MyBit: A safer and more profitable way to invest
Please introduce yourself and your startup MyBit to our readers!
I’m an American/Irish entrepreneur who began trading and mining Bitcoin in 2013. I got hooked on the technological advantages that blockchain offers and soon after I began to develop blockchain applications such as tax software and financial tools. I decided to focus my life on decentralization from that point on. Right now I’m working on MyBit because I believe that people should be able to live instead of trying to survive. MyBit, redefines the way people generate income by providing access to the world’s most advanced revenue-generating IOT eco-system. Our platform offers the users the ability to fund innovative IoT devices against a monthly ROI. MyBit lets people own their future.
How did you get the idea to MyBit?
I was always on the lookout for alternative investments that had a high return potential, in particular the ones that the mainstream had not tapped into. This is how I eventually became involved with Bitcoin and crypto as a whole. I saw a massive opportunity for IoT automation when I read an article about that topic. The article stated that by 2030, 800,000,000 jobs will be lost by automation. This makes up for roughly 1/3 of the total workforce in the United States alone.
With all the new technological possibilities that are being developed, it is good to re-think what our economy is all about. After I did my research I found out that the global IoT market is projected to generate 10 Trillion USD in revenue by 2025, and till now there is no effective way to invest in this colossal opportunity.
Traditionally, I would have to trust my money to a third-party investment fund. Nothing about that made sense to me. The frustration of needing to trust someone else with my money, having them take 20% for managing my investment without any transparency at all brought me to the idea.
All of this could be securely managed with Ethereum Smart Contracts. These make the whole process much more efficient by reducing the fees (by 10x), creating full transparency in a global market, and as an investor I never have to trust anyone with my money or payout. It just made sense to use Smart Contracts to redefine the way we invest.
After coming up with the idea I realized that it also had a socio-economic impact. By removing the barrier to enter the investment opportunities, more people are able to invest in projects that were usually only available for the rich lucky few. Traditional funds have quite significant minimum capital requirements (often hundreds of thousands of dollars). MyBit restructures the entire economic landscape and gives every individual the power to invest in a fast growing market. When automated solutions replace jobs, most people will actually own the machines instead of just the rich and powerful.
How difficult was the start and what challenges you had to overcome?
It’s always a challenge to start a new business. This time it was even more challenging as the crypto industry is still completely new in terms of juridical and social adaptation. People don’t like change and often think current systems are fine, even when major flaws and inefficiencies are an inherent part of it. Then they always underestimate innovation – just like during the rise of the internet when retailers thought they would never sell online (in the late 1990s), and within a few years e-commerce took over by storm.
I believe that the focus on branding and marketing is extremely important here. We will continue to spread our beliefs and stick to our vision.
Who is your target audience?
Individual and retail investors.
What is the USP of your startup?
A safer and more profitable way to invest with a lower barrier to enter a global market.
Can you describe a typical workday of you?
Never really feels like work. Our team is great and our culture is fantastic so it’s all fun and merges with my “outside” life. I work 24/7 but it never feels like it.
Where do you see yourself and your startup MyBit in five years?
Our vision is to transform the way we live and work so people have the time and freedom to pursue their passion. We aim to become a major player in the financial industry throughout Europe and quite possibly Asia.
What 3 tips would you give other Start-up founders on the way?
Don’t be afraid to struggle and learn to embrace those times. Don’t listen to anyone other than yourself when you know you are right, and don’t take advice from anyone you don’t want to end up being like. If you never give up, you will never fail.
More information you will find here
Thank you Ian Worral for the Interview
Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.