Announcing bitruption.com, a marketplace where you can advertise, buy, and sell digital currencies for your local fiat currency
Today, I’m announcing the upcoming launch of bitruption, a peer-to-peer marketplace where you can advertise, buy, and sell digital currencies for your local fiat currency. Unlike regular exchanges, our goal is to build a platform that will enable users to establish local markets to trade how they see fit in a safe, regulated, and user-friendly environment.
As a Norwegian company, bitruption will initially launch for Norwegian users only. We will open up to international users when we can scale our operations safely and efficiently.
Where are we
We are approaching one year in the development of bitruption, and we are working hard towards the release of our first version, a Minimum Viable Product. We are really looking forward to the launch and to show you what we have built. I can’t provide a release date at this time, and speaking from experience, things tend to take longer than you want them to.
We will support trading in Bitcoin (BTC) and Bitcoin Cash (BCH) with bank transfers. We will build support for more digital currencies and add more payment options, but this is further down the line.
In Norway, the new Money Laundering Act also applies to crypto businesses, even if you’re not dealing in fiat. We are in the process of registering the company with the Norwegian Financial Supervisory Authority. We will implement KYC/AML, establish money laundering procedures and build a compliant data structure. To build long term trust, we will have a data driven approach to develop sensible market regulations to prevent misuse and fraud on our marketplace.
While banks have legitimate reasons to have a low-risk approach to the crypto industry due to regulatory uncertainty and the lack of KYC/AML requirements, in many cases, they are simply misusing their monopoly power over fiat to prevent access to a competitive and alternative financial system. Banks worldwide are to this date denying crypto businesses and miners access to regular banking services, essentially placing a practical ban on doing business. Banks are also known to blacklist transfers to crypto exchanges to prevent individuals from spending their own money to access the crypto space. In all fairness, who wouldn’t block access to their competitor if they had the power to do so.
The only way to beat the banks is to beat them at their own game. One thing is blocking businesses, but blocking transactions between individuals is another story. Our business model will enable us to reach markets where people have troubles accessing the crypto space. We want to enable people themselves to build bridges between the new and the old financial system.
At the same time, it’s vital to prevent fraud and take regulators’ concerns seriously. It’s better to develop sensible market regulations that work rather than regulators and politicians coming crashing down your door when things go wrong.
Where are we going
Risk-taking as an entrepreneur is both scary and liberating at the same time. You never know what challenges you will face and how the road ahead of you will unfold. But when it’s so important, you have to risk it.
Whether we like it or not, money is at the center of how society works, or in other cases, why they don’t. We don’t just inherit genes, we also inherit attitudes, norms, and established truths. Despite the fact that money is so important, there are surprisingly few who understand or question the monetary system we have today.
The simple truth is that we have inherited a system where human errors from the past follows us into the future. Bitcoin was no coincidence. When the first Bitcoin block was mined in 2009, it included the following message: “The Times 03 / Jan / 2009 Chancellor on the Brink of the Second Bailout for Banks.”
Like with the Bible, there are many interpretations of the article above, but what most agree is that the creator(s) of Bitcoin, Satoshi Nakamoto, was very critical of how the monetary system worked.
Ten years after the financial crisis, much has improved, but we still haven’t solved the fundamental problems. I’m not going in depth into this, but for those who are curious and want to learn more about money and the monetary system, I can recommend Mike Maloney’s YouTube series and hedge fund manager Ray Dalio’s new book Principles.
The important lesson from them both is that history repeats itself with almost surgical precision and that we are now at the beginning of a phase we have a bad track record of managing. Even though their conclusion is depressing in that regard, the phrase “this time it’s different” fits because Bitcoin does truly offer a new way. For the first time in history, we have a real opportunity to build a sustainable, global, and open financial system.
Therefore, it’s vital that we build more bridges between what we have today and what comes tomorrow. With bitruption, we have the opportunity to give people a framework where people around the world can take part in the financial opportunities that lie in the growing internet economy. People are capable of great things when they are given the knowledge, tools, and opportunities to pursuit. We are convinced that Bitcoin and other virtual currencies have a bright future ahead and we will do our best to support it.
If you think bitruption sounds exciting, feel free to follow us on Facebook, Twitter and LinkedIn, or send us an email at firstname.lastname@example.org. You can also meet us in person at the upcoming Cryptofinance in Oslo the 17th this month, and at the Coingeek conference in London between the 28–30th later this month.