We sat down with Michael Dunworth, CEO and Co-Founder of SnapCARD, to discuss the world of digital currency.
Why do you think digital currency has resonated so strongly with the Silicon Valley/entrepreneurship community?
Investors are always looking at market cap & market opportunity as key factors when making investments. They want to know how big the audience can be. This is a huge draw when talking about Bitcoin because the space has so many different products available to consumers.
What do you think will need to happen for digital currencies to reach widespread use among the general public?
There are mainstream use-cases in the US and other countries with stable currencies (e.g. because merchants save on transaction costs, this can be passed on as incentives to their customers) but where you see the most rapid uptake is countries that can’t make their finance digital. Under-banked economies. There are 5B + people on the planet. Because Bitcoin can be accessed by smart phones (and even via SMS) the adoption is already rapid in these communities. Dealing with cash is a pain point. Paying with Bitcoin will answer to their prayers, literally!
What are your thoughts around the potential for cryptocurrencies to democratize money and change the way commerce is conducted?
The possibility inspires us to work in this space. Bitcoin has an opportunity to become a financial lubricant for international trade and economies. With a bitcoin wallet, everyone has their own “Online Bank” in their pocket. With that being said, it helps you understand how valuable this can be for underbanked economies. The idea that everyone can now have financial control to send money everywhere at anytime is so exciting. So many people can benefit. It’s history in the making.
The idea that everyone can now have financial control to send money everywhere at anytime is so exciting. So many people can benefit. It’s history in the making.
What do you say to Bitcoin skeptics who point to its price volatility as a hindering factor in its broader acceptance?
Even though I can send Bitcoin anywhere in the world instantly like an email for the cost of nearly nothing- volatility is what’s holding people back (for now). The fear will slowly slide away as more people become involved and there’s more liquidity in the market. There are companies out there whose single focus is allowing merchants to accept Bitcoin without incurring volatility. But it is a little different for the everyday user.
Where do you come down on the debate between Bitcoin as a currency versus as a technology?
This is something that needs to be clarified, because it’s actually both. Imagine when the Internet started, the technology was named and everyone thought it was amazing. People then began asking…what are these things that are on the internet? We call them web pages. But it would be like someone naming them “Internets” instead of webpages. It would have created a huge amount of confusion.
Well this happened with Bitcoin. Bitcoin is an actual technology/protocol (like the Inter- net). Built on top of that protocol are different services, one of which is currency, which they named Bitcoin. So… it’s like having web pages be called “Internets”. There is obvious confusion that comes from the name.
Michael founded snapCARD in 2013 in order to help bring liquidity to the Bitcoin currency. The snapCARD team is dedicated to making Bitcoing an everyday and liquid currency. Michael also has previous experience in the finance industry and startup world. While working full-time as a Financial Analyst at Midwinter Financial Services, he was operating FullSociety.com, a high end restaurant reservation website offering a discount of 30% off your entire bill without having to show a coupon.
This post was written by James Han on February 19, 2016
Interview with SnapCard about Digital Currency