One of the reasons Bitcoin is so popular among traders is its flexibility and convenience. Bitcoin crosses the international boundaries that online trades often straddle with ease through the blockchain. There is no need to convert dollars to another arbitrary currency or to have to wait for an international transaction to push through. We continue to explore Bitquick through this three-part discussion with Jad Mubaslat. You may read the first part here.
Coin News: What do you think Bitcoin needs to become a more prominent and reliable form of payment?
Jad Mubaslat: There needs to be more services built on top of Bitcoin that abstract Bitcoin away from the end user. Using Bitcoin itself can be daunting and scary for new users. Customers want instant, free money transfers. They don’t know or care how it happens. We need to get to that point where individuals are paying for things using Bitcoin, without realizing they are even using Bitcoin.
In addition, the current block size debate is holding Bitcoin back. The core developers have made a strong stance against increasing the current block size from 1Mb to 2Mb, despite the Bitcoin network already being completely full.
CNA: How do you think Bitcoin will affect the Asian market in particular?
JM: Over $70B are sent to India from the US each year. I believe sending money in and out of Asian countries is going to be the first and foremost way that Bitcoin will impact the Asian market. Companies that leverage Bitcoin to conduct remittances have the possibility to out-compete current remittance services on both speed and cost.
CNA: What have been the greatest accomplishments or the best times you have had while operating your business since its inception?
JM: Graduating from Boost VC’s Tribe 5 was definitely a huge milestone for BitQuick. Their accelerator really helped us to focus in on the most important aspects of BitQuick, and allowed us to grow to where we are today. We currently conduct over $1.3M in trades every 30 days, which is the highest our volume has ever been. Each month, we’re setting new records for the platform. I believe this is because BitQuick is the only P2P Bitcoin trading platform that provides a compliance API for sellers, as well as a guarantee to both the buyer and the seller that they cannot be scammed. We believe it is our responsibility to weed out scammers, and we’re the only P2P platform that takes that approach.
To be concluded…
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