Bitcoin-only brokers on freedom and finance

In Europe, “Bitcoin solely” is a rising development, as extra and extra shoppers and corporations are hardening their resolve that Bitcoin (BTC) is the one digital asset value holding. 

Bitcoin-only exchanges and brokers are locations to stack sats, not “gamble” on Ether (ETH), or commerce “rubbish” that appears like “enterprise investments.” 

That’s in accordance with the CEOs of main Bitcoin-only exchanges and brokers, together with CoinCorner, QuickBitcoins, Relai, Bittr, Pocket Bitcoin and Bitcoin-lyon. Cointelegraph spoke to the CEOs and founders of those European Bitcoin brokers to seek out out why they’re Bitcoin solely, and why it’s best to construct an organization on this conviction.

The separation of cash from the state

Firstly, in accordance with Danny Brewster, CEO of QuickBitcoins, “Bitcoin is our solely hope of separating cash and state; it’s the one alternative that we must accomplish such a feat.” It’s a once-in-a-generation — maybe, lifetime — alternative to pry the money printer from the government’s hands.

Bitcoin takes the belief in money out of the state’s hands, replacing it with math. Source: Bitcoin Visuals

Julian Liniger, CEO of Relai in Switzerland, builds on the notion, adding that Bitcoin is incomparable: “It is the only asset that is truly decentralized — i.e., has no leader or leading team — and, therefore, truly uncensorable and unseizable.”

Indeed, “digital scarcity can only be created once — i.e., the state of the world where no working cryptocurrency existed in 2008, can never be recreated, simply because Bitcoin exists today,” Ruben Waterman, CEO of Switzerland-based but Dutch-led Bittr, told Cointelegraph.

Brewster explains that for every new digital coin post-Bitcoin that is created, there is an inherent risk of government intervention:

“No government will ever let another network or technology gain as much traction as Bitcoin has accomplished ever again should Bitcoin fail.”

Jimmy Chambrade, co-founder of Bitcoin-lyon — the only exchange in France where you can buy Bitcoin with paper money — highlighted that while separating the money from the state is key, Bitcoin is a “Résistance” money. Fundamentally, “censorship resistance is essential to the freedom of individuals.”

He explained that France was founded on “liberté” or freedom, and the famous painting by Eugène Delacroix “Freedom Leading the People” is so well-loved that in an incongruous twist of fate, it featured on the 100 franc fiat banknote.

On Bitcoin adoption, Chambrade added that “philosophically speaking, Bitcoin allows the citizen to regain financial control and gain freedom.”

The “Freedom Leading the People” painting ironically features on the former French 100 franc banknote (center right). Source: NumisCollection

While the thread of freedom sews the Bitcoiner belief-system together, according to Matthias Koller, co-founder of Pocket Bitcoin, the underlying implications of separating the power of money creation from the government by using a “money that works the same and is equally accessible to everyone” are huge. It can “change the world,” said Danny Scott, CEO of CoinCorner.

Bitcoin will be “for the greater good, for ourselves and others in the long term,” Scott continued, stating:

“We’re here to change the world, not take money from gamblers.”

Belief in Bitcoin > Taking profit from people

Interestingly, the Bitcoin-only business model brandishes a concerted effort to avoid selling “garbage,” according to Brewster and Waterman, and what Scott calls “taking money from gamblers” for the purchase of altcoins or “shitcoins.” 

Every single Bitcoin-only exchange leader commented on the altcoin business model, lamenting the ease with which altcoin exchanges, such as Coinbase, Kraken and Gemini make “short term gains” by selling “as many shitcoins as possible.”

Waterman continued, explaining that the more trading that goes on in an app, the more trading fees are earned, the more revenue goes up. He understands that “it [altcoin sales] makes sense from a business point of view.” Incidentally, Coinbase makes most of its income from buying and selling charges —one thing Strike’s Jack Mallers (one other Bitcoin-only believer) has taken intention at up to now.

For the Bitcoin-only brokers, the idea within the long-term advantages of adopting Bitcoin far outweighs what Scott describes as “forfeiting short-term income by not including the lots of of altcoins.”

Brewster agreed, wielding a hardline view:

“We are additionally keen to forgo early and considerably straightforward earnings that we might make by offering prospects with yet one more altcoin/shitcoin on line casino, that distorts the general public understanding of what Bitcoin is and why it even exists.”

Scott, who’s technically Brewster’s neighbor, as each CoinCorner and QuickBitcoins function from the Isle of Man (a budding Bitcoin hotspot), urged that “‘crypto alternate’ enterprise fashions appear to be targeted primarily round value hypothesis on cryptocurrencies. They seem to have misplaced their means and are not serving to the broader adoption of Bitcoin as a forex.

Bitcoin adoption curve. Source: Bitcoin Visuals

Liniger added that they “need to be a financial savings app, not a hypothesis app. That‘s why Bitcoin is the one cryptocurrency we help” — all the pieces else is “hypothesis.” Or in Brewster’s view, non-Bitcoin initiatives are “noise, a rip-off, a distraction or purely speculative,” a means for insiders of a undertaking “to dump on retail on the earliest alternative.”

2021 was plagued by examples of pump-and-dump schemes, cryptocurrencies that made up for poor utility with blockbuster advertising and marketing campaigns. The Squid Game Token went from $2,800 to successfully $0; memecoins flew earlier than abrupt crash-landing; and recognizing a “rug pull” has grow to be a talent in its personal proper for merchants.

Ultimately, Waterman is “completely positive” with “taking part in the long-term recreation on the expense of lacking out on some short-term positive factors.”

Bitcoin is a financial savings know-how

Store of worth, digital gold or just a saving know-how, on the coronary heart of every Bitcoin-only enterprise is to make it straightforward and handy for patrons to purchase Bitcoin. Waterman defined that “it ought to be straightforward and accessible to anybody in Europe to protect their wealth and grow to be financially impartial from the banking system.”

Globally, Bitcoin has been gaining traction as what Michael Saylor calls a hedge towards inflation, whereas Bitcoin’s deflationary financial coverage and its exhausting cap of 21 million are rising in enchantment to Europeans because of the inflationary setting within the European Union and the United Kingdom.

“We imagine that Bitcoin is one of the best ways to economize within the twenty first century, and we need to give all people entry to the world’s greatest financial savings know-how,” Liniger instructed Cointelegraph. Koller, a Swiss compatriot, chimed in, “We need to assist and encourage our purchasers to make use of a safe and exhausting type of cash for his or her financial savings. One that’s constructed on sound know-how and coverage.”

It’s that sound know-how that separates Bitcoin from different crypto belongings. Waterman defined how Bitcoin satisfies the blockchain scalability trilemma, an adequately cryptic phrase born out of the creation of Ethereum, however which Bitcoin seemingly satisfies. 

Bitcoin and the “scalability trilemma.” Source: Bitcoin Visuals

“Bitcoin has gained probably the most adoption; it’s probably the most safe community to maneuver worth over the web; and it’s probably the most decentralized (as everybody can nonetheless run a Bitcoin node. Nodes are broadly distributed the world over and Bitcoin can’t simply be modified, which is a function, not a bug).”

Related: ‘How I met Satoshi’: The mission to show 100M individuals about Bitcoin by 2030

For the bevy of Bitcoiners with whom Cointelegraph communicated, there was settlement on many points of Bitcoin, comparable to Chambrade’s “technical, industrial and philosophical,” causes. Plus, their conviction in Bitcoin guides their enterprise ideas.

However, the tl;dr is that Bitcoin-only corporations are laser(eye)-focused on promoting Bitcoin to Europeans just because it’s a greater type of cash. That’s why Brewster “point-blank refuse[s] to promote individuals rubbish that’s not going to allow Bitcoin to satisfy its potential.”

Leaving altcoin abuse to 1 facet, Koller concluded:

 “There isn’t any different type of cash that comes wherever near what Bitcoin has to supply.”

https://cointelegraph.com/information/shitcoins-are-garbage-bitcoin-only-brokers-on-freedom-and-finance

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About the Author: Daniel