A key element to the growth of Bitcoin is in simplifying it’s onboarding process to create adoption. Bitstocks CEO Michael Hudson took to the stage at the CoinGeek Toronto 2019 scaling conference to talk about what’s held Bitcoin back, and how his company’s product, Gravity, will help propel it forward.
The biggest hurdle to Bitcoin’s adoption hasn’t been in a lack of imagination, but in a specific sabotage of its development. Hudson explained:
“We have what I would call a crypto-cabal running rife in this industry. They’re literally trying to stunt the growth, set us back, using the negative loop cycles of problems, reactions, but never offering a solution.” (00:39)
The groups who create this negativity, and hold back greater adoption of Bitcoin, come from either ignorance, because they truly don’t understand what they are doing, or malevolence, because they have a rooted interest in keeping the status quo.
They don’t want Bitcoin to spread too far and wide because that would invite regulation of their criminality. They don’t want better development, or simplified tools, because that would invite more mainstream users.
Bitcoin SV (BSV) and Bitstocks want a better world though, so Hudson explains why we need to discard these bad actors. “The big issue is, institutions, regulators, governments, are going to look at behavior like this and we’re not going to have ETFs, we’re not going to have Wall Street combining with Main Street, we’re not going to have this included new world where we’re building a different economic system because some actors within this space deliberately do not want us to build this new economic system,” he explained.” (2:33)
To do that, Bitstocks has worked on Gravity, a new Bitcoin banking ecosystem that seeks to provide elegant solutions to onboarding new users to BSV. During a video presenting how far Gravity has come, Damien Hartley-Brown, head of design & brand at Bitstocks, explains that the goal is to strip back the complexity of crypto, and provide a simple, trustworthy system focused on the user. (5:41)
Hudson explained that in his own sign-up process, he was able to make a new account in approximately one minute, and get his account funded, with full anti-money laundering (AML) and know your customer (KYC) checks, in about half an hour. That’s a remarkable accomplishment.
Gravity is looking like a beautiful platform to onboard new users into the BSV space, and the UK and Europe won’t have to wait too long before they can get their hands on it. Hudson announced at CoinGeek Toronto 2019 that Gravity will be rolling out in August 2019 to those regions.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.