Centbee founder talks how BSV is transforming international remittance

Centbee has been on the frontline of the Bitcoin SV (BSV) revolution in the African continent, and during the recently held CoinGeek Seoul Conference, the founder and CEO Lorien Gamaroff broke down how BSV is transforming international remittance.

For Centbee, venturing from a simple BSV wallet into the fastest and most affordable remittance company in Africa was necessitated by the prevailing conditions in the continent. The company is based in South Africa, Africa’s economic giant. With the country having more opportunities than its peers, it receives millions of job seekers every year. These people need to send money back home, but the available options are either slow or quite expensive, usually both. Gamaroff explained:

Centbee founder talks about how BSV is transforming international remittance

It’s well-known that in Africa, it has the most expensive cross border remittance corridors. But not only that, there are all sorts of barriers, from the high costs, the complexity around actually moving that money – filling in the forms, and we have a lot of undocumented people living around there.

While there are fintech firms that have tried to solve the challenges, they run into the same challenges sooner or later as they depend on the same banks they try to replace.

Only Bitcoin can solve this challenge, and with this realization, Centbee has been on a quest to transform the remittance sector in Africa. But first, the company had to solve the foremost challenge: making the acquiring of Bitcoin SV easy and accessible across South Africa. This it achieved through the use of the voucher system, an onboarding method that has received praise for its effectiveness across the crypto community.

Gamaroff remarked, “If you go to the Centbee wallet and you go to South Africa in the map, you’re going to see that there isn’t a single stretch of the country that we haven’t covered. Even the smallest towns across the country have multiple locations where you can go into the store, hand over cash and receive Bitcoin instantly, not even hours or days later but instantly on your Centbee wallet. So, this is now our gateway, and now we can start creating this ability to move that money, and this is what we’ve done.”

The first corridor that the company decided to disrupt was Nigeria-South Africa. Nigeria is the other African economic giant and with over 200 million people, it was the best market to start with.

While many people focus on selling the potential of Bitcoin to those who are yet to try it, Centbee has used a different approach. As Gamaroff explained, the company uses Bitcoin as the rail, with the customer not even having to get into all the technical details involved.

To use Centbee’s remittance platform, the user just indicates the amount they wish to transfer on the Centbee Remit app. The user also has to indicate the name and the account number of the recipient. Centbee has to validate the details because, “there is a regulatory requirement about that.” The app then generates the bar code which the user can then use to pay at a retail store through the voucher system.

The company then sends the BSV to a local partner in the country where the recipient resides. With BSV being the fastest blockchain project, this only takes a few seconds. The partner in the other country then converts it into fiat and deposits into the recipient’s bank account.

How fast is the transaction, you ask? Gamaroff illustrated, “You could still be in the line at the cashier’s when you go and create that transaction. Before you’ve even left the store, the money is actually in the bank account on the other side.”

Centbee’s remittance solution has brought down the costs associated with this type of transaction drastically. In Africa, the cost of international remittance averages at 15%, an abnormally high percentage that hinders free trade between the African nations and beyond. But it’s not just the costs that it has brought down as Gamaroff explained:

Centbee founder talks about how BSV is transforming international remittance

But not only that, it’s the whole convenience of it. You know, it’s not just about the price usually. It’s the convenience. How easy is it for me to be able to go the store and without having to fill in a whole lot of complex information, be able to make that transaction.

It’s not been all rosy for the company. One of the challenges that it has faced is the regulatory environment. However, Gamaroff and his team have designed Centbee to be compliant. Already, the company requires important information from its users as required by the financial laws.

Away from Centbee, Gamaroff is excited about the developments taking place in the BSV ecosystem. Speaking to CoinGeek’s Jasmine Solana, he stated, “What we’re finding is that everybody is talking about the amazing products that can be built, the ways in which we can disrupt the existing industries. It’s really fascinating.”

CoinGeek Seoul Conference Day 2 highlights

While the first day of the CoinGeek Seoul Conference at the Le Meridien Seoul dove deeper into the technical capabilities of Bitcoin SV (BSV) blockchain, Day 2 looked at the actual use cases for the real world—from real estate, tech, gaming and entertainment, as well as environmental innovation and more as speakers and attendees discuss the business models and opportunities enabled by BSV.

Founding President of the Bitcoin Association Jimmy Nguyen opened the day, which was filled with announcements as companies introduced their BSV-driven projects. One of the biggest news was the introduction of ONEStore’s BUSKON, a platform musicians can use to upload their work and get paid in tokens bought for BSV.

“BUSKON is a music content distribution. Music players upload their content, while the customer, they listen or watch, [and] if they like, they just give a token to them [uploaders],” ONEStore CEO Jay Lee told CoinGeek, explaining why they chose BSV. “We made a lot of trial and errors, so finally we found that BSV can resolve all the issues we have.”

CoinGeek Seoul Conference Day 2 highlights

BitBoss, meanwhile, introduced a new casino product that aims to onboard crypto users in the space. In his presentation, CEO and co-founder Matt Dickson explained how they started years ago with a private chain called Multichain, which led the company in the right direction—to BSV.

Now, their new hardware product Bridge is poised to become a huge leap for slots and other electronic games found in casinos. Bridge is an end to end solution that allows players to play their favorite slot, have that machine update the back-end of the casino, and also communicate with a player via their phone, either their current credit amounts or marketing items the casino wants to put in front of them.

Using BSV, BitBoss has already created baccarat, roulette and lottery games, and is currently working on sic bo. The company also plans to offer Bitboss as a platform for other game developers to build on.

When asked how far away we are from having these games rival traditional offerings, Dickson said “we’re very close.”

So there’s a lot of online casinos now that accept [BTC] or BSV or Litecoin, whatever it may be, as a method of payment. What we’re trying to do is actually replace the entire infrastructure so that all the transactions are happening on the chain as well. And we’ve taken a lot of care to create very high value content… These games will have provably fair built in as well. So they’ll function just as well as a traditional online product, they’ll have provably fair built in, and they’ll run on the blockchain.

For Centbee, it’s all about crossing borders. The African Bitcoin payment solutions provider announced a new offering, Centbee Remit.

“It’s really good to disrupt cross-border remittance in the country,” co-founder and CEO Lorien Gamaroff told us. “In Africa, it’s infamous the high costs that it takes to move money, and you know, averaging 15%. Because of our innovative technologies, we believe that not only is this going to be a convenient and easy to use, cheap product, but it’s going to comply with all local laws and regulations.”

Also taking the center stage is WeatherSV, explaining how weather—on the blockchain—is bringing data driven industries to a whole new level. Founder Paul Chiari noted in his speech, “We see weather is important to everybody some way or another, and has a big impact on things like transport, insurance.”

On the sidelines of the event, Chiari explained to us the big idea behind WeatherSV: “It’s part of a bigger idea around agriculture industry and other industries. There’s a lot of waste and things like that. I see that data, you know, autonomous data collection from IoT devices and other ways, by getting their data and sharing it and utilizing it throughout supply chains and things like this so you can save a lot of waste, minimize a lot of waste and create a lot of efficiencies.

The fireside chat between Nguyen and nChain chief scientist Dr. Craig Wright was undoubtedly one of the biggest highlights of the two-day CoinGeek Seoul Conference. Aptly titled, “The Satoshi Chronicles: Part II,” the chat revealed a more emotional side to the man who created Bitcoin as he recounted his original vision for Bitcoin and what ultimately led him to a hiatus from the Bitcoin community.

Bitcoin, according to Dr. Wright, was created as an honor system—not for facilitating drugs and other “evil things” and illegal activities. The goal was for everyone to build applications that would positively impact people. Instead the very first commercial application that was built by someone on Bitcoin was, unfortunately, a heroin store, which eventually led to the creation of the Silk Road.

This led to Dr. Wright helping build software for tracking criminal organizations; however, he still felt his whole life’s work was being put to waste, and became “incredibly disillusioned.” Dr. Wright felt responsible and very remorseful for the casualties caused by the products sold on the Silk Road, to which Nguyen responded with, “I’m going to tell you, my friend, it’s not your fault.”

Even the attendees were riveted by the “insightful and very honest” discussion. David Case, chief architect of Kronoverse, told us on the sidelines of the event: “It was refreshing to hear his views in a historical context.”

George Siosi Samuels, managing director of Faia, noted the “good match” between Nguyen and Dr. Wright, saying, “Jimmy does a great job bringing out Craig’s relaxed side.”

For Brad Monahan of Jumpstarter, it’s all about accountability. He told us:

You can sense that he’s trying to bring the best in the world, and you know, for someone to come out and say, ‘Hey, I’m Satoshi Nakamoto. I’ve created this,’ and also, he’s also about accountability, and for him to sit up on that stage and say like, you know, ‘This was causing so much problems, and I brought that.’ He didn’t physically do it, but he built the platform for people to do it, but the fact that he came forward, it means righting the wrong, he’s building Bitcoin SV, and he’s pushing what Bitcoin’s originally supposed to be. It really shows he’s backing up and making things right.

The two-day CoinGeek Seoul conference came full circle with Nguyen closing the event by delivering the key message to the Bitcoin ecosystem: “It’s time to build.”

Catch all the recaps, interviews and highlights from the CoinGeek Seoul Conference here at CoinGeek.com.

Centbee CEO explains BSV’s real value during CoinGeek Toronto Conference 2019

Centbee CEO explains BSV’s real value at CoinGeek Toronto Conference 2019

The CoinGeek Toronto conference was bigger than many had anticipated, but showed how important Bitcoin SV (BSV) has become. Experts in cryptocurrency and blockchain technology were on hand to discuss what’s happening in the Bitcoin ecosystem and what the future holds, and one of the speakers on the main day of the conference was Lorien Gamaroff, founder and CEO of the Centbee BSV wallet. His presentation brings home the importance of BSV as a currency, showing how his company is working to ensure that it’s available for everyone, everywhere.

Centbee has its roots in South Africa, where it has become extremely popular. Gamaroff and Centbee are working to make it easier to acquire and easier to spend, working with commercial entities across not only South Africa, but the entire continent (1:34). The company has already established a number of relationships with the largest retailers in Africa, including Picknpay Hypermarket, Shoprite, Checkers, Builders Warehouse, Dion Wired, Ackermans, Pep and more.

Those relationships bring together a point-of-sale system (POS) offered by a company called Flash that allows users to purchase BSV directly through the POS or a kiosk. This is helping to facilitate BSV adoption by making it extremely easy to purchase and, ultimately, spend the cryptocurrency. With BSV’s extremely low transaction fees—fractions of a dollar compared to other crypto and fiat—it is becoming a way to pay for goods without losing income.

Centbee includes know-your-customer requirements (5:15) that meet local guidelines related to anti-money-laundering policies. Users in South Africa have to include their first and last name, as well as their ID number. In addition, BSV purchases have daily and monthly limits, in accordance with financial guidelines. Larger purchases are possible, but require users to supply more data.

During his presentation, Gamaroff included two real-world use cases, provided directly from BSV users. “Laura” and “Bill” shared their stories of why they have turned to BSV, as opposed to fiat, and how much it has improved their lives. Both are independent workers who constantly ran into trouble receiving payments for their work due to different reasons, but BSV has helped completely overcome those obstacles.

One commonality between them was the previous necessity of having to rely on bank transfers for their payments. These transfers would usually be delayed about a week or so, and result in fees being deducted from the amount as the transaction made its way from the sender to the recipient. After switching to BSV, payments are received in just a matter of minutes, and the fee is negligible—nothing more than a blip that’s hardly noticed. As Bill states, “[BSV] is the natural progression of where transactions should go.” (14:12)

Centbee's Lorien Gamaroff on how to get people on board Bitcoin

Centbee’s Lorien Gamaroff on how to get people on board Bitcoin

There is always a lot of activity going on behind the scenes that most cryptocurrency fans don’t see. The idea is to develop the industry to make adoption easier and more widespread and this is best facilitated when multiple minds can get together and collectively discuss what’s going on. Lorien Gamaroff, the co-founder and CEO of the Bitcoin SV (BSV) wallet Centbee, recently traveled from his home in South Africa to London for that very reason, and took a few minutes to discuss what’s going on with CoinGeek’s own Becky Liggero in a short interview.

As everyone understands, one of the most important aspects of crypto is having it accepted on a large scale by both retailers and consumers. Gamaroff and Centbee are working hard to help this onboarding process and recently launched a system in South Africa that allows any retailer to sell BSV over the counter. Consumers can select the amount of BSV to purchase using fiat and the merchant delivers a Centbee-generated bar code that can be scanned to allow the completion of the transaction. As Gamaroff indicates, the opportunities for South African crypto adoption are phenomenal.

The executive traveled to the recent Bitcoin Association wallet workshop, which was held in London. It was a long journey, but one that Gamaroff asserts has tangible value. It offered the participants the ability to pool their resources and put their collective expertise to work in order to brainstorm and make the Bitcoin space better. In addition to nChain experts, minds behind Bitcoin solutions such as HandCash and Money Button, among others, were on hand. Gamaroff explained, “There’s a lot of valuable insight that all the people here have and it’s very important to share that. We are all specialists in our own way and sometimes it’s very easy to get, kind of, tunnel vision, focus on your own thing. What we’ve been able to do here is share ideas, share experiences, things that we’ve learned, mistakes we’ve made and being able to benefit from all that valuable insight and being able to share all that.

That interaction will also prove beneficial as the different Bitcoin developers begin to work toward evolving Bitcoin even more. There will be greater accessibility, enhanced tools and services and more that will all make it easier for developers to create their applications, which will help promote consumer adoption.

For the first time, CoinGeek is taking its popular CoinGeek Conference to North America. CoinGeek Toronto will be held May 29 and 30 at the Carlu and everyone is invited to come out and see what Bitcoin is doing and how the ecosystem is evolving. This will be an awesome opportunity to be among some of the greatest Bitcoin minds and to learn more about the future of crypto and blockchains is going to bring.

Centbee, SA based Bitcoin wallet and merchant payment ecosystem raises £1 million from Ayre Ventures

Centbee, SA based Bitcoin wallet and merchant payment ecosystem raises £1 million from Ayre Ventures

Johannesburg – April 17, 2019: South African-based Bitcoin company, Centbee, announced today that it has closed its Series A round with entrepreneur Calvin Ayre, founder of Antigua-based investment firm, Ayre Ventures and CoinGeek. Ayre, who has invested £1 million (R18.3 million), announced that, “Centbee has a track record of making Bitcoin easily usable and accessible to everyone including merchants and consumers. They support the original Bitcoin protocol in the form of Bitcoin SV, and have demonstrated an extraordinary ability to attract users and we’re proud to support their further growth.” The deal was facilitated by nChain, leading blockchain advisory, research and development firm, which previously took an equity stake in Centbee in January 2018.

Jimmy Nguyen, Chair of nChain Group’s Strategic Advisory Board and Founding President of the Bitcoin Association (which advances Bitcoin SV’s global ecosystem) remarked: “Centbee has one of the most user-friendly Bitcoin wallets and merchant payment solutions we have seen. It is built using the original Bitcoin protocol, now alive only in the form of Bitcoin SV, which has a plan for massive blockchain scaling. This enables Centbee to offer low fees and fast transaction speeds. We will continue to work with Centbee as it sparks greater merchant and consumer adoption of Bitcoin BSV in Africa and worldwide.”

Ayre’s investment is part of a broader collaboration to advance the Bitcoin SV ecosystem. nChain will also support Centbee with its technical consulting services and access to its vast intellectual property portfolio (which is aimed at benefiting growth of the BSV blockchain).

Centbee is a Bitcoin wallet provider that makes it easy for consumers to acquire, store and spend Bitcoin with retailers and other merchants. Centbee supports Bitcoin SV because it is the only blockchain that fulfils the original Bitcoin design and protocol. Based in South Africa, Centbee was founded by co-CEOs, Lorien Gamaroff and Angus Brown. Gamaroff is a leading expert in blockchain technologies and cryptocurrencies. He has consulted and advised regulators and corporates internationally and is highly regarded globally as an educator and presenter. Brown has 20 years’ experience in payments and banking including the role of CEO of eBucks.com, a world-first bank-backed digital currency created in 2000.

“Centbee has made it easy for customers to buy Bitcoin SV easily at over 50 000 till points in South Africa,” says Brown. “Through this, we will help people move money simply and cheaply across borders to support family and friends. The investment will be used for product development, scaling and growth.”

Gamaroff is pleased with the progress made over the last few months at Centbee, “Our development roadmap is well defined with exciting payment and remittance products coming to market this year. We look forward to the next phase in our growth and development.”

Centbee is a gold member of AlphaCode, powered by Rand Merchant Investment Holdings, which identifies, partners and grows disruptive and scalable fintech businesses. Head of AlphaCode, Dominique Collett said: “We are delighted that Centbee has attracted the interest of two of the world’s most prestigious investors in the cryptocurrency and blockchain space. It certainly augurs well for the growth and development of Centbee and Bitcoin SV globally.”

The Centbee Wallet is available in the Apple and Google Play stores.

For Centbee and AlphaCode media enquiries: Michelle K Blumenau [email protected] or call +27 83 273 9891.

ABOUT AYRE GROUP: Founded by entrepreneur Calvin Ayre, the Ayre Group has investments and interests across the world. With a passion for content and publishing, fintech, real estate and property in seven countries around the world, Ayre Group supports and drives the world’s most disruptive innovations.

Website: ayre.ag

ABOUT NCHAIN GROUP: The nChain Group is the global leader in advisory, research and development of blockchain technologies. Its mission is to enable massive growth and worldwide adoption of Bitcoin SV, the original Bitcoin protocol as represented in Satoshi Nakamoto’s whitepaper – focusing on Bitcoin SV as the true Bitcoin.

Website: nChain.com

ABOUT CENTBEE: Centbee is a fintech startup based in South Africa, that builds products and services that make it easy to send, store and spend Bitcoin. Their vision is to help users pay for real-world goods and services using Bitcoin payment processes. The Centbee wallet, available in the App Store and Google Play store, enables the purchase of Bitcoin SV at till-points in over 50 000 retailers across South Africa. Centbee Remit makes it easy to send money across borders in less than one minute.

Website: centbee.com

ABOUT BITCOIN SV: Bitcoin Satoshi Vision (BSV) is the only Bitcoin implementation that follows the original Satoshi Nakamoto whitepaper, and conforms to the original Bitcoin protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Website: bitcoinsv.io

ABOUT BITCOIN ASSOCIATION: Bitcoin Association is the leading global organization for Bitcoin business. It brings together merchants, exchanges, application developers, enterprises, miners and others in the Bitcoin ecosystem to advance the growth of Bitcoin commerce. Bitcoin Association supports Bitcoin SV (BSV) as the original Bitcoin. As an inclusive organization, it welcomes companies and organizations who support or wish to learn about BSV and Satoshi Vision, even if you also support other cryptocurrency or blockchain projects.

Website: https://bitcoinassociation.net/


Come learn more about what Bitcoin can do with “No Limits” and the latest on-chain scaling developments with Bitcoin SV at the CoinGeek Toronto conference May 29-30. It’s easy to register. And pay with the world’s new money and you’ll receive a discount by using BSV via Coingate.

CoinGeek announces £1M further investment in Centbee wallet

CoinGeek announces £1M further investment in Centbee wallet

Calvin Ayre’s CoinGeek adds further £1,000,000 investment in the CentBee wallet: ”Centbee has a track record of making Bitcoin easily usable and accessible to everyone including merchants and consumers. They support the original Bitcoin protocol in the form of Bitcoin SV, and have demonstrated an extraordinary ability to attract users and we’re proud to support their further growth.”

The Centbee wallet, available in the App Store and Google Play store, enables the purchase of Bitcoin SV at till-points in over 50 000 retailers across South Africa.

The Bitcoin Vision: Episode 9

The Bitcoin Vision: Episode 9

Founding President of the Bitcoin Association Jimmy Nguyen is back on the road again, and this week, he’s updating us on the latest developments in the Bitcoin SV (BSV) ecosystem from Jamaica. The Caribbean island nation was an appropriate place to talk about the Bitcoin Vision, given that Nguyen was in the area for an event called the Visionary Summit, in which he shared the story of BSV, and how it is truly restoring the Satoshi Vision for Bitcoin, with leaders in private enterprise, government and academia.

The BSV ecosystem remains abuzz with the business of scaling. After all, it was only recently that the network saw its record-breaking blocks: On March 28, 113MB block were mined on BSV, followed by the first 128MB block mined by nChain’s BMG Pool two days later on March 30. More big blocks followed, and yet another 128MB block was mined by CoinGeek Mining on March 31.

Ryan X. Charles and the Money Button team get a lot of credit for these record-breaking blocks. The BitPaste app and Money Button allowed Ryan to fill three of these record-setting blocks with high-resolution pictures of San Francisco, uploading transactions using tools already available to the public.

The large block sizes are already big news for the network, but even more so for the miners. The 128MB blocks delivered transaction fees for the successful miner of 1.279 BSV, which is another 10+% of miner revenue on top of the normal 12.5 BSV block reward. Nguyen explains:

“The greater transaction fees that were earned on this big blocks is demonstrating the economics of Satoshi Vision at work. Satoshi always envisioned that as the block reward continually cut in half, miners have to earn more in transaction fees with greater transaction fee volumes to make up for the lost block reward and to continue to have mining state profitable. This is why we need blocks to continually get bigger and bigger to massive sizes so that the blocks can fit larger amounts of data, varied types of transactions such as the file uploads you’ve been seeing, payment transactions of course, smart contracts, tokens, internet of things, device communications management, and a whole array of other types of transactions you can do on BSV.”

Still on the mining news, the BSV network has also welcomed a new mining group—Kpool. The mining pool has quickly contributed significant hash to the network, quickly becoming one of the top three mining groups on BSV. The network is always happy to welcome more mining pools and groups, so if you believe in the Satoshi Vision, come mine on BSV today.

On the applications and services front, a new BSV protocol—D://Protocol—has been added to the BSV/DEVS directory. This dynamic Bitcoin protocol allows users to update content on the BSV chain by using D:// instead of B://. Check it out here.

Another win for Bitcoin SV is the launch of The White Wallet by The White Company. This is the first wallet that lets customers pay for their Amazon, Uber, Steam, and iTunes purchases with BSV. The White Wallet also allows cash withdrawals and use of prepaid Visa and Mastercard in 10 fiat currencies. Learn more about The White Wallet here.

This week’s Satoshi shoutout goes to the Centbee team, which has set a precedent for real BSV adoption in South Africa. Using a digital voucher program and Centbee wallet, users in South Africa can now easily buy Bitcoin SV at many major retailers with fiat, cash or credit card. Currently, there are already 50,000 locations participating, including Pick N Pay, gas stations, malls, liquor stores, and even Absa Bank.

Watch The Bitcoin Vision: Episode 9.

While you’re at it, also check out the previous episodes of The Bitcoin Vision here.

Centbee sparks widespread BSV adoption in South Africa with vouchers

Centbee sparks widespread BSV adoption in South Africa with vouchers

To acquire cryptos, one has to go through an exchange, or in the least, a peer-to-peer platform. While these methods are convenient to a point, in Africa, the crypto exchange industry isn’t as developed as elsewhere. This keeps some from getting their hands on cryptos. Not anymore.

Crypto wallet firm Centbee has launched a new and innovative method to acquire cryptos for South Africans. Users can buy Bitcoin SV (BSV) from all the leading retail stores in South Africa. These stores include supermarkets such as Pick n Pay, Shoprite, clothing stores such as Ackerman and hardware stores like Builders Warehouse.

The voucher system will not be limited to large retail stores. South Africans will be able to purchase BSV even at their local neighborhood stores. This is because quite a large percentage of these shops now use point of sale (POS) systems that allow them to accept electronic payments, including vouchers. This will ensure that even rural folk can join the BSV movement seamlessly.

And Centbee isn’t stopping there. Their CEO, Lorien Gamaroff, explained in a recent YouTube interview.

Centbee partnered with [email protected], a digital payments platform that serves an extensive network of retailers. [email protected] processes voucher payments at these outlets without necessarily knowing what the user is paying for.

To purchase BSV at a retail store, customers will be required to initiate a voucher on the Centbee application. The voucher will then generate a scan-able barcode. Then they just present the barcode at a retail outlet where it will be scanned. After handing the retailer the cash, the BSV tokens will reflect in the customers wallet.

Gamaroff explained:

“The beauty of it all is that the teller doesn’t have to handle any paperwork. All that they have to do is facilitate the digital payment from a service provider, and in this case, it’s Centbee to a retailer.”

Users who have tried the new voucher system have had nothing but praise for its simplicity and convenience. Some have taken to Twitter to spread the word. One user, Roley Brown stated:

Editor’s note: This article has been edited for clarity. Statements from Centbee CEO Lorien Gamaroff have also been added.

Centbee’s Lorien Gamaroff: Bitcoin SV alone is committed to sound money

Centbee’s Lorien Gamaroff: Bitcoin SV alone is committed to sound money

In this interview with CoinGeek’s Becky Liggero, CEO Lorien Gamaroff explains why Centbee chooses Bitcoin SV to power the company’s products.

Lorien Gamaroff, co-founder and CEO of wallet provider Centbee, is unequivocal in the selection of the cryptocurrency for the numerous products his company is developing. For him, only Bitcoin SV is poised for long-term stability, in keeping with the original Bitcoin whitepaper.

“One of the most important things about sound money is that it can’t change. As soon as you have a group of people, a committee, developers, or something like that thinking that they can know better about how the system should work, it’s by definition not sound,” Gamaroff said, by way of critiquing centralized financial institutions.

“One of the great things about SV is that they’re committed to that idea [of sound money]. And if you think about Satoshi Nakamoto when he said that the protocol should be set in stone, I think that he thought it was so obvious that it was self-evident, and didn’t spend enough time trying to show people that one of the things that makes something sound money is its stability,” he explained. “And none of the blockchains have demonstrated that they are willing to commit to something and make it sound, even though they have this idea and they pay lip service to the notion of sound money. So I’m very excited, as a wallet developer and a Bitcoin company, that I finally have a blockchain that I know is not going to change from under me.”

Centbee started out merely as the wallet app known for its minimalist design, which makes for its ease of use. “It doesn’t have any of the complex jargon around what Bitcoin is. It doesn’t talk about addresses and confirmations and so on. So we’re trying to strip it down to its barest, barest minimum where you have a balance and you can connect to your friends. So if you have contacts that are also using Centbee, they automatically come up in the wallet. Then you can easily go and make payments to them,” Gamaroff said.

Soon enough, he said, there will be added “social elements” to make the app handier. “What you can do is not only just send money to your friends, you can also chat to them, you can chat-pay. Now that’s a product that we’re going to be releasing soon,” he said.

Centbee has made it as easy and safe as possible for anybody to acquire cryptocurrencies. Gamaroff explained, “We have nothing to do with exchanges, but what we do have is, we allow people to buy Bitcoin, but instead of going to an exchange, what they can do is they can go to any brick-and-mortar retailer. They can purchase a Bitcoin voucher, so much like you would buy an iTunes gift card or something like that, and then easily scan that and then load your wallet with Bitcoin.”

The vouchers, according to Gamaroff, render exchanges unnecessary. “We really don’t like the idea of exchanges. We want people to think that there is only one Bitcoin because that’s the only thing long term, and we want to make it so it’s as easy as buying a bottle of milk,” he said.

He also spoke of a new product for merchants, called Scanpay, intended for maximum utility whether as a retailer or someone developing with the open-source software. “It’s a BIP70 payment point of sale [protocol], but this one is going to be an open-source payment system so anybody can go and take it, and integrate their own payment process into it and earn fees by providing that service to their merchants,” he said.

Gamaroff said that Scanpay also includes “management tools, administration tools, and merchant portals, so it’s very easy for those merchants to be able to retrieve accounting and submit that to the right tax authorities, but also just function as a business on Bitcoin.”

Watch all BCH Boys CoinGeek Week podcasts here

The BCH Boys, the self-described “Bitcoin SV Evangelists” and educators on all things blockchain and Bitcoin SV, had a busy time at CoinGeek Week last November 28 to 30, holding 13 interviews with leading industry players who were at the conference.

This YouTube playlist collects all the BCH Boys CoinGeek Week interviews for your convenience.

The month of November was a big one for Bitcoin, and gave the BCH Boys and their guests much to talk about.

Hear from the various entrepreneurs implementing Bitcoin SV in all sorts of useful products hitting the market, from wallets such as Handcash and Centbee, to crypto-paid beer from the UK’s Brewdog.

While the guests all share a passion for a peer-to-peer electronic cash system, they have a wide range of ideas of what sound money means, and how mass adoption will occur. The variety of opinions on the November 15 hard fork should give a wider understanding and appreciation of what took place, and what is at stake.

Among the guests was nChain chief scientist Dr. Craig Wright, who presented his thorough understanding of Bitcoin, and what it takes to be a universally used distributed ledger, which largely has to do with going back to Satoshi Nakamoto’s original whitepaper. In a second interview, Wright shares with the BCH Boys the newly-announced Metanet he is developing to be a replacement for the Internet itself, built to run on the Bitcoin SV blockchain.

Another guest was Money Button’s Ryan X. Charles, who appears in two interviews. Among other things, Charles looks back at the cryptocurrency market in 2017, which he characterizes as largely speculative and inherently unsustainable. He also looks to the future, at what could be expected of the Bitcoin SV ecosystem.

To go through all the interviews yourself, check out the BCH Boys’ YouTube playlist.

Apart from their YouTube channel, the BCH Boys also offer their latest content on Keyport TV, where creators receive micropayments in Bitcoin SV for content they provide.

Support for Bitcoin SV growing

Support for Bitcoin SV growing

Firms in the blockchain and cryptocurrency space have come out in support of Bitcoin SV, in light of the recent Bitcoin Cash hard fork.

Money Button, which runs Yours.org allowing users to monetize content in Bitcoin Cash, said in a blog post that “Bitcoin SV is the closest blockchain to the original Bitcoin protocol,” which the company said “fully and completely solved the problem of sound money for the entire world.”

Unlike with the ABC implementation that maintains a maximum block size of 32MB, Bitcoin SV has increased this to 128MB. Money Button supported this update, saying, “We need to raise the limits to the edge of the abilities of the software, and identify and fix all scaling limitations.”

Money Button CEO Ryan X. Charles, in a YouTube video, made similar points as in the blog post, noting that Bitcoin ABC and its supporters seemed to lack a clear mission statement. “In my opinion, the way this looks, is that you guys didn’t actually rally around the idea of sound digital money for the entire world. No one actually really cared about CTOR, and CDS, and the clean-stack rule. What you guys actually rallied around was booting Craig Wright from the community. You actually decided to agree to these unusual changes that not really everyone agreed to, but you agreed to them anyway because you realized this was a way to actually extract Craig,” he said.

Charles said that while it was unclear what the forked coins’ ticker symbols will be, “I personally don’t care about the name… What we’re really trying to do here is create Bitcoin at scale… We’re trying to solve problems for real people here. They don’t care what the name is.”

Blockchain-powered social media platform Matter.cash tweeted that it was running Bitcoin SV, but added, “We are still open on how to support both ABC and SV, and for now we needed to make a decision to move forward.”

Alex Agut of HandCash said his company will be following the Bitcoin SV ruleset “exclusively,” because of the “honest hash” used for mining operations, that is, hash power not borrowed from other networks. Agut pointed out that, contrary to what many are now saying, the hash war “is not over yet… It could take weeks or months, but based on hashpower and economic incentives, the SV ruleset is most probably going to be the imposed ruleset for BCH in the end, and we do not wish to change chains again. There is no technical indicator that points to another possible result.”

James Belding of Tokenized, the company that was recently awarded £5 million for its Bitcoin Cash tokenization solution, tweeted, “The Tokenized team will be supporting Bitcoin SV (BSV) exclusively. We firmly believe in the original vision of Bitcoin, as described in the WP and Satoshi’s early writings, and are proud to keep working to bring sound money to the world.” He said of ABC supporters, “We hope to join forces again in the future. We know how much you all care about the mission.”

Video streaming platform Keyport.tv tweeted, “We stand in support of Bitcoin SV because we believe that @nChainGlobal and @RealCoinGeek have the right plan to scale Bitcoin to global money.”

Bitcoin Cash wallet Centbee said in a tweet that it was supporting “the original #Bitcoin Protocol as described in the Satoshi Nakamoto white paper. @BitcoinSVNode is the only implementation that follows this protocol and that is why we support it.”

Satoshi’s Vision Conference day 3 recap

Satoshi’s Vision Conference day 3 recap

As more businesses try to get into the digital currency landscape, a session on cryptocurrency investing opened the third day and last day of the Satoshi’s Vision Conference in Tokyo.

Bitcoin anthropologist Christina Storey explained the importance of good investors in this space and shared the top qualities on how to become one: indifference to other people’s opinion, skepticism, and willingness to plan for luck. Storey stressed that in investment space, you have to be willing to recognize that you are always interacting with unforeseen events that may occur to you as the investor or unto your investment vehicle. She also mentioned how people tend to become cult members of their own belief, so it’s not a bad thing to cultivate doubt when looking for an investment.

Limited access to traditional banking system and a high number of remittances from abroad have made Africa a crypto-driven market. Lorien Gamaroff, CEO and co-founder of South Africa-based Bitcoin wallet Centbee, talked about how huge the crypto market in Africa and crypto adoption in this region. He explained how his company plans to help Bitcoin Cash reach mainstream adoption through its product.

“What we’re trying to do is make the experience very much like an existing social media like WhatsApp or Twitter,” he shared. He added, “If the Bitcoin experience is exactly the same as that (using WhatsApp and Twitter), then adoption will grow a lot more.”

Coinbase Senior Engineer Josh Ellithrope had an energetic update about the integration of Bitcoin Cash in their system during his presentation. He also shared recent developments like CashAddr, whose support helped mitigate people sending funds to the wrong chain, and Buy Widget. This new product enables third party developers to embed Coinbase buy functionality into their websites and applications.

Just when you thought the conference won’t get any better, Dr. Craig Wright entered like a true rock star with Metallica’s Enter Sandman blaring in the session hall. The nChain Group chief scientist discussed Bitcoin Network Topology, and also emphasized the importance of the Bitcoin community uniting as one.

“We’re going to build Bitcoin Cash as an ecosystem. I don’t want a fragment system,” Wright said. “To be strong, it’s not that we are centralized, it is that we are a whole. To be strong, we have to be unified and united. This is what happened. This is what corrupted us. We became split. We became divided.”

Dr. Wright ended his speech with a simple and yet powerful statement, “The power of Bitcoin is within Bitcoin. The power to make it work is in us,” and was received with applause and standing ovation from the audience.

Also watch: Day 1 and Day 2 of the Satoshi’s Vision Conference

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/satoshis-vision-conference-day-3-recap-video/