Editor’s Note: Sponsored by Monday Properties and written by ARLnow.com, Startup Monday is a weekly column that profiles Arlington-based startups and their founders. The Ground Floor, Monday’s office space for young companies in Rosslyn, is now open. The Metro-accessible space features a 5,000-square-foot common area that includes a kitchen, lounge area, collaborative meeting spaces, and a stage for formal presentations.
Bitcoin is hard to explain. It’s a “crypto-currency,” and it’s worth real money — just like Euros and pesos are worth real dollars — but it’s completely digital.
Blockchain Technology Consumer Solutions — or BTCS for short — was launched in 2013 as Bitcoin Shop, an ecommerce platform that allows users to buy goods with bitcoins and other digital currencies, like Dogecoin or Litecoin. Bitcoin Shop founders Michal Handerhan and Tim Sidie, now COO and lead developer respectively, had bought bitcoins but didn’t know how to spend them. So they created a way.
“They got some immediate traction from consumers and offers to help fund the company,” Chief Marketing Officer Charlie Kiser told ARLnow.com from BTCS’ Rosslyn office this month.
Kiser, who has worked in startups for years in the D.C. area, joined the team along with now-CEO and Chairman Charles Allen. In February 2014, Bitcoin Shop went public, raising $1.875 million in its initial public offering.
“Going public is not the most traditional route for startups,” Kiser admitted, “but it’s great in terms of speed and confidence in getting something closed. The idea was we could be one of the first publicly traded companies and we could accomplish some things in an industry with a lot of unknowns.”
In fact, most of the crypto-currency industry is unknown. While the currency exists, it’s not run by a bank or a government. It’s decentralized and far more unstable than currencies of developed countries. One bitcoin was worth more than $1,000 U.S. dollars near the end of 2013. Earlier this month, it was down below $200, and currently it’s hovering around $240.
There is no mint for bitcoins, either. Instead of a government printing them, they are “mined.” BTCS has a partnership with a bitcoin mining company in Israel. How are they mined? Anyone who wants a bitcoin must provide technological maintenance to the bitcoin system. The more bitcoins are circulating in the world, the more work a “miner” must do to get a bitcoin.
Bitcoins are exchanged and circulated on the “blockchain,” a “de-centralized peer-to-peer network” that works “effectively as a ledger system, reporting transaction,” Kiser says. Bitcoin was simply the first use of the block chain — many more are anticipated down the road.
That’s what intrigued Allen, a former engineer who was working at an investment bank before joining the company.
“I said ‘this company’s going to be much bigger than e-commerce,'” Allen said. “Bitcoin is basically the Internet in 1995. Back then, no one thought it had any use, but the technology made sense. At the heart of bitcoin, the technology makes sense.”
BTCS has invested in a company that produces bitcoin ATMs and is currently developing a bitcoin wallet, similar to Google Wallet, that will help its users keep their currency secure. BTCS hopes to be an access point for anyone to enter the crypto-currency space, in any form they choose.
“We’re hoping we can be a market leader into giving access to the digital ecosystem,” Kiser said. “We’re hoping BTCS is where you come for all that.”
Unlike other startups in emerging industries, BTCS has public investors to answer to. Investors can look to the four investments and one partnership BTCS has made as signs of progress toward market leader status. However, it’s simply too early to tell if these early gambles will pay off.
“We are long on bitcoin and blockchain,” Kiser said, “and we are getting ready to enter the valley of innovation. Whether it’s the currency or the blockchain, there’s been enough invested to know in five years whether there will be a consumer case for it.”
Through its investments and products, BTCS hopes to be the ones to usher the new technology into that era, but it’s waiting on the industry to help.
“There are all these problems that the technology solves,” Allen said. “They just haven’t been built yet.”
Good Friday evening, Arlington. Today we published articles that were read a total of 14436 times… so far. 📈 Top stories The following are the most-read articles for today —…
When Hamid Habib Zada and Negin Khwalpak fled Afghanistan with their daughter Maram two years ago in hopes of escaping the Taliban, all they brought to America was a backpack full of diapers.
Interested in Italian wine? Join the Arrowine team this Sunday, June 11 to learn and taste wines from Italy’s most prestigious regions.
When the pandemic hit, Arlington resident Matt White, like many others, could not get a haircut. He noticed his hair grew quickly and, rather than cut it, he decided to…
Camps are just the beginning of what’s in store at Art House 7 this summer. We’re thrilled to offer an array of exciting classes for both kids and adults!Rediscover your creativity with some of our AH7 favorites, such as drawing, hand-sewing, modern embroidery, and our popular 3-week Jump into Crochet classes. But that’s not all! We’ve added some fresh and exciting options to our summer class selection, guaranteed to spark your imagination.
To enhance your artistic journey, we have intensified some of our Ceramics: The Wheel classes to a full 3-hour duration. This extended time allows for more creativity and skill development in each class session. If you’re eager for a captivating twist, give Contemporary Still-Life Drawing & Painting a go. Or why not try an immersive outdoor painting adventure? We have a unique opportunity for you to bring your painting skills to life while learning and creating in the great outdoors with our Landscape Painting: Studio and Plein Air class!
We invite you to visit our website and explore our full Summer Session schedule, brimming with a diverse range of classes and camps. Classes and camps begin June 20th. Unleash your inner artist, broaden your horizons, and embark on a summer adventure like no other. Let’s make this a summer to remember at Art House 7!
🌿 𝐄𝐦𝐞𝐫𝐚𝐥𝐝 𝐌𝐚𝐬𝐬𝐚𝐠𝐞 𝐂𝐞𝐧𝐭𝐞𝐫: 𝐑𝐞𝐣𝐮𝐯𝐞𝐧𝐚𝐭𝐞 𝐘𝐨𝐮𝐫 𝐁𝐨𝐝𝐲 𝐚𝐧𝐝 𝐒𝐨𝐮𝐥 🌿 Local business is the heart of a strong community, and at Emerald Massage Center, we’re proud to be a vital part of that heartbeat. Our passionate team of Licensed Massage Therapists is dedicated to providing you with a sanctuary of relaxation, rejuvenation, and renewal.
🌟 𝐖𝐡𝐚𝐭 𝐖𝐞 𝐎𝐟𝐟𝐞𝐫 🌟
Our wide range of massage services includes Swedish, deep tissue, prenatal, sports massage, hot stone, aromatherapy, and more — all tailored to your individual needs. Whether you’re seeking relief from stress, muscle tension, or chronic pain, our skilled therapists will help you achieve total wellness.
🏆 𝐎𝐮𝐫 𝐂𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭 🏆
Homebuying 102: Contract Closing and Beyond
You’ve found the perfect house and you’re under contract, now what? Navigating the closing process can be daunting, but it doesn’t have to be.
Join ACFCU’s mortgage loan officers on June 21 at 5:30pm for part two in our first-time
Our archery classes start with the Explore Archery program. This is a six week course, with 60 minute classes for new archers ages 8 to 12.
Our indoor archery program is fun, rewarding and developmentally progressive. These classes are focused