Inside Buttercoin's Drive to Shape the US Bitcoin Marketplace
The way the community thinks about the bitcoin network is wrong, at least in the eyes of Buttercoin CEO Cedric Dahl. Maybe he won't say it exactly, but it's there, in the words he uses to describe the US-based "bitcoin marketplace" he heads, and the words he doesn't. At face value, Buttercoin's market approach may seem simple - it's a place where you can buy and sell bitcoin. But to Dahl, it's a subtle but sizable change in the way we think about financial services enabled by both bitcoin and the Internet. Take, for example, the business he most often cites in conversation, Amazon Web....
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Comment added from Buttercoin founder and CEO Cedric Dahl. UPDATE (6th April 14:03 BST): Comment added from Garrick Hileman, an economic historian at the London School of Economics. US bitcoin marketplace Buttercoin is shutting its doors, despite launching with $2.1m in investor backing just four months ago. In a farewell post to customers today, the Buttercoin team announced the service will go offline this Friday (April 10th) at 11pm PST. Stressing that it was "100% secure and solvent", the Palo Alto-based platform blamed a lack of VC interest for its closure, stating: "With the dip in....
Buttercoin officially launched today, bringing what it calls a "reliable, domestic bitcoin marketplace" to the US, one it believes provides the first advanced foundational service to the ecosystem's largest, and perhaps most complex market. Boasting Centralway Ventures, Google Ventures, Reddit co-founder Alexis Ohanian, Rothenberg Ventures and Y Combinator among its investors, Buttercoin claims to allow US bitcoin businesses to sell bitcoins and receive payout in just one business day. At launch, Buttercoin also lists impressive names from the US bitcoin ecosystem as clients, including....
Buttercoin has just emailed everyone that signed up for their early access list! That's right, they made a PR campaign out of their launch. If you are interesting in pushing me further up the queue to get more information on Buttercoin to the masses faster, please follow this link and register for early access. Who Is Buttercoin? Buttercoin was founded by Cedric Dahl and Bennet Hoffman, formerly of CoinHarvest, back in 2013 and received roughly $1.6 million in funding from various sources including Google Ventures and Y Combinator. Dahl and Hoffman are targeting the International....
Buttercoin is a United States-based Bitcoin marketplace. They connect buyers and sellers directly and instantly. CEO Cedric Dahl had this to say in regards to what buttercoin is trying to achieve: We built it for ourselves. We got into bitcoin in the 2010-2011 range. There was no secure way of buying bitcoins. Mtgox was a nightmare to use, and all exchanges were not trustworthy and had terrible performance. We realized there was a need of an alternative to bitcoin exchanges. There was no solution for people who wanted to cash out massive amounts of bitcoin and we realized that it was a....
One week after his startup's abrupt closure, Buttercoin CEO Cedric Dahl says the wider community should be careful to learn from his experience at the helm of the US bitcoin marketplace. Despite accruing an impressive list of investors, including Google Ventures, Centralway Ventures and Y Combinator, Dahl suggested that it was Buttercoin's affiliation with larger investment firms that ultimately left it less able to adapt in a changing bitcoin ecosystem. He told CoinDesk: "The big lesson is that you cannot rely on venture. You have to make a product that is self sustaining." Founded in....