New Interview: Why did Bitspark.io CEO switch from Bitcoin to Bitshares for Global Remittance?
Timely release on this one! Bitshares is +35% today and the BTS token JUST got added to the Binance exchange. I'm freaking excited! Could this be a turning point for Bitshares?
Youtube:
Website: http://libertyentrepreneurs.com/bitspark
What do you think is the future of Bitshares? Will it start getting the attention it deserves??
Show Notes:
In the “legacy banking industry”, moving money around the world sucks. It’s slow, expensive and overly encumbered with regulations and difficulties gaining access to global currencies. As a foreigner, how are you going to get access to the Thai baht or Iraqi dinari? You aren’t.
This presents a huge problem. Either you can’t send money home to your family in the local currency they need or you have to pay ridiculous conversion and FOREX fees along the way.
***If you only have ~5min, start at the 13 minute mark to hear how Bitshares and Smart Coins are specifically being used with Bitspark.io and why they are moving away from Bitcoin.
Bitspark.io CEO George Harrap created a company to help solve this huge pain, but initially envisioned Bitcoin being the cryptocurrency of choice. At the time, it was fast and nearly free to send. Funding accounts were much easier than sending a bank wire across the world. Also, bitcoin was used as an “intermediate” currency meaning that they would buy bitcoin with one currency and sell bitcoin for another currency. This was much easier than running a full FOREX trading desk.
Recently, George decided to experiment with another cryptocurrency, Bitshares. What’s interesting is the ability to create “smart coins” or “pegged cryptocurrencies” within the Bitshares Decentralized Exchange (DEX) to provided price exposure to some of these difficult to obtain currencies like the Thai baht or Vietnam dong. This essentially removes the need for Bitspark.io to open and maintain bank accounts in these exotic currencies and deal with the overhead of maintaining a bank account for each.
Needless to say, cryptocurrencies are completely disrupting the financial system. We have just cracked the ice on how that’s going to reshape the desperate international banking system.
Thanks again for tuning in and Keep Building Freedom!
-Ashe
Contact Info:
George Harrap
Twitter: @george_harrap
Website: https://bitspark.io/
Email: [email protected]
Twitter: @BitsparkBTC
Podcast Resources:
Bitshares Decentralized Exchange: https://bitshares.org/
How are Smart Coins created on the Bitshares Dex: https://bitshares.org/technology/price-stable-cryptocurrencies/
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Anyone else think that BitUSD could replace Tether at some of these exchanges??
Honestly, this should've happened before Tether. Maybe the recent Tether debacle will open some eyes for a more "stable", unhack-able alternative.
Yes... IF the BTSDEX will get volumes of trades compared to largest centralized EXes.
Quite a few exchanges in China and Korea will be or already are using bitUSD, bitCNY, bitJPY, and bitKRW as the Quote currency to trade against. aex.com and xbrick.io are two as an example but I think there are others. If they are successful, I think you will see quite a few others to follow. If Tether continues to have problems, and it's simply a matter of time until more issues arise, I think we may see exchanges currently entrenched in USDT make the switch as well.
It seems Bitshares has a lot more hidden under the hood than one can see. Cryptos have already changed money transfers but i've been puzzled for a while now, why use Bitcoin - it's a tank, but expensive and slow. The concept of pegging BTS to any currency in the world is intriguing and while i don't own much of BTS, i've been keeping my eye on BTSUSD and BTSBTC technical charts for a while and feel it has a bright future. Now i might have some fundamental reasons too. Good luck to George and thanks for the podcast to the host!
You are right @furious-one bitshare have a lot more hidden than many can see and they have a bright future, many speculators are beginning to look in bts
BTC isnt a currency in the sense of money. It have value for larger transactions where time isnt that crucial.
Outside of that, it has a way to go to be the money....something that I dont think it will ever be.
Excellent news!
I cannot believe how underrated and undervalued bitshares is. Bitspark and Zephyr are just finishing the icing on the cake now.
Damn, it's an absolutely amazing time to be in this space!
I'm curious what @stan thinks of this interview...?
i'm sure he would love it. i know i did :)
thx fuzzy! I'm not sure we've met yet. Btw, i'm srsly thinking about creating an EOS podcast and pausing Liberty Entrepreneurs...you could say i'm currently obsessed w/ BTS and EOS.
Fascinating story on bitshares. Wonder if this is the spark that starts the bitshares fire.
Yes maybe ... and steem is now on it's way up, too :-)
Great info
Do I understand it correctly that block producers receive some amount of network fee (20% of collected fees)?
What is the estimated annual profitability of running block-producing nodes?
Thanks.
They don't receive fees they have a salary and they are also elected, there's no mining and no unnecessary energy demanding hashing function, just valid block and signatures. See more on: http://cryptofresh.com/witnesses
Thanks for the explanation and link. My understanding is that Workers and Witnesses get paid for the work they do.
But what about regular BTS stakeholders (not witnesses/block producers, workers)? Do they get dividends or something like that?
From BitShares white paper (page 7):
You become a stakeholder by buying “stock” in the company or being paid in that stock to provide services for the company. This stock may entitle you to a share of its “profits”, participation in its growth, and/or a say in how it is run.
https://media.readthedocs.org/pdf/docsbitsharesorg/master/docsbitsharesorg.pdf
good info, thanks so much for sharing. There's still a lot of mystery around Bitshares (and especially the DEX). Ppl will eventually figure it out and the great DEX migration will start.
ouuuuhh YEAHH!!! Bitshares Power ON!!!
Thanksss !!
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looks cool!
This is very exciting stuff...it is great to see BTS moving ahead. I only hope the price of the tokens stays down for a while longer so I can amass some more.
I love this blockchain and all they are doing. We could see, at a minimum, the entire banking sector on here (well not as it stands but what they do).
Good luck to George and thanks for the podcast.
ur very welcome. Exciting times for Bitshares. It'll just take 1 more big, centralized exchange to fall and I think BTS DEX will see some serious volume. Spreads are still to wide now...
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