This past year we have only just heard news about Bitcoin, and that is, the popular P2P currency, being a media phenomenon. And no wonder, a decentralized currency, that is, not belonging to any country, and you do not need intermediaries, is a novelty in the global economic environment.
It is also true that Europe has been somewhat outside this “fever” Bitcoin, as almost all the bulk of the world’s currency is in United States.
And that’s the reason that Brian Armstrong, CEO Coinbase, is found now in Spain. For, encourage the growth of the use of Bitcoin in the old continent. He is very clear, you want to replicate the system that has served them so well in the US, because they know that they have a million users of Bitcoin, businesses begin to use methods of payment in this currency.
To give us an idea of what is Coinbase, this is the biggest platform in the world of Bitcoin. Coinbase owns 24% of the market Bicoin portfolios, ie, 1.7 million consumers. As businesses are already using their network more than 36,000 stores where you can pay with Bitcoin Coinbase using, for example, on the websites of Dell, Expedia and Wikipedia.
As we have learned in recent years, no platform can survive if the developer community does not support it. For that reason and have about 7,000 developers using Coinbase as payment in stores and applications.
When we talk about money first and about the only thing that worries people is security. At the end of the day, the Bitcoin, are nothing more than zeros and ones in the network, and there are people who accumulate many millions on this currency. Brian tells us how they have developed a system of “cold storage” or “cold storage”, where 98% of Bitcoin is stored. It’s hard drives stored off-grid in safety boxes distributed and replicated worldwide. Besides the “keys” for each account are stored in separate parts, so all it takes to access the money. They have also adopted a system inherited from the banks, so you can not make a transfer of a large sum of money, if two people do not approve. For the “other” 2% “ordinary” they need to make small transactions have insurance proof “bugs”, hackers or employees “foreign friends”.
For organizations that have a lot of money stored in this currency, Coinbase offers “Vault” to store your money yourself. Although only uses 5% of the users because it has some technical complexity.
But the security of a currency lies not only in its integrity but is also volatile. We all know how it has been so far three ‘bubbles’ of Bitcoin, where the exchange value has soared and then sank miserably. When asked Brian about it, he recognizes that it is true that the change is not as stable as it could be between the Euro and the Dollar. This is because it is a young currency, as they increase the amounts of Bitcoin that is in the world, small changes affect less than its value. Are now around 52 million daily transactions of Bitcoin.
When asked about the future trends of this new currency, Brian tells us how he sees great market transactions that take place among expatriates and their families in their countries of origin because, each year is 600,000 million commission, that the use of Bitcoin could reduce considerably. There’s a huge market to exploit, and a clear need.
Not only that, according to Brian; “Bitcoin is not to eliminate the use we make of our credit cards, do not want to replace. It aims to be in places that did not exist, and do things that previously could not do. ” For example, Changetip, Bitcoins can pay as a “tip” that is, if you like an article from a blog, or a song or video you’ve seen, you can tip the creator. It is a new payment method for content. But there is much more futuristic proposals, as they call pay “machine to machine” for example, could “talk” to the car and drive to let you in on a jam, if you pay for the car in front a small fraction of Bitcoin .
In Spain it shows that there is interest, without any kind of promotion, in three weeks and have 9,000 users Bitcoins portfolios. Surely, with the support of Coinbase, we begin to see how this money is applied in our country.