In continuation of the “startups we would like to work for” series, we’ve decided to present a tech cryptocurrency startup that’s particularly special. In the sense that it’s very young, determined and connected to an area familiar to very few: bitcoin.
Bitcoin. An introduction.
What exactly is Bitcoin?
Bitcoin is a form of digital currency, created and held electronically, deemed to revolutionize the way electronic money transfers are perceived. If you’re somewhat familiar with the tech environment, you’ve probably already read about it or have even exchanged real money for some virtual currency.
If you’ve had little contact with the mobile, the cloud or the web industries, you might want to take a closer look, because bitcoins are far from the intangible entities only approachable by a privileged minority.
Bitcoin was created in 2009 by a certain Satoshi Nakamoto, believed to have mysteriously vanished immediately afterwards, with savings reaching the order of $billions. Laugh all you want, but there have been associations with a “messiah” of the 21st century.
Bitcoins can be used to buy merchandise online. In fact, more and more online retailers, merchants and charities are starting to accept bitcoin payment, due to the simplicity of the process. There are no intermediaries required and, most of the times, transaction fees are minimal. As a matter of fact, there are several advantages to using bitcoin as a currency for your online transactions. There are even advantages to storing bitcoin (some call it the new virtual gold), but this is a totally different story.
More on the actual process of a bitcoin transaction can be found in an infographic by Visually.
Why choose bitcoin?
- decentralization: no institution holds authority over it (it is created and traded by the power of people exclusively – which is what makes it so controversial); plus, only a given amount of bitcoins can be “mined” and furthermore released, which makes handling them easier;
- speed: cryptocurrency exchange can be done in very little time (the only thing required is the previous existence of a Bitcoin Wallet). In addition, high-value goods you normally would only buy provided you have proper documentation can be purchased online from stores that accept bitcoin cash;
Many sites advise on the proper selection of a wallet, while others warn of the necessity to understand how the medium of exchange works: some operations require a certain amount of XBT available in the “wallet”, otherwise they cannot be carried out.
- lower fees: approximately 1% of the trade volume, but sometimes it can vary;
- simplicity: no paperwork needed (exchanges are done from one address to another, with the help of a Google Wallet);
- increased security: personal information is not disclosed; each person owns an address from which the trade is performed;
Moreover, a publicly displayed ledger allows for all-time transparency: all transactions are registered here, so that no counterfeiting or theft occurs.
Content marketing in the bitcoin industry
Usually, tech startups tend to neglect content marketing, as the immediate benefits of content endeavours are difficult to notice, especially under the circumstance of rapid ROI coming from AdWords. Sometimes, content marketing works better than adwords. Ideally, the two work best combined. We’ve written about this before.
Some of the “big players” in the industry are using blogging and social media marketing on a regular basis. Advantages are obvious:
- They know exactly who their customers are and how they look like. Defining proper buyer personas helps send the best message towards each category.
- Highquality content can create needs. By writing cryptocurrency content about how useful bitcoins are, people begin to ponder the possibility of satisfying actual needs with bitcoins.
- People love relevant content that answers their questions
- Guest Blogging: builds relationships
- Social Media: distribution makes (the world go round) content relevant!
(Kraken blog)
Virtual money handling. Cryptopay.
One of our favourite startups working in the digital currency area is Cryptopay. We chose them over others present on the market due to the strong impression they created in the very short time they’ve been present in the UK (since 2013).
Cryptopay depict themselves as the “Simple and convenient service for European customers to buy bitcoins with the best rate on the market.”
Simple and convenient, indeed. The website design and the user-friendly registration form stand as clear evidence to that.
Pleasant User Experience and User Interface
The Cryptopay website is designed in a simple, yet lively manner. The bright, airy interface presents the user with a proper information architecture:
- USP: buying bitcoins in the UK, in a simple and rapid manner, with the help of an integrated wallet;
- a bitcoin exchange rate;
- a security warranty and a legal notice: all funds held in the Cryptopay system remain safe in the integrated offline wallet. Moreover, Cryptopay is registered as a Telecommunications Digital and IT Payment Service Provider with the Hm Revenue & Customs;
- a very clear “Call to Action” button tells the visitor to “get started”.
Choice of colours is consistent with the Cryptopay identity (predominantly blue, with small additions of magenta and lime yellow.
Simple registration process
Once an account is created on the Cryptopay platform, the trading process becomes really easy.
An initial deposit is needed for buying coins – this can be done by bank transfer or SOFORT banking. The selling process doesn’t require additional procedures; once the bitcoins are selected for sale, the transaction is closed and the equivalent sum of money (euros or pounds) is transferred to the account.
Things look pretty clear in what concerns registration procedures. All will be even simpler, with Cryptopay’s imminent introduction of an ATM in one of the busiest London subway stations. We’ll keep you updated. Until then, look into the bitcoin trading. You might find it very suitable for future rainy days.
