Bitcoin has created waves in the world of finance. Look back to 2013 when Bitcoin first came onto the horizon. Its value rose by 6000% in a single year . This is an incredible rate and it brought up the idea that the virtual currency could really succeed.
But Bitcoin is a currency that has gained a lot of enemies. Companies that want to operate using the virtual currency struggle to create bank accounts, as a result. I spoke to Michael Gastauer, Founder and CEO of WB21 to discuss this issue that companies have.
AJ : Thank you for joining me today to speak to my readers about Bitcoin. First of all, could you inform my readers about what WB21 does?
Gastauer: WB21.com is a real-time online account opening and payment platform for Private and Business Customers from 180 countries. We offer the account opening in 18 currencies. We currently have 180,000 private and about 40,000 business clients using our banking platform. Our customers can send money to third-party bank accounts in over 195 countries for a 1% flat fee.
AJ: First of all, why do companies using Bitcoin experience such problems when it comes to opening bank accounts?
Gastauer: Bitcoin is a digital asset and can be described as a decentralized digital currency, where users can directly transact on a peer-to-peer basis without an intermediary. The use of Bitcoin by black markets have attracted the attention of media and financial regulators though Bitcoin is nothing illegal most banks don’t see it that way. Many refuse to hold it in the same light as actual cash or see it as an asset, and so they won’t touch Bitcoin.
AJ: And is there anything companies can do about this?
Gastauer: There are a few banks that are sympathetic to Bitcoin. I […]
