DXMarkets Part 1: Beating the Crowd with Cryptocurrency
This is the first part of Coin News Asia’s exclusive two-part interview with Marcelo Garcia Casil, Co-Founder and CEO of DXMarkets, a premier Bitcoin exchange catering to a multitude of currencies.
The Bitcoin Journey
I heard about Bitcoin for the first time back in 2011, and actually downloaded a wallet and mining software, and had it running for a couple of weeks, but then quickly lost interest in it and “nothing seemed to be happening”. I then kept hearing about it on and off but it never really got my attention until early 2013 when the price started increasing rapidly and it was all over in the news. So I started researching about Bitcoin and learn about the underlying technology that made it work – and I found it truly fascinating and I could immediately see that I had a piece of technology in my hands that would change the world of finance.
I started building prototypes of small tools to transact with Bitcoins, and shortly thereafter in January 2014 I was leaving my day job and devoting myself fully to building DXMarkets.
It took us six months to roll out the core infrastructure for the platform, including the crypto interfaces, the matching engine and the multi-layered architecture. At times we struggled with getting proper support from some of the smaller crypto teams, so we decided to focus on a smaller subset of well-supported currencies.
Advantages of Operations
We have an incredibly strong team – I’m really lucky to have so many talented guys working alongside me, and covering such a broad range of disciplines so well: security, infrastructure, cryptography, graphic design, user experience, and I could go on. Add that to decades of combined financial experience and then you have a team that understands technology, blockchain and banking really well. We’re in a unique position where we can bring blockchain closer to banks and financial institutions because we understand the pains they have and we also know how to use blockchain to solve them.
How Bitcoin Can Be Mainstream
Time. I think Bitcoin is still very youn,g and it needs time to grow and mature. Early adopters get really excited because they can see the benefits and the potential very quickly. But for the rest of the world things don’t spin at the same speed. Email took several years to really take off and it was much easier to understand than Bitcoin, and even easier to use. And it was just messages, no money involved, so it was less scary for many.
The Asian Market
I think Bitcoin has the potential to give millions of unbanked people access to the global economy. You can’t pay for online services with cash, and if you don’t have a bank account or a credit card that means you’re missing out on the wealth of online services that are currently available. Asia in particular is characterized by a large population in underdeveloped countries where people struggle to make ends meet. Being able to receive payments in Bitcoin can create jobs for millions of people who are able to provide any form of digital service (programming, copy writing, digital marketing, etc.).
Know more about the trading startups in conjunction with Bitcoin Asia here at CNA.
To be continued…