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Bitcoin Holder Sun Zeyu Working to Launch Physical Wallet Coldlar

sun zeyuSun Zeyu, chief strategy officer of Bichuang, has been holding Bitcoins for years. He said that planning to get rich with Bitcoin is just like playing the lottery, you never know who are the lucky ones.

“It was on October 17, 2013 that I invested 30,000 yuan in Bitcoin. And I was really lucky to earn 1 million yuan in a month. Now I’ve earned tens of millions yuan. It may sound hypocritical, but if you want to get rich faster, I don’t think Bitcoin is the best choice.”

Sun noted that in China Bitcoin is rapidly losing people using it for anything useful and what’s left is a money game.

Known for their investment appetite, Chinese people are often struggling to find good assets that generate high returns. Bitcoin, which is not controlled by any government, has triggered a speculative frenzy among Chinese investors. They want money, and lots of it.

And now when the price of Bitcoin hits an eight-year high record, they are giving more care about the security of Bitcoin.

Since the inception of Bitcoin, mass security breach of Bitcoin exchanges like Mt. Gox, Bitstamp and Bitfinex have taught Bitcoin users a valuable lesson: do not store Bitcoins on an exchange.

Storing Bitcoin by yourself, however, could also be risky. One pain point in the world of Bitcoin is that if you lose your private key to access your Bitcoin wallet, the Bitcoin within are lost forever. This is why Sun and his team is working on a project named Coldlar.

ColdlarColdlar is an offline, physical wallet that stores users’ Bitcoin and can be accessed by scanning a QR code. Sun revealed that they’ve successfully made a sample wallet and is about to mass produce it in May. The crowdfunding of Coldlar will be kicked off on May 14. 

Sun believed that as Bitcoin price is going up and people are realizing the importance of security, there will be a huge demand for physical wallets.

 

COMMENTS(4)

  • BitcoinAllBot
    5 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • homopit
    5 months ago homopit

    Sun noted that in China Bitcoin is rapidly losing people using it for anything useful and what’s left is a money game.

    One more insider that is confirming Chinese are using Bitcoin for speculation only.

  • mrcrypto2
    5 months ago mrcrypto2

    I don’t see a screen on the wallet – a screen is critical. The screen is how you get feedback from the HW wallet. You cannot trust everything that appears on your computer screen. HW wallet needs to be able to work even when connected to a compromised computer.

  • cbeast
    5 months ago cbeast

    That’s because the Chinese government doesn’t allow any foreign currencies as consideration and never has.

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