Do you accept Bitcoin? Soon this question will be asked frequently – Maxim Krupyshev, co-founder of Cubits
According to Maxim Krupyshev, Bitcoin is becoming a popular online payment method. Soon each owner of online business will face the question “Do you accept Bitcoin?”
Maxim Krupyshev will be a moderator at Blockchain & Bitcoin Conference Kiev (section for newcomers), which will be held on 23th of September.
We’ve talked with Maxim about the popularity of cryptocurrency in Ukraine and issues of concern for beginners of Bitcoin.
Interviewer: Blockchain Conference Kiev (BCK)
Speaker: Maxim Krupyshev (М. К.)
BCK: What is your estimate of success of Cubits? Which difficulties you’ve faced while creating the platform?
М.К.: Surprisingly, Cubits develops organically. We didn’t pay attention to marketing and suppose that customers found us through Bitcoin Wiki and personal contacts with Cubits team. We achieved self-repayment in June. It means quite a lot for a startup. Talking about difficulties, I would say they usually occur later on, and not while creation.
The greatest challenge is fraud. People try to buy bitcoins using various stolen payment accounts: stolen cards, Skrill wallets, etc.
BCK: If I have $600 for the first bitcoin, should I delve into the subject without extensive knowledge? How to manage the Bitcoin and not to give it on a silver platter to hackers?
М.К.: You should delve of course, but beforehand spend an hour or two in order to understand where it is better to buy and keep the currency. At the conference we will discuss how to keep bitcoins secure. The situation is similar to cash money: you can keep it in your pocket, under the pillow, in safe box or in bank. There are different degrees of risk and convenience. Everything depends on your degree of care and frequency of usage.
BCK: There are a lot of cryptocurrency wallets. What to consider when choosing a platform?
М.К.: Initially, Bitcoin was designed so that users could manage the currency on their own. However, it is too complicated for them. That is why a bunch of websites has appeared, adding to bitcoins such features as balance, user’s address and wallet – for simplicity. Users should pay attention to security policy of such websites.
For example, Cubits sticks to standard rules. In particular: do not use user's money. In other words, we do not invest other people's money and gamble on stock exchange. We do not keep users’ money online. In the case of a break-in, hackers won’t have access to the main funds. We use multisignatures for all transactions. We have the possibility to customize 2FA (Two Factor Authentication – a security process in which user provides two means of identification – Ed.) to protect users’ accesses.
At the same time we are not a classic wallet, but rather a platform where it is worth keeping Bitcoins, if you have bought or going to sell them.
BCK: Does the popularity of bitcoins grow among Ukrainian users? Who is buying bitcoins, except for IT specialists?
М.К.: Bitcoin is becoming a mean of online business transactions. Sooner or later everyone will face the question “Do you accept Bitcoin?” Those, who are not dealing with online transactions or related technologies, won’t understand Bitcoin concept. For such people it is too complicated and they do not need it at all.
BCK: What are the obstacles for the Bitcoin infrastructure development in Ukraine?
М.К.: There are no obstacles. The infrastructure is developing and the dynamics is positive. But business would grow faster if there were specific laws and legal acts. It seems Ukrainian legislation does not require the issue. I’m not the person to answer this question correctly.
BCK: You are going to lead a section for newcomers at Blockchain & Bitcoin Conference. What kind of attendees are you expecting to see? What are you going to tell them?
М.К.: I expect that the audience will include different people: from those who are on a first-name basis with Bitcoin to those who read/heard about the issue and understood everything. After visiting our section, attendees will become those who understand what the Bitcoin is, know how to deal will it, where and how to buy the cryptocurrency and what to consider when keeping it. And the most important thing is that people will understand in which way the technology is developing and which issues may be resolved with its help.
Maxim Krupyshev and his colleagues from Bitcoin community will answer all the questions of the beginners for cryptocurrencies on the 23rd of September.
Within a special section of Blockchain & Bitcoin Conference speakers will talk about mining, exchanges and possibilities of the Blockchain technologies.