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Bitcoin -‐ 2015 and Beyond Nick Sullivan, CEO/Founder of ChangeCoin
www.changeCp.com
Technology Revolu.on“Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people wonder why its powerful promise wasn’t more obvious from the start.
What technology am I talking about? Personal computers in 1975, the Internet in 1993, and – I believe – Bitcoin in 2014.”
-‐-‐ Marc Andreessen, creator of Netscape, founder at Andreessen Horowitz, in his ar8cle on Why Bitcoin Ma=ers.
“Bitcoin is a remarkable cryptographic achievement.”
-‐-‐ Eric Schmidt, CEO of Google !
Old Money -‐ Fric.on
Fees • ACH (typically $0.25 -‐ $0.45, up to $10 for same-‐day) • Credit Card (1 -‐ 3%, plus flat fee) • Domes.c Wire Transfer ($15 -‐ $35) • Interna.onal Wire Transfer ($25 -‐ $75)
User Experience • Enter payment informa.on • On another site, breaking flow
Time • Mul.ple hours/days, only on “banking” days
Global Currency
Anonymity Low Transac6on Fees
)?
• Neutralizes currency across borders
• Common store of value
• No need for personal informa.on to send payment
• Protects privacy
• Send across the globe in minutes for less than a penny
Why Bitcoin?
SmallTransac6ons
• Amounts as small as 1 satoshi (1/100 millionth of a bitcoin) can be sent (currently ~$0.0001)
Reduce Fric.on
Exis.ng transac.ons become easier. Example -‐ Cross-‐border remiKances • Coins.ph in Philippines
• Best “last mile” Bitcoin infrastructure in the world • 0.5 -‐ 2% instead of 9% for Western Union • Less than 1 day, 365 days a year
• Pademobile, similar, for Mexico • 37coins -‐ Bitcoin over SMS • BitPesa -‐ Bitcoin payments to mobile phones in Kenya
• 3% instead of 14 -‐ 24% for Western Union
Leapfrog to Bitcoin!
• 5.5 billion people worldwide are unbanked or underbanked • Philippines
• 20% have a bank account • 5% have a credit card
• La.n America • 32% have a bank account • 16% have a credit card
!
An opportunity exists for these emerging markets to leapfrog over costly banks and credit cards and go straight to digital currencies for electronic payments, commerce, and money transfer.
Make payments easier
Money flows more freely around the globe
New human behaviors, vehicles, and markets are created
Micropayment Infrastructure for the Web
Send Money Over Social Media
Men.on @change.p and an amount
We respond with a link to collect
Where else?
Currently Supported Upcoming
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Mar Apr May Jun Jul Aug Sep
Social Accounts Connected Tips Users
Viral Growth -‐ 30+% MoM
Bitcoin + Social Media = Mass consumer adop.on
Other Uses of Micropayments
• Disrupt the online adver.sing ecosystem • Are ads are the right way to mone.ze content? • Real value chain is the producer/consumer • Lacking micro payment infrastructure
!• Mesh networks -‐ everyone is an ISP, by the minute !• Chari.es/causes, fundraising, crowd funding
• #icebucketchallenge could raise money over Twioer • Micro crowd fund projects
Micropayments, con.nued
• Micro Labor -‐ new view on outsourcing • Next step of Odesk, Fiver, Mechanical Turk • Reviews • Social Sharing
!• Direct paid user acquisi.on
• Instead of paying up to $50 to Facebook or Google for the user to click, pay the user directly to try your product
!
!
!
Other Disrup.ons
P2PPayments
Fundraising Chari.es/Causes
RemioanceGiring
Disrupt
PayPal GirsGir CardsCash Girs
Disrupt
ContentMone.za.onMicro-‐Loans
Disrupt
NGO Funds Dispersal Crowd-‐Funding
Dona.ons
Disrupt
Wire TransfersACH
Money Transfer
Social Purchase
Pay directly over
InstagramTwioer
Bitcoin -‐ 2015 and Beyond Nick Sullivan, CEO/Founder of ChangeCoin
www.changeCp.com Currently Fundraising
Appendix
Government-‐backed currency?
Crazy bet: Within 10 years, a government will announce that they are using a digital currency as their primary currency. !
Pros: • Traceability/accountability • Criminal ac.vity discouraged • More taxes (less underground economy) Cons: • Loss of control !
Ecuador and Bolivia already have plans
References/Links
• hops://www.change.p.com/ • hop://datatopics.worldbank.org/g20fidata/ • hop://business.inquirer.net/54393/most-‐filipinos-‐have-‐no-‐bank-‐accounts%E2%80%94bsp-‐survey
• hop://www.cgap.org/countries/la.n-‐america-‐and-‐caribbean • hop://www.capgemini.com/resource-‐file-‐access/resource/pdf/wpr_2013.pdf
• hop://www.coindesk.com/bitcoin-‐venture-‐capital/ • hops://coins.ph/ • hops://www.37coins.com/ • hops://www.pademobile.com/en/us/
P2P Payment Networks -‐ Revenue
2013
Reven
ue
In Billions
$1,400 $2,800 $4,200 $5,600 $7,000
Square MoneyGram Western Union PayPal
P2P Payments by Spend
2013
Es.mates
in Billions
$100,000 $200,000 $300,000 $400,000 $500,000
Cash Girs Gir Cards (verified) Dona.on Remioance (verified)
Payments Market
Bitcoin Investmentin
Milli
ons
0
7.5
15
22.5
30
Chain.com Circle BitPay Xapo Vaurum Korbit Vogogo
$279.83M in investment to date*
EcosystemePaymentsMoney Transfer
Crypto-‐CurrenciesRe-‐loadable pre-‐paid Cards
ACH Wire EDI Paymode-‐X Syncada Sungard
Visa MasterCard
American Express NetSpend Payoneer
Walmart MoneyCard !!!
PayPal MoneyBookers Western Union
MoneyGram Remit2India
Xoom Travelex Walmart
ChangeCoin Circle BitPay Xapo Blockstream Coinbase Stripe BitCredits