Bitit.io: Simplifying Crypto-Currency
“Being normal. I think that’s actually really important when it comes to understanding your team, creating an organization that works for everyone in it, building trust,” says Nicolas Katan, CEO and co-founder of Bitit.io. Katan believes in living a simple life and applies the same to his work environment. Bitit.io is a France based crypto-currency exchange platform launched in 2015. The platform offers the option to buy Bitcoin, Ethereum, Ripple, and DASH. It offers services in 50 countries with a focus on Europe. Forbes France featured them in their magazine as one of the best platforms to buy bitcoin, Ethereum, and Ripple.
Crossing the Chasm
“We still haven’t gotten to the famous point of ‘crossing the chasm’, where we get to real, mainstream adoption and use,” says Katan about the challenges of crypto-currency. The prime challenge faced by crypto-currency is its complication. Users have trouble understanding complicated terms like blockchain. “We’ve focused on design and ease-of-use from the beginning, to make Bitit the absolute easiest way to buy and sell crypto-assets,” says Katan. The UX of Bitit is very straightforward. Users can create their accounts within minutes.
Monster in the Machine – Blockchain
Crypto-currency won’t exist without Blockchain technology. A Blockchain is a non-modifiable form of storing data. The information is transparent and stored on every data point in the network. The identity of users is secure with access to authorized personnel. Integrated with crypto-currency, Blockchain will remove the need of banks. “Great companies are going to be built by focusing on those usages, not by just forcing blockchain into a solution that would exist anyway,” says Katan. Applications that are possible solely because of blockchain tech must be prioritized. Applications that use it just because it’s a good word to use in a pitch deck should be discouraged, he adds.
The Pandemic and Cryptocurrency
The COVID-19 pandemic has affected international markets and trades. However, Cryptocurrency has seen an increase in use. “With a disease like COVID-19, we’ve seen that anything that can be done to reduce direct physical contacts helps to slow the virus down,” says Katan. While many stocks have seen a decline, Cryptocurrency remains strong. It is one of the safest forms of investment in COVID -19 times. “In a world where we now talk about borrowing and spending in the trillions of dollars, crypto-assets can be a great addition to the portfolio,” says Katan.
Ignore the Hype
“As a startup, that balance is never ideal, there’s always more work to be done than time to do it. It’s ok to also take care of yourself, to have your employees take care of themselves,” says Katan. He believes in a balanced work-home lifestyle. “Keep an eye on the hype and then ignore it. Every entrepreneur needs to focus,” is his advice to upcoming entrepreneurs. In a fast-moving industry that has new projects from unknown people coming up all the time, you need to know what’s happening, without being carried away. The COVID-19 pandemic has made the future of many sectors uncertain. Katan and his team at Bitit are positive that cryptocurrency will only become stronger in the future and hope to simplify the use of crypto-currency globally.