Erik Finman became a millionaire well before he was out of his teenage courtesy bitcoin (BTC). Later, the same Erik Finman pronounced Bitcoin dead. In all fairness, it was in the mid of a terrible bear market, which affected all major tokens, downing their value by almost 90 percent. Now, the bitcoin millionaire Finman, recently launched a new investing platform, CoinBits with an aim to bring crypto to the masses.
The 20-year-old high school dropout has full confidence in his new crypto endeavor, projecting that he’ll be able to get one million customers onboard within 12 months, which he believes to be a realistic goal. He even purportedly claimed that his platform is superior as compared to its rivals like Coinbase, because of its user-friendliness.
It seems that bitcoin has managed to regain the trust of Finman, mostly because of crypto adoption from big names in the industry like the social media giant Facebook, the cell-phone behemoth Samsung and media and telecom group AT&T. According to reports, Finman believes that 2019 is the 2017 for bitcoin and cryptocurrency, and that bitcoin can remain the most valuable cryptocurrency in the world, in his opinion, if it manages to solve its main issues.
According to him, the BTC network is plagued by several issues including high transaction fees, transaction speed, in-fighting and bickering and complex adoption. However, the complexity of adoption is the most important issue in his opinion. He shared in an interview:
The friends I went to high school with know the words ‘bitcoin’, ‘cryptocurrency’ and ‘blockchain’, but they don’t really understand what they mean. They know bitcoin as a get-rich-quick tool and little more. That needs to change if bitcoin is going to be around much longer
And that is exactly what he’s working on with CoinBits, which per its founder, is a better way to introduce people to the cryptoverse than anything else that is currently in the market. CoinBits enables its users to purchase bitcoin and additionally converts small fractions of real-world purchases made with a credit card into bitcoin. Basically, CoinBits is equipped to automatically round up the credit and debit card purchases to the nearest dollar and invest the difference in bitcoin for the user.
During his interview with MarketWatch, he said:
The goal of the application is to make cryptocurrency not just more accessible… but to make cryptos and blockchain technology tangible and more tactile
Furthermore, in order to maintain security and thwart data breaches, some 98% of bitcoins are in cold storage on the platform, while some aren’t even kept online. In theory, this makes the assets less vulnerable to data breaches, according to Finman.
Finman really wants to make crypto more accessible to the average person and he believes that even though several platforms have made that attempt, none of them have truly succeeded. He said:
I think many people have attempted to make bitcoin simple, but I don’t feel like anyone has fully achieved that yet.
Finman’s CoinBits model is strikingly similar to the one used by the micro-investment app Acorns Grow Inc. in order to facilitate investing and saving. The app lets users automatically invest spare change from their debit and credit card purchases. But the similarity is not something of a secret; in fact, Finman himself said that he wants CoinBits to become the “Acorns of Bitcoin”, which he believes will help in making crypto more accessible.
Finman has invested a handsome amount of $100,000 so far to build his Coinbase competitor and as of now CoinBits has 10 full-time employees and boasts about 10,000 users.