Coinsecure is one of the prominent startups in the Indian Bitcoin space. We had an opportunity to interview its founders Benson Samuel (CTO), Jincy Samuel (COO) and Mohit Kalra (CEO). We asked them few questions and this is what they had to say.
Gautham: Before we start, why don’t you introduce Coinsecure to our readers?
Jincy: Coinsecure started its journey in June 2012, where the main focus was to promote awareness and get more people involved in Bitcoin. It gained a lot of momentum through media outlets and meet-ups that were organized across India.
It was then acquired in June 2014 by an industrialist and Bitcoin enthusiast. Today, we work with the single motto of “Connecting India to Bitcoin” and this has enabled us to work on products that chart out our next – generation offerings for the Bitcoin eco-system in India.
Gautham: Of all the different sectors you could have chosen, what made you choose cryptocurrency?
Jincy: Digital currency was supposed to be the next generation offering, and we found our niche in this space due to our existing skill sets. Moreover, we ourselves were intrigued by crypto-currencies as we understood the potential that crypto-currencies, specifically Bitcoin has and the problems that it could solve in our current financial situation.
Gautham: Please tell us more about the founding team
Jincy: Mr. Benson Samuel, CTO with a vision to build the Bitcoin ecosystem in India and get as many people on board this journey, founded Coinsecure. Then, Mr. Mohit Kalra acquired Coinsecure. He is an early adopter of Bitcoin and comes from an esteemed business house that specializes in zipper manufacturing.
Gautham: Have you raised any investments so far?
Jincy: Yes, we have. We are a seed funded start-up.
Gautham: The Bitcoin space is growing fast, where do you see Coinsecure fitting into the overall infrastructure?
We’ve launched our very own block explorer the first and only kind in India, a paper wallet solution for Bitcoiners, our news channel that helps consolidate news across the crypto space in India and our Trade Engine where we have deployed the best technologies so far!
We intend to grow further and build more cool features and products along the way! So stay tuned…
Gautham: Is there anybody at the company that our readers may be interested to know about?
Jincy: While all our team members have been exceptional, some key names that could make a difference here would be:
- Benson Samuel – Our Co-Founder and CTO is a very well known personality in the Bitcoin space. He is the Moderator of the India Bitcoin Forum.
- Mohit Kalra – Delhi based industrialist, very well connected with the core development team of Bitcoin like Jeff Garzik.
- Pankaj Bharadwaj – Known as escrow.ms on the Bitcoin Forums, an expert trader!
We also have a very strong consultant panel in the technology and legal space.
Gautham: Can you tell us more about the technology behind Coinsecure?
Benson: Our exchange is an advanced algorithmic trading platform where price discovery is done by the exchange users. Our users are allowed to place their request to purchase/sell Bitcoin and on full or partial completion of the Trade, the order books and balances are updated.
We have made it very easy for people to buy and sell Bitcoin.
Gautham: Where do you see Bitcoin in 10 years, in terms of value and in terms of where it will fit into both online and off-line commerce?
Mohit: I feel in the next 10 years, commodities and products will be valued by the general public and hence fiat will hold no value due to super inflation and its dropping value. Bitcoin will be the price setter for everything. Something like, milk will be valued with Bitcoin and not with fiat. In today’s scenario, Bitcoin gets valued with fiat and hence we see a lot of volatility. That will not be the case in the near future.
Bitcoin will fit in as a global mode of payment. It will be the sole currency and not valued by the fiat. Whether online or off-line commerce or just holding Bitcoin, the freedom of being your own bank is unbeatable. The freedom of government and banks not controlling our money, we thought we would never have, is now here and it’s Bitcoin. It’s an opportunity for people in rural places with no banks to hold and protect their money with no registration or saving fees at all.
Gautham: What do you think about the future of Bitcoin in India?
Jincy: Bitcoin has been a highly debated topic across India. Whether it is in the hallways of law schools or one of the 100’s of technology conferences across the country, Bitcoin is on the menu! Surprisingly slow in its up-rise across India, Bitcoin is being observed rather than consumed across the country.
India is a large country with over half its population are either unbanked or in an unbankable state. Reasons range from unreachable geographies, to unprofitable or unsustainable areas, and many other factors.
Bitcoin’s strongest use in India is that everyone can be “banked” TODAY by this global technology masterpiece! With the current wave of ‘enabling a cashless society’ sweeping across the country, Bitcoin is in the right place at the right time.
Gautham: What should Bitcoin enthusiasts be doing to prepare for this future of Bitcoin?
Mohit: I think we should start by valuing our products and services with Bitcoin and not with fiat. We should teach our raw material providers and service providers about Bitcoin and make them accept Bitcoin, so at the end the value of the final product can also be decided in Bitcoin. For example, if for a mobile manufacturer, all the raw material and third party material acquired will be with Bitcoin, the manufacturer would be able to value his finished mobile also with Bitcoin and hence sell his product with Bitcoin, and will have nothing to do with the fiat value of it.