Local brothers part of new bitcoin-related business

 

 

By Ron Giofu

 

A pair of local brothers were among the first 500 people in the world to be certified as bitcoin professionals and are now looking to share their knowledge.

Kenneth and Lucas Allen, along with partner Abdurrman Chaudhry, have founded Bitcoin Buddy, a new business hoping to educate and work with those who deal in the online cryptocurrency. Wikipedia defines bitcoin as “a cryptocurrency and worldwide payment system.  It is the first decentralized digital currency. Its conception is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.”

Kenneth said they looked at it before bitcoin became popular within mainstream media and decided to become involved.

Kenneth and Lucas Allen

“Now we’re ready to take it to a hands-on level,” he said.

Many start-up companies are using cryptocurrency, Kenneth added, and there are thousands of opportunities in the bitcoin world.

Their business is in three phases, with the first being education on bitcoin, blockchains and how to trade bitcoins.

“There’s a lot of risks right now,” he said. “Education is very important.”

The second phase is sitting down with customers, having hands-on sessions and teaching them such things as setting up their “wallets” and also helping with security set-ups.

“Bitcoin is PayPal and a bank all in one,” said Lucas.

The third phase of the business is ongoing lessons and consultations.

Kenneth said they also hope to work with area school boards and starting teaching to younger generations. They also hope to offer a scholarship to local students. He added they are not looking to make a “quick buck” but want to make it a “lifelong learning opportunity.”

For more information, visit www.btcbuddy.ca, call 519-965-5833 or e-mail info@btcbuddy.ca.

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