Jordan Anderson is the Chief Operating Officer of Bitbuy, where he oversees sales, marketing, and customer experience. He is responsible for delivering strategy and direction to Bitbuy clients and scaling the business through operational excellence. His experience in cryptocurrency dates back to 2014 when he co-founded InstaBT. Currently, Bitbuy has 15 staff, has served over 75,000 customers and has executed over 150 million dollars in trading volume.
The Bitbuy writers sat down and did a Q&A with Jordan to discuss how Bitbuy is handling the crisis, the current market sentiment and more.
Q: How is the Bitbuy team managing during the COVID- 19 situation?
A: Our priority has always been the health and safety of the Bitbuy staff and the way that the business is structured is that we are all able to work effectively from remote locations. Luckily, as of now all of our staff is healthy and following the social distancing protocols that have been recommended by health officials. Communication tools such as Slack, Zoom, and email make it easier than ever to be able to collaborate on operations, initiatives and projects.
One thing that we take a lot of pride in is our phone and email support which we will ensure isn’t disrupted during the current crisis. For more information on how we will be maintaining operations, please refer to this blog post that was released last week.
Q: There is obviously a lot of financial unrest. What is the current sentiment in the Bitcoin OTC market you are hearing?
A: Between March 12th and 13th, 2020 when Bitcoin and other digital currencies lost approximately 40% in value over a 24 hour period, we thought that the sentiment was going to take a turn for the worse and many of our clients were going to be uninterested in accumulating more Bitcoin. What has actually happened over the past two weeks is quite the opposite.
For those that don’t know there is a major bailout about to hit US economy. This requires a stimulus package of ~2 trillion dollars of QE (a fancy way of saying money printing). Similar stimulus packages are being proposed for Canada and many of our clients fear USD and CAD (FIAT currency) inflation and are therefore looking for alternative investments that are classified as “hard” or a stronger “store of value” than FIAT currency. Investors tend to put Gold and Real Estate in the store-of-value asset class also. For a detailed comparison of Gold vs. Bitcoin please refer to our previous article here. Bitcoin is dis-inflationary meaning that very little supply is being released on an ongoing basis. Bitcoin has a hard cap of 21 million coins.
Due to the recent events and the hard cap on new Bitcoin that can be minted, Bitcoin as a store-of-value is looking more attractive than ever to our clients. Interestingly enough we ask all of our clients why they want to buy Bitcoin and other cryptocurrencies and some of the responses that we have been receiving lately are worth sharing:
“To move from a currency that is infinite, to one that is finite.”
“Current economic situation and devaluation of fiat currency in the long term.”
“Protect against market downturn and government printing endless money.”
Q: Bitcoin was born out of the 2008/2009 financial crisis. How does it hold up 12 years later during these uncertain economic times?
A: A interesting fact that I would like to share about Bitcoin is the hidden message that Satoshi Nakamoto, the presumed creator of Bitcoin put in the genesis block. It reads “sknab roftuoliab dnoces fo knirb no rollecnahC 9002/naJ/30 semiT ehT”. Now if we put that backwards it says, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”. Of course, this is a hidden message referencing the famous headline of a newspaper signaling the dire situation of the banking system at the time. Clearly, the state of the financial world was top of mind for the inventor of Bitcoin, and he/she had a desire to create something better.
You could derive that the bailouts of 2008 served as inspiration for the type of currency that Bitcoin could be. Peer-to-peer electronic cash with a finite supply, that can’t be ‘printed’ by the powers that be. Many people strongly opposed all the bailouts that were happening in 2008, but it seems the world’s central banks will again be leaning on the bailout to get many corporations out of this current situation in 2020. Certainly, we are headed for more uncertain times in the traditional banking landscape.
It’s my belief that this could be a catalyst for more Bitcoin adoption as the world will move toward an asset that is not manipulatable, not seizable and not infinite in supply or highly deflationary. When you combine that with the upcoming halving, it certainly is an exciting time to be in the Bitcoin and cryptocurrency space. I believe that this is a time where digital assets such as Bitcoin definitely has the potential to attract more mainstream attention than ever.
Q: What are some online resources that we can use to learn about crypto and Bitcoin?
A: There are great online resources everywhere, starting here, with the aptly named Bitbuy Resources. We recently put out great guides on scams to watch out for, best practices for security, and have done deep dives on Bitcoin, Ethereum and other coins in the past. Another great resource is Blockgeeks, a Blockchain and crypto education hub that we have partnered with in the past.
We will soon be doing a series of webinars on security, trading and more to further remotely engage our audience and continue teaching. We see webinars as a great way to engage audiences from around the world and look forward to getting started. Also, when looking for the latest on crypto and Bitcoin, don’t forget social media! There are a number of great personalities putting our crypto content every single day that are worth a follow.
Q: Who are some of the best #cryptotwitter follows?
A: There are too many to name, but one great follow is Anthony Pompliano @Apompliano, who is head of Morgan Creek Digital which is a Bitcoin fund. He is very bullish on Bitcoin and often appears on mainstream media as an advocate for the cryptocurrency industry. Chengpeng Zao, or CZ @cz_binance is a great follow as well for those interested in the inner workings of the world’s largest crypto exchange. For crypto trading analysis and signals, you may want to check out @scottmelker, or as he calls himself “The Wolf of all Streets”. Finally, for some Canadian content, you should check out @BTCSessions who puts out daily video content on Bitcoin and crypto. Most, if not everyone, on “crypto twitter” is happy to engage and discuss topics with anyone. I encourage anyone who is a little hesitant to join Twitter to do so and to interact with as many people from the crypto space as you can. The worldwide crypto conversation definitely lives on Twitter.
A tweet from Pomp, one of the #cryptotwitter stars
Q: For a Canadian looking to just get started with Bitcoin, what is the best option?
A: I recommend downloading the Bitbuy app and just getting comfortable with funding, trading, and withdrawals. Start with funding your account using an Interac e-Transfer of at least $100 and buying some Bitcoin with that. It is super easy and can be done in less than half an hour. If you are looking for a more enriched experience, I recommend getting comfortable with our desktop version and trying out Pro Trade. Pro Trade features limit orders and a live order book so that you can get comfortable with the dynamics of advanced trading. For more info. on Pro Trade features please check out the following article. For those looking to get started with a higher amount, Bitbuy OTC (Over-the-counter) is a premium service that allows Bitbuy clients to buy or sell $25K or greater of Bitcoin and other digital currencies super easily and at great prices.
Q: Finally, since you onboard new people to OTC every day, how does the OTC process work for someone who would be doing it for the first time?
A: Believe it or not, OTC or Over-the-counter is actually one of the easiest ways to buy Bitcoin in Canada. OTC trades can be completed in a matter of seconds, unlike a limit order on an exchange which could take hours, days or weeks to completely fill. Long story short on OTC, is a time-saver, and a money saver for those looking to purchase large amounts of Bitcoin or other cryptocurrencies. Trading via the OTC desk will also reduce the risk of significant order book slippage
The first thing you will need to do is fund your verified Bitbuy account with a bank wire for an amount equal or greater than $25,000. From there you schedule a call with a trader to receive a live quote. Next, once you’re happy with the quote you will lock in a trade over the phone. This price is sourced from our global liquidity partners and will be a total all-in price, meaning there are no extra fees. Once the deal is done, the coins are moved to your Bitbuy wallet and you are free to withdraw them to a personal wallet. For more information on buying Bitcoin using an OTC desk in Canada please refer to the previous guide that I wrote: “How to buy Bitcoin using an OTC desk in Canada.”
Q: Do you have anything else that you would like to share with the Bitbuy customer base and community?
A: We are currently in an unprecedented time, all navigating a global pandemic and economic crisis together. It is important that we remember that we will get through this and emerge on the other side stronger and smarter than ever. Thank you to each and every one of you for being a loyal customer. I can speak for everyone here at Bitbuy when I say serving each one of you for the past four years since our 2016 launch has been a pleasure. At Bitbuy, there is 15 staff that are comprised of client services, software engineers, compliance, operations, finance, marketing, and security experts. It inspires me on a daily business to see the passion that these individuals bring to the table to create a world-class financial services company for our customers. Amidst all the turmoil I have never been more excited about what the future will bring not only to Bitbuy but the digital asset industry as a whole.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
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