Note: This is a migrated article. The original date of publication of this article is on May 4, 2015.
In the bitcoin space, people are looking for the most pertinent, consistent, and compelling information on the groundbreaking cryptocurrency. One of the organisations that cater to such need is Diginomics. I had the chance to speak with its founder, Travis Patron, to shed more light in this revolutionary innovation – the coin.
Jay-R Gatdula: So Travis, can you tell me some specific challenges you’ve encountered in mounting your business? How long did it take you to launch it?
Travis Patron: I first started working on the launch of Diginomics while I was a junior in university, and it took 6 months to go from business plan to our first minimum viable product. Throughout the process I’d say the hardest thing is finding people. There are a lot of smart people in the bitcoin community, but finding the right mix of character and expertise is never easy.
JG: It is, isn’t it? What led you to be interested in bitcoin and come to believe that it is something that you would devote much of your time to?
TP: I first discovered bitcoin when I was studying economics and researching alternative money systems in great detail. I knew what needed to be fixed without our current economic systems, I just didn’t have a viable solution. When I learned about bitcoin, it came at me as the closest thing to a perfect solution. The more I read about it and used it, the more interested I became. I think we are still at the very beginning of a historical shift, and I haven’t looked back since.
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JG: What can you say is the best thing about your business in comparison with other crypto-related ventures? Can you share some definite advantages of operating it?
TP: The best thing about what we’ve built with Diginomics is the depth of discussion and research that has come of it. We have built an online community that is not financed by advertisements, but purely on the work and ideas of its members. Other crypto-related ventures skim for quick and easy answers. We understand that bitcoin, and its potential implications, are very complicated. Because of this, we’ve seen some of the brightest minds in economics, computer science, and a breadth of other industries attracted to our products and community.
JG: Interesting. What do you think bitcoin needs to become a more prominent and reliable form of payment? What’s preventing it from going mainstream?
TP: Bitcoin needs more entrepreneurs and innovators to create applications which bridge the usability gap for the average user. Given that it’s involved in the currency markets, which are some of the most overregulated industries in the world, it will take some time, but there is already a strong enough community behind the technology that great things will come of it. That early critical mass is forming and the products of their work will bring about a tipping point in accessibility of bitcoin.
JG: Given the challenges of businesses today, what can you say have been the greatest accomplishments or the best times you’ve had while operating your business since its inception?
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TP: The greatest accomplishments have been when I’m helping other people understand these technologies. More particularly, when I have public speaking engagements, and people tell me that I’ve been able to explain bitcoin in such a clear manner that it finally makes sense to them. In regards to Diginomics, the concept of being governed by information systems in itself is one of the most revolutionary transitions of our time. This is the purpose of our business, to understand and benefit from this transformation.
JG: Do you think a superior altcoin will supersede bitcoin in the near future?
TP: Alternative cryptocurrencies are here to stay and they will be used when there is an alternative use-case to what bitcoin already provides. I do not however, believe bitcoin will be superseded in the near future. In the medium-to-long future? Most likely.
JG: How about price predictions?
TP: Bitcoin as a money system will be around longer than the current USD. Therefore, eventually we will reach a point where one bitcoin is worth many millions of dollars. When this will occur is anyone’s guess, but investors should be focused not on how to make more money, but on how to make more bitcoin.
JG: For those who still don’t get bitcoin, any suggestions?
TP: Self-education pays the greatest dividends.
JG: Well said, Travis. Thank you very much.
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