Why I Started Vimba – Sam Blackmore
And How I Fell in Love With Bitcoin
I have been operating the bitcoin investment platform, Vimba, since 2014. In the past six years, the company grew to become one of the leading bitcoin startups in New Zealand and, more importantly, has brought bitcoin into the hands of thousands of people.
I want to share with you why I started Vimba and what drives me to continue to improve our product today.
As a Linux guy, I understand the power of the open-source development model.
Linux started as a hobby project managed by Linus Torvalds in the early 1990s. Today, 100% of the world’s top 500 supercomputers and 95% of the world’s servers run Linux, and 85% of all smartphones are based on Linux. All this is the accumulation of hackers and programmers from around the world contributing to an open-source project.
To me, it seemed like a no-brainer that Bitcoin would go the same way. I believe that Bitcoin is the next layer on top of the open-source revolution because the Internet needed some sort of way to pass value from one person to another. And that is exactly what Bitcoin does.
Bitcoin is a decentralized digital currency that operates on a global, permissionless peer-to-peer network. That means anyone in the world with an internet connection can join the network and use bitcoin.
Bitcoin’s earliest slogan (or at least the one that stuck the most) was “be your own bank.” It made sense.
Bitcoin enables anyone across the globe to effectively be their own bank. Using Bitcoin, you can store, send, and receive money in digital form without the need of a financial intermediary. In that sense, Bitcoin acts as a global, borderless digital bank account.
In the early years of Bitcoin, it was considered as a high-speed, low-cost digital currency. In recent years, Bitcoin evolved more into a gold-like digital investment asset. That is why bitcoin is now more often than not referred to as “digital gold.”
Originally called MyBitcoinSaver, we enabled New Zealanders to save in bitcoin by setting up recurring bank payments.
In NZ, it was always difficult to buy bitcoin. International exchanges never successfully entered this market and most local exchanges have struggled to establish themselves.
To make it as simple as possible for Kiwis to get their hands on bitcoin, I created a service that enables individuals to invest in BTC at regular intervals in an automated manner simply by setting up recurring bank payments.
Crypto critics will say that investing in Bitcoin will almost certainly lead to a complete loss of funds. I disagree. Bitcoin is succeeding. It is being used every day around the world in nearly every country. Very few people are betting against Bitcoin in the long-term.
This spark of genius started over eleven years ago in a quiet corner of the internet. Today, this perfect combination of mathematics and network technology enables billions of dollars to exchange hands every day directly from one person to another at the tap of a button.
An estimated 23 million entities hold bitcoin, according to the latest reaction and, by almost all metrics, bitcoin adoption is on the rise. If adoption — as an alternative currency and/or as an investment asset — continues at the current rate, we could very well see new highs that are much higher than the $20,000 per coin we saw in December 2017. I am convinced that will be the case and I am putting my money where my mouth is.