How Coinpay, a Paypal Style Platform for Bitcoin, Will Allow for Widespread Cryptocurrency Adoption
Think back 25 years to the mid-1990s and place yourself smack dab in the middle of Silicon Valley. You breathe the warm air and look around to find tech startup founders swimming in a sea of funding. So much funding that any good idea could secure a successful capital raise, and leave its originators skipping to the bank with their investors’ money and a dream.
Following this, what happened? Internet companies paved the yellow brick road to the infamous Internet bubble burst of 2000–2002, and many companies would go belly up almost overnight. It’s this e-armageddon, only survived by a few (Google, Amazon, Paypal, etc.), that would morph the Internet into the giant we know today.
I attribute the beautiful purge of the early Internet to two reasons:
1. There were not enough people on the internet yet — In other words, there wasn’t enough time for widespread adoption to drive revenues high enough to justify the cost (investment).
2. Entrepreneurs had not created innovative value to allow for mainstream adoption — A lot of companies lacked truly innovative technology that offered value and usability for potential users.
Add these market conditions together and what do you have? A market that crashed, awoke founders from their dreams and gave investors a nightmare.
However, did the Internet die? NO! the complete opposite. Twenty years later and the Internet is stronger than a 1970s Arnold Schwarzenegger, so much that everyone has a supercomputer in his or her pocket. There is enough potential revenue to support millions of independently owned Shopify stores, and the Internet is a foundation for modern everyday life.
I attribute the beautiful rise of the Internet for two reasons:
1. Time allowed for widespread adoption of the Internet.
2. Entrepreneurs created platforms for every person to utilize and easily access the Internet.
Let’s agree on three ideas below (or at least assume for the sake of this article):
1. The Internet allows for the electronic transmission of data
2. Cryptocurrency allows for the electronic transmission of money
3. History repeats itself
Now, let’s draw a comparative analysis.
During the historical Bitcoin price rise of 2017, everyone started talking about “cryptocurrencies”. Place yourself smack dab in front of your computer. You peck into your keyboard “BTC price ” and “best ICO” to find a global phenomenon of cryptocurrency startups raising fortunes overnight, and you get rich by buying the coins early on. Once again, it seemed that any good idea could secure a successful capital raise, and the originators skipped to the bank with investors’ money….. and a dream.
Do you see a pattern? The bubble bursts, people lost money, and companies disappeared. It’s the same old story… tech did it again. Now, it seems that the cryptocurrency market is in hibernation mode in comparison to where it previously peaked. If you ask a nocoiner, they might try to convince you with their educated hypothesis on how Bitcoin is dead and gone forever.
We can attribute this bubble burst to two major reasons:
1. There were not enough people using cryptocurrencies to justify the investments.
2. Entrepreneurs had not innovated enough to allow for easy mainstream adoption and usage.
Following the history, this is what we should see in the next 5–10 years:
1. Innovation — Entrepreneurs are in the process of creating the next best use case.
2. Widespread adoption — provided by this beautiful thing called TIME that bolsters the maturation of technology and gives entrepreneurs the ability to fully develop their ideas into something that provides more value than it costs.
The cryptocurrency market needs innovation and adoption which will be inevitably provided by time! This will ultimately break entry barriers for the common man, and it will bring cryptocurrency to the pockets of people all over the world. At Coinpay, we are actively working on this idea — to bring cryptocurrency into the pockets of people. Specifically, we want everyone to have their supercomputer AND private keys in their pocket.
Currently, setting up a simple cryptocurrency transaction can be a headache, and you might as well need a Ph.D. to figure out how to sign it with your private key. That’s why we believe we are innovating on two fronts:
1. Sending cryptocurrency to a friend’s profile (and not a public key address).
2. Allowing everyone with a smartphone to sign the transaction using their biometrics-encrypted private key that is stored on the phone’s hardware itself.
Coinpay is available to download in over 86 countries, and we will continue to break the barriers to entry for all people on this planet because we believe everyone has the fundamental right to the storage and electronic transmission of money.
We believe the cryptocurrency market is here to stay, and cryptocurrency will root itself into modern life similarly to how the Internet has enabled so many of us.
So, come join us in making history by sending your nocoiner friends and family their first cryptocurrency with Coinpay.