While bitcoin is a virtual currency that is not usually found in physical form, a bitcoin startup company recently launched physical versions of the cryptocurrency. Low-cost denominations of 1/100th to 1/10th of a bitcoin can be bought from Finnish company Denarium available on pre-sale as of April 13.
The company is taking this step to encourage increased adoption of the digital currency and to help more people understand how it functions. This follows in the footsteps of Casascius, a company that previously tried to sell bitcoins in physical form in 2011.
Bitcoin Startup Prospects
Although the digital currency is slowly gaining acceptance in the online arena, there are still plenty of naysayers who doubt that bitcoin can be used as a general means of payment. In offering low-cost physical coins whose values are based on current market levels, the bitcoin startup is aiming to foster better understanding for the cryptocurrency.
Denarium CEO Henry Brade clarified that Casascius did not actually stop selling bitcoins due to lack of demand but that it had to cease because of regulatory problems. In Finland, the regulatory environment is clearer in terms of the bitcoin industry so he believes that Denarium is strategically placed.
“We want the coins in the hands of bitcoin enthusiasts all over the world so that they can use them as gifts to friends and family and while doing that they can explain what bitcoin is about,” Brade explained. He says that the company is working to ensure that everyone can get involved in the world of bitcoin.
As of now, the bitcoin startup is focusing its efforts on the markets in Europe, North America, Australia, and Asia. The company is waiting for the market to grow in Africa before deciding to target that market as well. In addition, Brade confirmed that South America is also being considered as a possible target market.