Tag Archives: Inside Bitcoins
Finding Business Model Opportunities in Bitcoin – Inside Bitcoins NYC
Trends to watch and how to think about Bitcoin as a business
At the Inside Bitcoins NYC conference, Coinsetter CEO Jaron Lukasiewicz spoke to a packed crowd. His message: the current financial system is outdated and relies on critically dated infrastructure. He believes that “people involved in Bitcoin [are saying] this is not acceptable anymore.”
Exploring the current financial system he points to three to five fund transfer times under ACH payments and drawing experience from his previous startup in ticketing, companies paying over 40% of revenues out in credit card fees. Basically, in 2013, it is still exceptionally difficult to send money to a friend and this is leading to a customer revolution.
Today, he proposes, Bitcoin is the dominant virtual currency. Not simply in terms of transactions and value, but based on awareness – including awareness outside current users of the market. The first mover advantage is significant and Mr. Lukasiewicz asks us to spend time thinking about how it has the potential to become an “IP address for money.”
Coinsetter is a leveraged forex trading platform, focused on active traders. Originally he questioned the number of exchanges being set up at the moment and why there isn’t an original business model. On reflection he thinks this is actually important. The more liquidity that comes into the Bitcoin system, the better. It will draw more users; innovation and a greater focus on customers. The latter being a key concern for Mr. Lukasiewicz, there is “room for a lot more exchanges to come online, but it is important to focus on a particular customer.”
Bitcoin Companies Working with Government and Banks
Focusing on the themes that will lead to business opportunities, he has concerns about government regulation and how banks will interact with Bitcoin. One of his theories is that anonymous financial transfer systems will not be easily integrated into the current banking system. Know Your Customer concerns and regulations will be a significant hurdle, along with security for institutions with large holdings. When challenged on these points during Q&A, Mr. Lukasiewicz clarifies that he sees this as layers added on top of the current system, rather than a change to current Bitcoin protocols – apparently to the great relief of the audience.
In conclusion, he sees the best opportunities for those companies that firstly, concentrate on Bitcoin as a payments protocol, and secondly, have a strong focus on having a strong customer proposition and delivering an appealing experience.
Authored by Michael Smouha and Ronan Murphy, Contributors to On Bitcoin
Inside Bitcoins NYC Keynote: Is Bitcoin the New Financial Order?
Charlie Shrem Calls Bitcoin the Currency of the Future, Wants to Grow the Bitcoin Ecosystem
In his morning keynote at the Inside Bitcoins conference in New York City, 23 year-old Charlie Shrem described Bitcoin as spurring a paradigm shift in the financial sector. Shrem is Vice Chairman of the Bitcoin Foundation and CEO of BitInstant.
The growth of Bitcoin—the digital currency that allows for feeless and instantly settled transactions–is directly related to wider acceptance by traditional retailers, assuring the security of transactions and combatting some of the less than favorable press that Bitcoin has garnered.
However, the growth of Bitcoin is also dependent on entrepreneurs like Charlie. Once laughed out of every venture capitalist’s office in New York City, Charlie Shrem convinced his mother to take out her life savings in order to start BitInstant, which solved the problem of “how do you buy bitcoins?” Today, as a result of Shrem’s efforts, you can walk into any 7/11 and buy Bitcoin in addition to your daily coffee or Slurpee. Later the famous, or infamous, Winklevoss twins invested in the startup.
Shrem’s latest endeavor is named Bitcoin Wireless, whose aim is to allow for the exchange of mobile airtime minutes as a currency (reminiscent of the virtues of mobile transaction pioneer M-Pesa).
Another innovation cited by Shrem in his talk was that of the Harvey brothers out of New Hampshire, who are launching the first Bitcoin ATM network; the ATM’s will allow for virtually instant cash-for-bitcoin exchanges.
With so much optimism and innovation surrounding Bitcoin, Charlie Shrem was quick to also point out some less rosy realities. Bitcoin has reputational issues to address; while these are due to Bitcoin’s “early days” when the currency’s environment was akin to the “Wild Wild West” and have been amplified by some members of the media, these issues are very real.
Next, is the issue of how Bitcoin might play with respect to traditional banks and financial institutions. In his talk, Shrem was hopeful that Bitcoin would one day be harmoniously incorporated into the traditional banking system, co-existing alongside credit cards, cheques and other more traditional instruments of financial transactions.
On the net, does Bitcoin’s future look bright? According to Shrem, “Bitcoin is doing to the world what Email did to snail mail.”
Authored by Michael Smouha and Ronan Murphy, Contributors to On Bitcoin
Conference photo tweeted by @saumvaish
Win a Free Ticket to Inside Bitcoins Conference in NYC on July 30!
On Bitcoin is Giving Away a Ticket to Inside Bitcoins Conference
Inside Bitcoins NYC is taking place next week, and is attracting leading experts from the Bitcoin space.
On Bitcoin is giving away a ticket to the conference!
How to Win a Ticket to the Conference
To win a free ticket to the conference, sign up for the On Bitcoin newsletter on the side panel of this site and send us an email at team@onbitcoin.com with subject “Inside Bitcoins” to confirm your entry. We will be selecting one winner at midnight PT on Sunday, July 28, and will notify you by email.
Follow us on Twitter and Facebook to keep a close watch on future giveaways.
About Inside Bitcoins Conference
You’ll hear from 20 Bitcoin experts on topics including The VC Take on Bitcoin, Bitcoin Boom: The Business Adoption of Bitcoin, Bitcoin and Freedom of Speech, Rethinking Content Monetization with Bitcoin, Legal and Regulatory Issues Facing Virtual Currency Businesses, and more. View the full program here.
The event will also feature AlphaPoint and CoinMKT as exhibitors, and the evening’s drinks reception provides the ideal forum to network with like-minded peers. Developers, entrepreneurs, investors, finance professionals, bankers, consultants, lawyers, security solution providers, data and payment processors, and online retailers will all be present.
Charlie Shrem, Vice Chairman, Bitcoinfoundation.org and Chief Executive Officer of BITINSTANT, will deliver the keynote presentation, while additional speakers include Tuur Demeester, Author of MacroTrends, Chris Larsen, CEO & Co-Founder of OpenCoin, Jared Kenna, Founder & CEO of Tradehill, and Manu Sporny, Founder & CEO of Digital Bazaar. View the full speaker list.
Inside Bitcoins Conference Adds Virtual Currency Regulatory Panel
Learn about Legal and Regulatory Issues Facing Bitcoin Businesses
Mediabistro announced that James White, Director, Tax Issues at the U.S. Government Accountability Office, has joined the panel Legal and Regulatory Issues Facing Virtual Currency Businesses at its upcoming Inside Bitcoins conference on July 30 in New York City.
Mr. White’s bio from the IRS is below:
Mr. White is a Director at GAO responsible for work on IRS, tax administration and tax policy. He has held this position since July 1998. Previous positions at GAO include Associate Director and Acting Chief Economist. Mr. White joined GAO is 1990 from Hamilton College where he was an Associate Professor in the economics department, teaching public finance. Prior positions include faculty appointments at Williams College and New York University, plus a Senior Fellowship with the Rockefeller Institute of Government. Mr. White has a Ph.D. in economics, with a concentration in public finance, from Columbia University. He has a bachelor’s degree in economics from the University of California, Berkeley.
Virtual currencies, like Bitcoin, are driving innovation and new business models. This panel will help technology companies building Bitcoin software learn about the bounds of financial regulation.
Additional panel speakers include Jerry Brito, Senior Research Fellow at Mercatus Center of George Mason University, Jacob S. Farber, Senior Counsel at Perkins Coie LLP, Chris Larsen, CEO and Co-founder of OpenCoin, Greg Schvey, Managing Editor of The Genesis Block, and Ryan Singer, President and COO of Tradehill.
Enter On Bitcoin’s discount code: ONBC to save 15% on your conference pass. For the best rates, register before July 11.
NYC’s Inside Bitcoins Conference Attracts Leading Experts
NYC’s Inside Bitcoins Conference Attracts Leading Experts
Explore the future of virtual currency and bitcoin with industry thought leaders from Bitcoin Foundation, BitPay, and Tradehill at the Inside Bitcoins Conference, July 30 in New York City.
Attendees will discuss what business and investment opportunities, as well as legal issues, exist in this emerging field. Don’t delay– prices increase next week.
You’ll hear from 20 bitcoin experts on topics including The VC Take on Bitcoin, Bitcoin Boom: The Business Adoption of Bitcoin, Bitcoin and Freedom of Speech, Rethinking Content Monetization with Bitcoin, Legal and Regulatory Issues Facing Virtual Currency Businesses, and more. View the full program here.
The event will also feature AlphaPoint and CoinMKT as exhibitors, and the evening’s drinks reception provides the ideal forum to network with like-minded peers. Developers, entrepreneurs, investors, finance professionals, bankers, consultants, lawyers, security solution providers, data and payment processors, and online retailers will all be present.
Charlie Shrem, Vice Chairman, Bitcoinfoundation.org and Chief Executive Officer of BITINSTANT, will deliver the keynote presentation, while additional speakers include Tuur Demeester, Author of MacroTrends, Chris Larsen, CEO & Co-Founder of OpenCoin, Jared Kenna, Founder & CEO of Tradehill, and Manu Sporny, Founder & CEO of Digital Bazaar. View the full speaker list.
This conference is one of the first to allow attendees to pay for tickets in bitcoin. Each registrant will also receive a bitcoin paper wallet with a 0.01 bitcoin.
Enter On Bitcoin’s discount code: ONBC to save 15% on your conference pass. For the best rates, register before July 11.
