Among the things slowing down the mainstream adoption of crypto usage and mining are concerns over complexity, energy use, security, and direct control of assets. During Bitcoin 2022 in Miami, Roundtable hosted a conversation with cryptocurrency entrepreneurs Bobby Lee, founder and CEO of Ballet, and John Stefanopolous, founder of FutureBit, to assess these problems and explain how their companies are working to accelerate and increase participation. In this segment, Lee and Stefanopolous discuss the core issues and describe the thinking behind their solutions.
Most people think, you know, mining is a 3000-watt service, and that's where it stops for them," said FutureBit founder John Stefanopoulos. "We built these small energy efficient, affordable [units] that anybody can run on their desk. The company [seeks] to make mining more accessible to as many people as possible,"
Bobby Lee, founder and CEO of Ballet, described his efforts to personalize the other side of the crypto: storage and usage. He demonstrated how his new product, the Ballet wallet, can accelerate adoption by simplifying direct control over their cryptocurrencies and the keys needed to secure them.
"We want people to be able to hold crypto and hold their own private keys," said Lee. "We don't have to have crypto custody by a bank. We don't want crypto held by the government, right? We want people to own and have their own crypto."
Lee continued, "Unfortunately, today it's still too hard to do it. That's why a lot of people leave their coins on exchanges, on custodial platforms. Our concept is [for] people to hold it in their hands, and we've turned virtual currency into physical form by making an asset wallet where you buy and use [the asset] right away. There's no setup and you can load crypto in here. It's almost like physical gold."
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Watch the full discussion below:
John Stefanopoulos, Founder, FutureBit
Bobby Lee, Founder and CEO, Ballet