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0 sats \ 0 replies \ @CoinbitsApp OP 19 Dec 2024 \ parent \ on: I'm Dave Birnbaum, VP Product at Coinbits. AMA! AMA
Buyrun yapΔ±n!
When we launched back in 2018 we were desktop browser focused, and have just evolved from there. Now that we have a really good mobile app it's been tough to convince ourselves that a native app is worth the time investment, which would be substantial. But we do have it on the roadmap and will likely get started on that soon.
We are bitcoin first β and we prioritize features to help people benefit from bitcoin, which means self sovereignty and flexibility. Revolut is a great app too.
That's a good question β the main reason is simply that we don't have the marketing bandwidth. We have found that our brand resonates with people who are new to bitcoin, so we are investing more marketing energy in reaching normies than we are to maximizing our exposure to hard core bitcoiners. That said, I expect we'll be doing more with Nostr in 2025. π
We have a really exciting roadmap β check it out here. You can vote for your favorite ideas, or even submit your own. https://coinbits.productlane.com/roadmap
Haha. If being βhotβ means having an unbeatable grasp of macroeconomics and bitcoin, then Lyn Aldenβs basically on fire.
How interest in bitcoin seems to almost disappear when the price is down, and then when it gets expensive how people pile into it. I know this is well known but seeing it firsthand, and having to run a business through the doldrums of the extended bear market and then welcoming new people in during the bull run was quite the experience.
Unit bias is real! It's crazy how powerful it is. So many people are missing out on bitcoin because one BTC is so expensive. There's been some good discussion about this on X lately. I do not have a great answer for how to solve this but it's a real problem.
We offer Sats Mode on Coinbits and we notice many of our members prefer to use it. Hopefully that helps at least a little bit.
Differentiation! You can get bitcoin anywhere. It takes a special something, whether that be design taste, education resources, great support, fun features β something that entices people to give you a try.
Two luminaries that I admire and had the privilege to get to know are A. Michael Noll and Bill Verplank β€οΈ
There are a lot of opportunities to allow groups of people and communities to self-organize around capital pools and loans, but they are mostly restricted from doing so. It would be great to empower people to find the best, highest use of any money they have sitting around β it would unlock so much productivity and growth.
In order for bitcoin to change the world radically for the better, it is not necessary for all individuals to be able to own a UTXO.
- It should be secured by YOU as soon as it settles. We offer hardware wallet integration and automatic withdrawals. We do not want to hold your bitcoin and do not benefit from doing so. Until you withdraw it, it's held with one of the major custodians, Fireblocks, Bitgo, or Coinbase, depending on circumstances.
- We require 2FA on all withdrawals.
- Yes, see above.
- No, in fact we do not hold or access your funds at all. Coinbits is software that allows you to automate fund flows and trades among your custodial accounts.
- No, see above; we do not touch the funds of our members.
- The short answer is no, though many of our members held accounts with Prime Trust, and that process is still playing out.
- User data is encrypted in transit.
- Coinbits members open a Cybrid account. Cybrid provides access to fiat rails and bitcoin liquidity. Ultimately any dollars you hold with them sit in a bank account with Cross River Bank.
- See above, we do not hold member funds.
- See above, deposits might be insured but not by us.
- We are strictly a software company that helps you move your money and convert between bitcoin and dollars using accounts at licensed and regulated institutions. Our partner, Cybrid, operates in all 50 U.S. states and is licensed and regulated.
One of our guiding product principles we call "responsible gamification". Everyone knows that creating addictive experiences with gaming elements has developed into a science. It's up to us as product designers to decide WHY to use these powerful tools β to help people better themselves. Stacking bitcoin is like gamifying fitness apps β they help people live up to their own standards and aspirations. As a designer, I would regret creating experiences that were highly engaging but that users felt negatively about how much time they spent with them.
Good question. It can be challenging to manage the day to day of a fintech, which includes compliance and support, alongside thinking about growth and product. It's the kind of business that you should not get into unless you really feel strongly about the mission β being able to wake up every day and truly believe that our talents are helping set up people's lives for the long term is very motivating and helps offset the challenges!