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Bitcoin-Economy Frankfurt/Rhein-Main #2

As part of our ongoing series of interviews with the Bitcoin-Economy Frankfurt Rhein-Main we want to introduce pioneers of the Bitcoin movement that accept Bitcoins for their products and services in our region so that you can get to know them a little better.

Our second interview is with Oliver Bünting (20) found and director of CryptoCoins Consulting Ltd. which concentrates on products and services dealing with Bitcoin/Crypto currencies.
The first product was introduced in 2013 at one of the Frankfurt meetups , the Pi-Wallet. The Pi-Wallet offers a safe and easy hardware solution to storing your Bitcoins.


Bitcoin Frankfurt:
Hello Oli! To start the question of all questions – When and how did you first hear about Bitcoin?
Oli: The first time I heard of Bitcoin was about 15 months ago. I had started with Forex trading and one article mentioned Bitcoins. I did some research and after a few hours I was in Bitcoin fever.

Bitcoin Frankfurt: At what point was it clear to you what disruptive potential Bitcoin possesses? Or was this more of a gradual process?
Oli: I think that I understood the possibilities but didn’t realize the size………..

Bitcoin Frankfurt:
You are a founding member of the local Bitcoin community in Frankfurt Rhein-Main. How did you find out about the community and why do you think it is important to network locally?
Oli: I found out about the meeting on I kind of tried to meet other Bitcoin enthusiasts in Darmstadt but I still have not managed to organize a meeting. I see the communities as the most important medium to spread the idea of Bitcoin into the masses.

Bitcoin Frankfurt: How do you think things have gone so far? Has anything surprised or disappointed you? What things would you like to do in the framework of the community?
I think we have made a lot of progress since our first meeting if you look at the organization and the quality of the meetings. Also positive is that more people come every time. We are really lucky that the Zentral gave us the possibility to meet there. Thanks Zentrale! I hope that in the future we can maybe meet more than once a month.

Bitcoin Frankfurt: What is your main motivation to promote the spread of Bitcoin?
Oli: I think the main motivation is the freedom that Bitcoin makes possible.

Bitcoin Frankfurt: Lets talk about your business activities. Last year you founded CryptoCoins Consulting Ltd. Together with your partner Mario. When did you get the idea and what milestones have been reached so far?
Oli: Early in 2013 we got the idea of CryptoCoins Consulting. We were both Bitcoin enthusiasts and our IT knowhow complimented our idea well. I think our first milestone is the creation of the Hardware Wallet.

Bitcoin Frankfurt: Your first product the Pi-Wallet offers a solution to the problem secure storage of your Bitcoins. When did you get the idea and what problems did you have in the implementation phase? What specific advantages does your product offer as opposed to the Trezor?
Oli: The idea for the Pi-Wallet came pretty fast. Personally I am a big Raspberry Pi friend and use 3 at the moment. As own cloud, mail server and of course for Bitcoin cold storage. At first I had my coins on a Bitcoin QT Client on a Pi. Then when Mario told me about Armory I thought „that´s it!“ compile Armory for Raspberry Pi. I didn’t realize it would be a nightmare and I spent 2 weeks 6 hours a day and deal with things like makefile-syntax. Our product is developed for long term storage of Bitcoins. It is affordable, totally offline and easy to use due to the software and hardware that is used.

Bitcoin Frankfurt: What projects do you have coming up? What vision do you have for your new company?
Oli: In the future we are going to continue to specialize on hardware wallets. We have come concrete goals and we will soon be able to offer them in our shop. Our vision is to establish ourselves in the area of hardware wallets, and to contribute to the safety of peoples Bitcoins.

Bitcoin Frankfurt: Not surprisingly as a Bitcoin company you accept Bitcoin payments. What experience have you made? Can you comment on the critic that Bitcoin is not good for the sale of goods and services?
Oli: We exclusively accept Bitcoins as currency. With service provider Bitpay the transaction is finished in less than 15 minutes. We don´t have problems with paybacks or payments to banks.

Bitcoin Frankfurt: Could you imagine participating in more activities in the near future – Non-profit or commercial- dealing with Bitcoin? Do you think that activities dealing with Bitcoin are going to have something to do with your future carrier?
Oli: I hope so, my dream is the be able to live from CryptoCoins Consulting. That reflects my current life rhythmic. I invest a lot more time in the company as my university education.


Bitcoin Frankfurt: Where do you see Bitcoin 5 years? Jörg Krämer the head economist at Commerzbank said that he doesn’t see Bitcoin play a role in the future since he can pay for his coffee with Euro.

Oli: I see the future of Bitcoin as a parallel currency that will be established in the internet. I think Bitcoin will take a similar position as Paypal, Western Union, and Skril. Bitcoin is built for the internet.
Bitcoin Frankfurt: Thanks for the interview.

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5th meeting


The 5th meeting of the Frankfurt Bitcoin community took place on Thursday the 12th of December 2013. The amount of people at the meetings has grown as the price of Bitcoin and we had to move into a bigger room at the Zentrale FFM. Hopefully the growth of the group and Bitcoin will continue into 2014.  

The main topic of the meeting this time was a presentation about „technical analysis“ from one of the founding members Winfred Strauss. The presentation was full of detailed information about the what,where, when and why of technical analysis: falling triangles, candle charts, moving averages. So far all the analysis shows that „buy and hold“ is one of the best strategies. You can check out the contents of the presentation here (in German)
The BTC1k-Party team also gave us an update. The Bitcoin course really have them a few sleepless nights. What at the last meeting as really far in the future seemed (Bitcoin price at the meeting in Nov was around 350$) suddenly was a reality. Thanks to the main sponsors Bits of Proof you can now get your tickets to the party for 1 BTC. This probably the first „real world“ use of the „colored coins“ concept for tickets. This shows one of the many uses of the block chain, not only is Bitcoin a currency but has many other uses of which we will see more of in 2014. 

The meeting was reported on by the Wall Street Journal (in German)

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