Bitquick 1 – We Never Have to Deal with Fiat Currency
There are so many risks associated with currency and financial system stability. By offering some basic bitcoin protections, BitQuick aims to serve the underbanked market while positioning itself as more secure and convenient than competitors. Coin News Asia had the chance to speak with Jad Mubaslat of Bitquick to explore on this venture more.
Coin News Asia: Hi Jad, let’s start by telling us how long it took you to launch your business?
Jad Mubaslat: It’s hard to say when exactly “the business” was launched. The website was put live back in August, 2013, but it really took until February, 2014, for it to truly transition into a business. For that time before, I was unsure if this was going to be a side project, but after meeting Alexis Ohanian at a book tour back in February, 2014, I dove in and dedicated myself to building BitQuick up as a business. There’s a cool video of that interaction at Alexis’ book tour as well here:
The most challenging aspect of running a business for a long period of time is teaching yourself to always stay hungry and dedicated no matter what. There are plenty of highs and lows when running a business, and you have to learn to roll with the punches. Specifically, we’ve had to mitigate DDoS attacks, address regulation and compliance head on, ward off scammers and other issues. Ultimately though, we’re still here standing strong!
CNA: What led you to be interested in Bitcoin?
JM: Honestly, I first became a Bitcoin user around May, 2013. I noticed the volatility of Bitcoin and other cryptocurrencies and decided to start day trading them for profit. Gradually through my exposure to the ecosystem, I began to grasp a more fundamental understanding of Bitcoin. A currency that can be sent anywhere around the world, instantly, without a fee, without a 3rd party intermediary? It’s a game changer!
CNA: What can you say is the best thing about your venture in comparison with other crypto-related ventures?
JM: We never have to deal with FIAT currency, which is something many trading platforms must do. Due to our P2P nature, we never see our customers USD. Funds are sent directly from the buyer to the seller. We only assist on the movement of BTC. Because of that, our overhead costs are very low, and we don’t have to deal with all the headaches of having an operational bank account!
To be continued…
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