershock of the pandemic, Bitcoin rose to the occasion. Institutions identified Bitcoin as a safe haven and investment grade store of value. This has popularized BTC’s reputation of “digital gold”. Such is the third crypto narrative.
The naysayers who still call Bitcoin a bubble tend to only focus on one single narrative in one specific context, neglecting Bitcoin’s adaptive traits under different circumstances, and making a value judgment based on an incomplete picture. Thanks to its first mover status and network effect, Bitcoin has achieved escape velocity and entered into a virtuous cycle of hypergrowth.
Crypto has spread its wings, and refuses to be pigeonholed. It is serving different purposes in different contexts for different groups of people. For central bankers, it’s a catalyst for digital currency; for institutional investors, it’s digital gold; for street vendors in Nigeria, it’s a more reliable payment system than fiat currency; for migrant workers, it’s a faster and cheaper way to send remittances home; for poker players, who regularly need to pay for entry fees and collect earnings from competitions held all around the world, going crypto is easier than to keeping or converting back and forth a couple dozens of fiat currencies; for internet-native crypto holders, or ‘hodlers’ in crypto talk, it’s a less arcane and more friendly way of investment and financial inclusion; and for traders, it’s their best chance for a level playing field in the pursuit of prosperity.
Crypto is truly a rising tide that lifts all boats — no one who doesn’t want to be left behind. And Bybit aims to be the sail for those who wish to brave the open sea.
We launched Bybit in 2018. And it has quickly become a preferred choice for traders who have high expectations for quality products and services. I ran a forex brokerage for eight years before founding Bybit. My time there helped me develop deeper insights into what users expect from a trading platform. I saw so many gaps in the market and truly felt that traders deserved better than what the crypto exchanges had to offer at the time.
We addressed the rampant order rejections and overloads that plagued other exchanges by having lightning-fast order execution and matching, and ensuring 99.99% platform availability. So even during the most volatile moments, you can count on Bybit to execute your orders.
In place of the unnecessarily complicated user interface, we built an intuitive and streamlined trading environment that can be customized to your heart’s delight. The Bybit platform is friendly to casual, professional, and institutional traders alike. We provide a host of advanced tools and features for those who need them. Most of them have been taken from the traditional financial world, where many of our workforce have come from.
For those who are just starting, or would like their trading experience to be as simple as possible, we also provide just that. In fact, you can do virtually all that a fancy trading setup can offer on Bybit’s mobile app. While other exchanges struggle to provide adequate support, and are often cold and robotic in their responses, we built up a friendly 24/7 multilingual customer support team to make sure clients can always find help whenever and wherever. And I have made myself available on Twitter if Bybit users want to directly reach out to me. Coming from the forex industry, I know all too well that clients must always be the top priority and human interactions are the foundation of building relationships and trust.
Crypto is a rare space in which retail and institutional investors can access the same products. Derivatives play an important role in price discovery and determination. We take this responsibility seriously. Despite achieving phenomenal growth, and becoming a top-tier exchange in the crypto derivatives space, Bybit remains singularly focused on crafting the best products for our customers.
The world’s crypto adoption rate is at a low single digit. We have only seen the tip of the spear.
We take pride in our well-documented commitment toward transparency, security, and corporate responsibility and believe they are the rock on which we will build an exchange that takes the long view and thinks in terms of the next century, instead of the next quarter.
Our goal is to raise and set the industry standard for the best execution, most responsive customer support, and a simply great overall trading experience. Crypto is a rising tide that lifts all boats.
And Bybit looks forward to earning the privilege to be your sail as you take on the ocean blue.