We always hear about the Bitcoin risks. It also has its benefits. Major benefits. And My Coin Solution’s solution is to make Bitcoin more understandable and accessible to both merchants and consumers, to help them to make the best decisions for payment processing. Easily.
After all, why should the experts be the only ones to benefit, which seems to be paying off for a lot of them, in a big way.
Founders Adam Kitain and Joseph Fiscella (who run the largest Bitcoin Meetup in NYC) explain how their platform works, and how they’re democratizing Bitcoin.
Tell us about the product or service.
My Coin Solution was founded to make Bitcoin more accessible to merchants and consumers. We recognize that Bitcoin is confusing and scary to those without a proper foundation and education on the matter, so we try to address these issues. In today’s ecosystem, Bitcoin is used by a relatively niche group of companies that are technologically advanced and trendy, but we see huge potential across multiple industries and types of businesses.
How is it different?
Our company is focused on education and implementation as a service, while Bitcoin start-ups are focused on creating software or monetary services. We bring the broad spectrum of these services and tools to our customers in an easy and hands-on way. As useful as Bitcoin is, we find that, for now, it’s only the experts who are benefiting from it, which is the antithesis of the community’s intention.
What market are you attacking and how big is it?
The market is practically endless, as Bitcoin has the potential to add value nearly everywhere. Currently we are focused on the most common Bitcoin users, online merchants and retailers. However, we are expanding into markets such as real estate, brick and mortar businesses, and large scale B2C businesses.
What is the business model?
As a consulting company, we currently charge for the solutions we provide.
We have a few means of gathering new customers; Social Media, publicity, word of mouth, references, and meetups. We also currently run the largest Bitcoin meetup in NYC. Check it out at meetup.com/BitcoinNYC.
What are the milestones that you plan to achieve within six months?
We expect our clientele to multiply in the coming months. We also plan to expand our offerings, such as running our own Bitcoin node and exchanging bitcoin for dollars among others.
If you could be put in touch with one investor in the New York community who would it be and why?
Founder of SecondMarket and the Bitcoin Investment Trust, Barry Silbert is one of the most influential investors in the NYC Bitcoin scene. He has invested in several NYC-based Bitcoin start-ups and helped lead many of them to success.
Why did you launch in New York?
We were based in New York City before founding My Coin Solution. As the financial capital of the world and a technology capital as well, it makes the most sense for fostering innovation in the fin-tech space. Additionally, the Bitcoin community in NYC is extremely large and we run the largest meet-up, Bitcoin NYC.
From your data, what are the most popular purchases using Bitcoin?
It’s hard to say, especially because most companies (even the public ones) do not distinguish exactly how many sales they do using Bitcoin. That being said, nearly all Bitcoin purchases are made online, so we see a lot of digital media being sold using Bitcoin. We also see a lot of online retailers selling with Bitcoin.
What’s your favorite summer getaway destination from NYC?
Joseph’s parents live in Connecticut, so enjoying the summer on the lake and catching some fresh fish is the most enjoyable way to relax on the weekends!