Bitcoin, The Cryptocurrency

This week, I had the opportunity to sit down with Dylan McFadyen, the managing director of All4btc (All for Bitcoin). Dylan is a regular here at Transistor and has been here since we opened. He was able to give us a brief glimpse into the Fintech (financial technologies) world.

Bitcoin, the cryptocurrency.

Bitcoin is a digital currency operated by a decentralized authority. According to Investopedia, it is theoretically immune to interference or manipulation from government authorities. It was created in 2009 and offers lower transaction fees compared to other traditional online payment methods. This relatively new currency has become extremely popular over recent years and continues to do so, as more individuals gain awareness and trust in Fintech . For a more detailed explanation on Bitcoin, Dylan recommended Bitcoin.org. Here you can gain a more in­depth understanding of how bitcoin functions and even follow a guide to opening your first wallet.

Where did it begin for you?

Dylan has been interested in Fintech for years now. He explained how he was keeping up to date with it before he made the move to Berlin. However shortly after his move, he met the founder of All4btc through a mutual friend. And when the opportunity arose to work at a coworking space with other like­minded people ­ all of whom had a shared passion for bitcoin ­ he was quick to seize the opportunity.

“To meet other people who were making a living from Bitcoin and were building projects that will propel it into the future is truly inspiring.”

Since joining transistor, Dylan’s day to day activities have become centered around Fintech.

What is all4btc?

Put simply, bitcoin is a secure, fast, potentially anonymous means to exchange money internationally, at a very low cost. All4btc provides a method for Bitcoin users to spend their bitcoins. For example, you can purchase anything on Amazon or Ebay through all4btc in just four simple steps:

  1. Paste a product link
  2. Enter shipping details
  3. Checkout with Bitcoin
  4. Track your order

All4btc requires very little personal information and therefore takes less time at the checkout. Most traditional online payment methods require things like your private data, a sign­up/log­in and your credit card or Paypal details. All4btc does not. “Consumers want to take back a little bit of control in their lives, meaning they are free to buy globally, without asking permission to do so, or having their activities tracked.” This, Dylan described, was All4btc’s distinctive advantage – a sense of privacy.

Looking forward

Finally, I asked Dylan about his thoughts on Fintech consumer confidence and his thoughts on Bitcoin’s future. He explained, “Just like many other early­stage technologies, there is always skepticism. Early Bitcoin adopters were initially mocked, but as it grows and reaches a wider user base ­ seeping into mainstream culture ­ it will undoubtedly play a part in the next phase of the global economy.” Like any other currency, many people now interact with bitcoin on a daily basis. However, the fact that it is a relatively new, decentralized cryptocurrency generates a lot of uncertainty for many. It is important to remember, that this currency has no physical form, which is a strange concept for some. At the same time however, this makes it even more exciting that we can witness this rise in Financial Technology. It will undoubtedly play a huge role over the next few years – as to which form this takes – only time can tell. How do you think Bitcoin will be thought of in 50 years time?

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