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firm's identify: azteco
based by: Alexander Fernandez and Paul Ferguson
inception date: 2014
Location of Headquarters: Santa Monica, CA
Quantity of Bitcoin within the treasury: not disclosed
Variety of Staff: 12
Web site: https://azte.co/
Public or personal? Private
When Alexander “Akin” Fernandez first conceptualized Azteco a decade in the past, he merely needed to make it simpler to acquire Bitcoin. He needed individuals to have the ability to purchase Bitcoin with the identical ease with which they have been in a position to purchase a present card, and so he developed a system during which individuals might purchase pay as you go Bitcoin vouchers for as little as $10, which may very well be redeemed in a single minute. May.
Azteco Vouchers at the moment are accessible in over 190 nations, they are often bought on-line or with money from in-person distributors. The principle benefit of shopping for BTC by way of Azteco Vouchers is the truth that you shouldn’t have to disclose your identification to take action, the method of buying vouchers is fast and straightforward. Azteco presents each on-chain and Lightning capabilities, giving customers the choice to redeem their BTC on the Bitcoin base chain or the Lightning Community, a Layer 2 funds community constructed on prime of the Bitcoin blockchain.
In keeping with an estimate by Fernandez, a couple of million individuals have already bought Azteco vouchers. However their aspirations go far past the already spectacular variety of vouchers bought up to now: their focus is on Azteco serving a buyer base greater than 30x bigger, as Azteco performs its half in “normalizing” Bitcoin. .
Beneath is a transcript of our dialog, edited for size and readability.
Frank Korva: The place did the inspiration for Azteco come from?
Akin Fernandez: It seems from my very own expertise that Bitcoin may be very laborious to acquire. I spotted it doesn't must be like this. We are able to use a well-known system like top-up vouchers, which billions of individuals use to prime up their cellphones, and apply that course of to obtain Bitcoins. We simply must create a software program, distribute after which it is going to begin working. And lo and behold, it occurs.
Korva: Did you’ve gotten a selected buyer base in thoughts while you designed Azteco?
Fernandez: Sure, in my thoughts I used to be myself. I needed to have the ability to get bitcoins with none trouble or effort. I needed to go to the grocery store and purchase $20 price of Bitcoin and put it straight into my pockets. And I'm not distinctive. I can assume that there have been others like me who understood the proposition and the benefit of use and who took to it like a duck to water.
You discover that with innovations, lots of instances they arrive about as a result of individuals are fixing issues for themselves, not as a method to get wealthy or for some other cause than fixing their issues. And since individuals are alike, in addition they resolve different individuals's issues.
Korva: I’m speaking about my expertise. I learn that you just didn’t have financial institution accounts for a while. Is that this true and may you broaden on it, in that case?
Fernandez: Properly, I turned unbanked for a cause I don't know till right now. I went to “my” financial institution to money a test, and so they couldn't discover my account within the system. I didn’t obtain any communication from them in writing or in any manner. Abruptly, I didn't have a checking account. So, for a few years after that I didn't have entry to bank cards or any of the issues that different individuals within the West take as a right.
This taught me an incredible lesson that how tough it’s to do something within the twenty first century in the event you shouldn’t have banking services. You possibly can neglect about on-line purchasing. You possibly can neglect about any type of comfort like going to the shop and making card cost. That each one goes away.
So, once I was engaged on Azteco, it turned clear to me what a strong instrument it might be, as a result of, with Bitcoin, you possibly can't be unbanked by a 3rd social gathering. You may have management over your artificial cash.
Korva: I've heard you employ this time period “artificial cash” earlier than, and also you've mentioned how we shouldn't check with Bitcoin as actual cash. Why is it essential that we do that?
Fernandez: That is essential as a result of it’s true. Bitcoin will not be cash – it’s a database. Can it’s used as cash? Completely. It may be used as very, superb cash. It is a good simulation of cash. However it isn’t essential to have cash for it to be helpful.
Moreover, in the event you name Bitcoin cash, then all of the laws imposed on actual cash by the state could also be unfairly utilized to Bitcoin, making it tougher to make use of and slowing its unfold. Due to this fact, it is vitally essential to inform the reality about Bitcoin. It took so lengthy for Bitcoin to achieve each nook as a result of it has been misunderstood as cash.
WhatsApp reached one billion individuals in 4 and a half years. That is the type of proliferation throughout individuals's telephones that we’d count on if the rails for accessing Bitcoin have been frictionless, like they’re with WhatsApp.
The truth that Bitcoin has not reached such a lot of individuals exhibits that there’s something incorrect with the way in which individuals are serious about it, and so it is crucial for us to consider it accurately.
Korva: How many individuals is Azteco reaching? Put one other manner, what number of vouchers did Azteco promote within the third or fourth quarter of 2023?
Fernandez: Being the CEO and CFO, I don't have the precise numbers. However final month was our largest month ever. This was instructed to me yesterday. The variety of vouchers we’re promoting is growing, and this can be a direct results of our elevated distribution and the altering sentiment in the direction of Bitcoin globally.
We’re the simplest strategy to get bitcoins. When individuals seek for us, they are saying two issues: “Initially, why isn't all the pieces that simple?” and “How have I not heard about this earlier than?”
Issues are aligning and taking us to a degree the place we have now develop into a world power for good and bringing Bitcoin to those that want it most – the unbanked and Those that don't have monetary rails or entry to individuals. Those that don’t wish to develop into victims of monetary constraints.
The old fashioned of Bitcoin companies which have been serving individuals for the final 10 years imagine that Bitcoin is cash and it is vitally laborious to get an account. Everyone seems to be so drawn to the thought of having a checking account or any sort of account, whether or not it's by way of e-mail or the rest. The idea instantly is, “Properly, certain, I’ve to have an account to make use of this service.”
Nevertheless, this isn’t true with Bitcoin. No account required. (Some) pockets firms are doing it proper. Certainly one of them is Samurai Pockets and the opposite is Satoshi Pockets the place you don’t want to open an account to entry your cash.
They’re saying that you shouldn’t use Bitcoin with out an account. That's what they're attempting to do within the EU.
Korva: We’re doing this right here within the US with the Digital Asset Anti-Cash Laundering Act (DAAMLA), a invoice additionally authored by Elizabeth Warren.
Fernandez: These individuals are oath breakers. They’ve sworn an oath to defend and uphold the Structure, which ensures each American free speech. Bitcoin is speech. It’s a database the place speech is transcribed and saved and transmitted from one individual to a different.
And lest anybody assume I'm choosing on the Democrats, not the Republicans, Cynthia Loomis has written a completely horrific invoice, which I had nice enjoyable tearing aside on my weblog.
He doesn’t perceive what his function is as a public servant. A servant will not be underneath the management of his masters. A servant is obedient to the voters. It's not their job to inform people who you need to do KYC to make use of Bitcoin.
Korva: On the subject of US and KYC-free Bitcoin, have you ever seen individuals utilizing Azteco as a result of they need KYC-free Bitcoin?
Fernandez: To take maintain within the US market, the service must be convincing. Individuals must be deprogrammed. They don't perceive that Bitcoin will not be a method so that you can earn extra fiat.
Individuals want to interrupt out of those dangerous habits by exhibiting them that there actually are higher methods to get issues accomplished. The right instance of that is WhatsApp.
Earlier than WhatsApp, individuals used to pay for SMS messages, whereas the thought of it’s unimaginable now. There must be an identical course of with Bitcoin, the place you possibly can ship cash to relations with out going by way of a 3rd social gathering or paying exorbitant charges or revealing your identification or something like that.
With Bitcoin, you (additionally) get different delicate advantages. Hyperinflation is starting and individuals are starting to comprehend that there’s something incorrect with cash.
Individuals discover it very tough to get to the basis reason behind value will increase at McDonald's. Suppose they came upon the explanation, what might they do about it? They will go and get Bitcoin, however these individuals must go down a number of steps earlier than they see Bitcoin as the reply.
Korva: I agree.
Fernandez: Moreover, the present crop of companies – massive ones like Binance, Coinbase – are synonymous with Bitcoin. Azteco must develop into synonymous with getting Bitcoin. Most individuals on earth should not wealthy. They don't have $100,000 to spend on Bitcoin. They reside day-to-day.
Since these individuals are not buyers and shouldn’t have extra cash to maintain in Bitcoin within the hope that it’s going to go up – which in fact it is going to – they want Bitcoin as on a regular basis cash for on a regular basis bills.
When you begin speaking about these items, enterprise alternatives and fashions begin to fall out of the dialog. All these Cynthia Lamises and Elizabeth Warrens are doing is stopping these enterprise fashions from rising as a result of they’re regulating one thing they haven’t any enterprise regulating.
Korva: Talking of different companies, I've heard you say good issues about Machancura, a protocol that makes it simpler for Africans to make use of Bitcoin in a KYC manner, and it serves as a praise to Azteco. . Which different firms within the Bitcoin house admire Azteco?
Fernandez: Moral Bitcoin pockets is a pleasant praise. By moral I imply Samurai Pockets and Satoshi's pockets. I do know some individuals don't like Satoshi's pockets as a result of the structure on the backend is to not their liking, however these individuals don't run companies – they don't understand how tough it’s to do these items.
The latest entrant is Bitkey Pockets. This Bitkey pockets is completely unimaginable. He has thought of this correctly. Consumer Interface and Consumer Expertise – It will make everybody change their sport.
I've been saying for a very long time that Apple, Microsoft or another firm goes to enter Bitcoin and convey that consumer expertise to the method of utilizing Bitcoin. The present technology of firms haven’t thought of consumer expertise.
Jack Dorsey's Bitkey has been a shock to lots of people who’ve realized that we will't maintain doing what we wish to do and count on individuals to just accept it – the concept You need to write your reminiscence earlier than you obtain your first transaction. That is full insanity.
If Apple developed its personal Bitcoin pockets or cloned one of many Bitcoin wallets, Bitcoin could be uncovered to individuals in a manner that’s a lot simpler to grasp, a lot simpler to devour. There will likely be a brand new technology of Bitcoin customers for whom Bitcoin is totally regular – not threatening, intimidating or intimidating.
Korva: Similar to utilizing WhatsApp or Uber is now regular…
Fernandez: That's excellent. Bitcoin needs to be boring.