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Anson Zeall, CEO & Co-Founder, CoinPip, (Singapore) delivered the presentation at the 2014 Cryptocon Summit and Barcamp in Sydney. The 2014 Cryptocon Summit and Barcamp focused opportunities stemming from Bitcoins core innovation – the blockchain - a decentralised ledger system that allows seamless and efficient exchanges of virtual currency between users and opens up a wealth of opportunities not only for financial products and retail, but literally for any business, enabling them to conduct business more cheaply and more efficiently than ever before. . For more information about the event, please visit: http://bit.ly/cryptoconsydney14
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Anson Zeall, Co-founder/CEO
• Singapore-based Cryptocurrency Payment Solution Provider – Wallets and Payment Processing
• Operations and Merchants in Hong Kong, Singapore and Malaysia and United States
• Expanding into South East Asia
www.coinpip.com
COINPIP COMPANIES & BRANDS
• Bring bitcoin awareness to both customers and merchants
• Users can buy and spend bitcoins at the same location
• Bitcoin community driven events, facilitated and sponsored by CoinPip
www.coinpip.com/boost
• Sells bitcoin prepaid “scratchy” cards
www.cardtocoin.com
ASSOCIATION OF CRYPTOCURRENCY ENTERPRISES AND STARTUPS, SINGAPORE
TWO MAIN METHODS
P O I N T O F S A L E S A P P O N L I N E P A Y M E N T S
BUT THERE IS A PROBLEM
PROBLEM HIGHLIGHTS
P O I N T O F S A L E S A P P
1. Not all merchants happy with Standalone payment processors
2. Customers not happy with QR code scanning
3. Require both parties to be online
O N L I N E P A Y M E N T S
1. 10min – 60min confirmation is too long
2. Same as (2) 3. Same as (3)
How do we fix these problems?
POSSIBLE SOLUTIONS
W O R K W I T H T R A D I T I O N A L /S T A R T U P P O S P R O V I D E R S
A S S U M E “ S A F E T Y ” O F B I T C O I N
“Making you wait for confirmations would virtually eliminate our risk,” Skelton writes, “but we’re confident that with digital products like ours the risk is already acceptably low.”
1ST WORLD VS 3RD WORLD MINDSET
1 S T W O R L D
“Bitcoin is a new technology that disrupt current payment methods”
3 R D W O R L D
“Bitcoin is a new technology that can connect the unbanked to the banking system”
SO WHAT DOES THIS MEAN?
PROBLEM: DIFFICULT BRINGING BITCOIN TO THE 3RD WORLD...WHY?
• Just in South East Asia alone, only 1 in 3 people have 3G phones / Smartphones.
• Most payment startups focus on scaling due to vested interests.
• Funding is needed for payment startups to scale, yet majority of the funding is in Silicon Valley
SOME SOLUTIONS & SOLUTION PROVIDERS
• CoinPip partner 37coins, an SMS bitcoin wallet providers, hopes to bring Bitcoin to the 3rd world. CoinPip makes SMS payments possible
• Airtime to bitcoin • Bitcoin prepaid cards
TECHNOLOGY
• Know your customer then build the technology, not the other way round.
• Security is as important as usability • Build MVPs to test the market
MINDSET
• Understand what bitcoin is originally built for • Understand the mission of your bitcoin startup • Understand your own mission
FUNDING
• Incorrect funding structure can kill your startup • Bitcoin space is still very small, so the one with the
funds, can last longer than others e.g. Amazon in the 90s.
• Payment startups require critical mass, and it takes time.
• Network, network and network!
