Bitcoin services are popping up constantly. Many involved in the Bitcoin community also have a mindset geared toward liberty, personal freedom, and an entrepreneurial spirit, so that’s not necessarily surprising.
Adam O’Brien, who got involved in the Bitcoin world in early 2013 and “researched the dickens out of it”, is no different. The co-founder of Canadian-based Bitcoin Solutions sat down with The CoinFront to discuss his company’s newest offering, his beliefs on Bitcoin, and much more.
So your project claims to allow users to “leverage Bitcoin up to 8x”. That’s a pretty bold claim, how does it work?
Absolutely! We offer 8x leverage on both short and long positions. This means that if you look to invest $100 in a long position leveraged 8x we will take your $100 and $700 from us to give you $800 worth of Bitcoin at the current market value… 8x more than you originally invested.
The way you profit is when the price of Bitcoin jumps you have 8x more than what you put in allowing you to take 8x more profits.
So if I understand this correctly, I invest $100 into Bitcoin Solutions, you match that investment 7x to give a total of $800. From there, as Bitcoin rises in price, I can cash out and receive the increase from the $800?
Thats right! The funds will be locked in your position. When you request to close the position the 7x that we have put up will be removed giving you the profits. Here’s a case study we have based on real events.
So you keep the $700 you put up. Seems like you’re breaking even at that point. How does Bitcoin Solutions profit from this?
We charge a small interest on the amount we put up. It’s currently 0.3% but we are in the works of going through and revamping the rates. You can find them here.
So what made you want to start a project like Bitcoin Solutions in the first place? Did you have a background in investing?
Well, as we are all seeing right now – it really sucks losing money when the price falls! Trading with our platform allows you to profit in the dips – which is really cool. Profiting 8x more than you would when the price climbs is just a really sweet bonus!
Personally I have been stock trading since I was of legal age. My partners have a combined nearly 30 years in the finance game! They bring the business aspect and I know what the customer looks for when using a platform; simplicity. It’s a brilliant team… if I do say so myself!
Are you involved in any other cryptocurrency related ventures?
Bitcoin Solutions as a whole aims to make Bitcoin accessible and understood. We own and operate a few Bitcoin ATMs across Western Canada as well as doing in person brokering. We also offer in house consultations either face to face or through online methods such as Skype and Google Hangouts.
Just today, I pulled the trigger to offer free consults for a month. So that’s good news for any newcomers interested in learning more about Bitcoin.
It’s not easy for newcomers to get into Bitcoin, and we aimed to make it more accessible. First through small time brokering which quickly escalated through large demand. I shortly thereafter started doing it through ATMs, and Bitcoin Solutions as we know it today developed.
On top of that we are always on the prowl looking to set up merchants to accept through our partner CoinOS and the Bitcoin Coop located here in Vancouver.
Speaking of newcomers, I think most people in the Bitcoin community believe the future for Bitcoin will be bright. What do you think the future has in store for Bitcoin?
Great things! I think we are merely scraping the surface of it’s potential. It still isn’t mainstream and not everyone knows about it. Once large companies realise they can save thousands if not millions of dollars by using Bitcoin instead of legacy payment methods we will really see Bitcoin being used for it’s large potential.
And that’s leaving aside the potential it has for security, charity work, donations, and third world and shadily governed countries finally having free access to money.
I agree with the crummy governance part big time, and have written about it before. I’m excited to see what Bitcoin can do for people in places like Argentina and Kenya
Absolutely – especially with what we are seeing in Russia and have seen in China.
Banks are a business. People don’t understand that anytime someone holds a monopoly (like the bank does in THE ENTIRE WORLD) it has massive potential for destruction. And when you can’t trust the banks, you have to turn somewhere.
No kidding. There’s no incentive to not be awful, since people have no choice but to do business with you. That’s no longer the case with Bitcoin.
Precisely. Crooked/insane things like inflation are also obsolete. Bitcoin, being deflationary, means that your savings are safe
20 years ago my folks bought a 3000 sq ft house for $100k. Big back yard. 4 stories. Nice place. Today, 100k won’t even get you a studio apartment. You can barely buy a BMW for 100k!
No kidding. A cup of coffee is like $4 now at most places, and that’s for just plain old drip coffee, not a fancy mocha java cappucino latte grande thing.
When my grandfather was growing up $4 could last for groceries for a week!
so there is certainly thing that Bitcoin does that regular fiat can’t. Put 100k away today for retirement. The way things are going, in 40 years it won’t even pay for a TV
But 100k in Bitcoin…let’s hope that can do something different. What do you think is the next big phase in Bitcoin’s development? What’s standing in the way?
Interesting Question. Ironically, I reckon it’s governance. Once the government states “Bitcoin is legal and is taxed x amount” then people will feel more comfortable.
As much as I hate to say it too, it may just take time. It took people 10 years to grasp debit cards, and now no one carries cash. Same with email and the internet. Look how we all communicate today!
So if people want to discover more about Bitcoin Solutions, should they just check out your website?
Absolutely, it’s a tbtcsolutions.ca.
You can also grab me on Twitter @adamobie, by email at adam@btcsolutions.ca, or through Google Plus at +AdamOBrienBTC. I’m always available and always wanting to chat Bitcoin with anyone, anytime!
I’ll be sure to send people your way at 4am on a Sunday morning. Thanks for chatting Adam!
30 mins before my morning alarm! Thanks, Brad, any time.
An Interview With Bitcoin Solutions' Adam O'Brien
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