Bitcoin startups have been exploding recently, and with the fall of Mt. Gox, once the largest bitcoin exchange, new services have started popping up in the North such as Safello in Sweden, or now Finland's very own Coinmotion.
But it’s not over yet, and to quote Teemu Päivinen, CEO of Coinmotion, the newest bitcoin company out there: “Bitcoin is at the very earliest stage of its lifespan, when negative news won’t kill it, they’ll only make it stronger.”
Yes, indeed, this might be true, and if so it’ll be thanks to companies who still believe in the turbulent neocurrency.
Finnish startup Coinmotion is among the latest believers in bitcoin. As their service reminds in many ways services provided by other companies, Päivinen told us there’s much space and markets for a company like Coinmotion, especially on the European scale.
Three years ago, the hassle to get bitcoins could mean waiting for more than a week. A year ago, thanks to the rise of national exchanges, this turned into a wait of one to three days. The Coinmotion team felt even this was too much asked, so a little less than a year ago they set out to find a way to make bitcoin exchanging quicker.
Purchasing bitcoins through Coinmotion should be as quick as it could get. Once the payment is confirmed the company releases the bitcoins (for a 3 % fee) in a matter of minutes for the price set on the screen. The price you see is the price you get, as Päivinen puts it.
Coinmotion also works as a wallet for your bitcoins and bitcoin payment options through Coinmotion are soon to be implemented in a variety of e-commerce services. Registered Coinmotion customers will find it quite easy to do payments in collaborating online stores with bitcoins.
Päivinen told us Coinmotion is all about being extremely easy to use and absolutely safe, and while he knows the latter has been under debate he adds that a big factor in the latest bitcoin scams has been social hacking - which refers to the hacker getting crucial information by means of psychology.
A quick example would be a thief pretending to be their victim and call the server maintaining company for passwords etc.
In order to avoid security breaches, the Coinmotion has a “cold” and “hot” wallet where the currency is held. The cold wallet is unbreachable but the hot wallet is more sensible. Still, any access to the hot wallet would require many individuals with separate pieces of information, rendering hacking attempts close to impossible.
Because Coinmotion intends to spread out across Europe they’re looking for a safety label with a tint of Finnish trustworthiness. To further attain this title they adhere laundering policies which is why all their customers are required to verify their identity. Suspicious activities are under strict surveillance so that financial regulatory rules are taken into action if needed.