Digicoins: Bitcoin Is Better for Society Than Fractional Reserve Banking
The Bitcoin industry is a bustling economy of its own, and there are many movements abound. We had the chance to speak with Dante Castiglione of Digicoins.tk to share a brief statement on some current highlights in the BTC industry.
On Launching a Bitcoin Business
First, I understand that good technologies need no alibi, they just take their place; and I was sure from the first day that Bitcoin was a superior technology. Plus, I saw it as a new field, and so, a good opportunity for starting a new business. We have been operating for two years now, but we are still launching, as in the next weeks we are launching a completely new platform, a Bitcoin exchange. Capital to develop it has been a challenge, understanding the details of the business has also been a challenge, as volatility and fees can get against you. We specialize in Bitcoin cash-in and cash-out, providing in-person service. Just a normal business with good service, and those kind of businesses can get pretty big.
Public education is the first problem on the line. Once people is informed about Bitcoin, the real, practical problem is volatility. We offer a solution for that. I see an interesting point in the Asian market. Bitcoin could trigger a change in the economic relationships between Asia and other markets, which until now have been financially communicated by banks and credit card companies exclusively. Bitcoin may trigger a parallel market of money transfers and export/import from/to small new players that do not have access or do not want to depend on traditional money transfer technologies.
I see much hypocrisy around Bitcoin. I do think it is better for society than fractional reserve banking, but cannot seriously take their discourse about “having no interests” and “saving the world.” It is all a question of interests, and they are speaking from their own private interests. In my humble opinion, regulation is a reality in modern life and so, it is good for cryptocurrency. Gambling is a reality, and in my opinion, it is better to work in a clearly regulated environment.
If you are looking for opportunities and new ways of doing things, it is an important thing to check. Plus, once you look at it, is just a state-of-the-art accounting system. Not so difficult at all.
The Future of the Crypto-Business
Statistics say 9 out of 10 endeavors do not survive the first year, and we have been operating for 2+ years. That may be considered our first accomplishment. As of today, we are not revolutionary; we do got plans and projects for the future, but we do not discuss them openly.
Bitcoin market is dominated by big holders, miners and early buyers. As long as they hold a significant portion of all Bitcoins, they can do whatever they want with price. Predictions are so as good as their whim. We are launching a Bitcoin exchange in the next few weeks. Next we will work on payment processing.
Know more about the trading startups in conjunction with Bitcoin Asia here at CNA.