Online Q&A with UK wallet service Cryptopay
September 5, 2015
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There are many people getting involved in the cryptocurrency scene here at Wales and the UK. Over the last few years, innovation in the Bitcoin scene has been picking up and new services are arriving to allow the public to dip their toes in this new cryptocurrency based world. I have mentioned in past articles that Bitcoin must be easier to procure if it is to attract more users. In that sense, we have another great contender on the market.

Cryptopay.me allows you to purchase Bitcoin in nearly any denomination with low fees. It also allows you to do so using the faster payments method with a UK bank account. And if that wasn’t impressive enough, you can top up your Cryptopay account and make Bitcoin backed purchases with a debit card provided by Cryptopay.

I am always striving to find out the opinions and experiences from others about Bitcoin in order to gain insight from those who operate in the industry. Here is my short online interview with George Basiladze the co-founder of Cryptopay.

What made you want to start up a business in the Bitcoin scene?

We have been in the mining business for a while and got thrilled by the enormous potential that bitcoin can bring to the world of finance. I personally got thrilled by how bitcoin can change the payments industry and decided to join the party.

What do you feel separates you from the other Bitcoin based exchanges here in the UK?

Well, nothing much. My partner Dmitry has been around Bitcoin meetups in London for more than 2 years and he knows the scene. We know our peers, partners and competitors personally and feel good about it.

With other companies in the UK having to drop ‘Faster Payments’ as an option, was it easy for you to find a bank that allows you to facilitate this payment method?

No, it is not easy to find a bank for this and it is not easy to establish a healthy business relationship with a bank in the UK. At the moment, we cannot disclose how we have made it, but in the near future we will share our experience.

How easy or challenging has it been for you to operate here in the UK?

Actually, it is not challenging to operate in the UK. The regulation is favorable, there is no extra taxation or unnecessary bureaucracy. Banking is the only issue that we are facing here in the UK.

Do you feel that the lack of regulation around Bitcoin here in the UK is a positive or negative?

I think it is both. On the one hand, we’ve got the flexibility to operate in a way we feel comfortable, without any internal compliance and regulation. On the other hand, regulation is necessary, as more and more people are getting into the bitcoin space and they need consumer protection. Regulation will keep scammers out of the business and give normal companies clear and transparent game rules.

If there was to be more regulation here in the UK what is it you would like to see proposed?

Nothing special, just basic consumer protection, audit and reporting standards.

Do you agree with a block size increase from the current 1MB cap and what are your thoughts about the BIP101 proposal?

For the Bitcoin network to evolve, we need it to process more transactions faster. That is it. What is the use of a technology, that can be DDOSed by using 2 computers and $200 per day?

Do you feel a block size increase will benefit your business?

It will bring more stability to payments and will take out the frustration for our customers transacting in bitcoins. It would bring more reliability and establishment to the new payment protocol.

(Photo by Raymond Bryson)

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