Bitcoinpaygate CEO Christian Kirk Zøllner believes that more companies should begin providing consumers with more payment options, including Bitcoin. His team envisioned a payment gateway to ‘facilitate faster adoption and bridge the technology gap to the Bitcoin core for end customers,’ and this is exactly what Bitcoinpaygate is today.
How would you describe the relationship between your business and Bitcoin?
We are first and foremost a payment gateway. Our relationship with cryptocurrencies is that we have decided to take this to the mass market and allow it to be adopted by the financial industry and eventually reach people “on the street”.
What is your venture’s main purpose or role within the Bitcoin ecosystem?
As a payment gateway our role is to increase merchant adoption as much as possible. If we do our job right, and we give consumers the option to choose Bitcoin as their payment method, there would no longer be any excuses for not using it as payment.
How would you describe the Bitcoin economy today?
Adoption is very slow because there needs to be more companies such as ours to make it easier for consumers to utilize Bitcoin in their day to day dealings with payments. We see the Bitcoin industry growing, but slowly, due to the high technical know-how people need to have in order to fully adopt it. We believe the problem is an industry problem however and not a consumer problem. We need to be better and strive to make it simpler for layman people to use Bitcoin as their backend transaction network.
In what ways does Bitcoinpaygate positively impact the global promotion and adoption of Bitcoin?
You can say that we are the direct connection to the Bitcoin ecosystem for every time we sign up a new merchant.
You mentioned that adoption is slow. How do you see Bitcoin in the next five years, and do you have a Bitcoin price prediction?
Unless major political tendencies give Bitcoin a reason to flourish, it will probably keep growing steady yet slowly as it does right now. But we understand that sometimes, all it takes are major occurrences for things to change abrupt.
We are not much of a price speculation company. We do however understand that adoption tends to grow with price, so we are always welcoming an increase in price.
As a key player in the Bitcoin markets, what have been the greatest accomplishments or the best times you have had while operating your business?
The business has been very interesting, mainly due to the fact that we are dealing with unknown territory. It has allowed us to have some rather interesting conversations with people and dive into the potentials of a technology that is groundbreaking in ways we did not even imagine just 5 years ago.
How about the major challenges you are faced with?
The technological barrier to understand Bitcoin or understand why it should be used instead of a credit card is hindering the adoption. People care to pay for their goods as fast as efficient as possible and not having to learn about SHA256 before doing so. This leads us back to being an industry problem and not a consumer problem. Once we can give the consumer the same tools and improve on those tools for payment, and at the same time utilize Bitcoin as the underlying mechanism will we have actually moved the barrier.
What can Bitcoin users expect from Bitcoinpaygate? Are there plans to expand soon?
In the next year or so we don’t plan to do anything but improve our infrastructure and continue to sign up new merchants. At the moment we are improving our software by adding more customer friendly implementation for our clients while we are also signing up new merchants all the time.
What advice can you give to the thousands of Bitcoin enthusiasts, especially to new adopters as well as entrepreneurs?
Spend the Bitcoin you have. Do not horde. No merchant will ever sign up for Bitcoin as a payment mechanism if nobody is actually spending their Bitcoins. Companies want revenue and if Bitcoin is only for speculators then it will stagnate and never cause mass adoption.
Before we close, can you share any opinions regarding Bitcoin gambling?
Bitcoin gambling is definitely one of the industries that are quickest to adopt Bitcoin as payment method.
Thank you for your time, Christian. I greatly appreciate it!