Crypto Clothesline's Podcast
Nesh Sooriyan of Bamboo Blockchain on Crypto ClotheslineJuly 13, 2018 Crypto Clothesline
From start-ups in San Francisco to cafes in LA to offices in Switzerland to television in Korea to reviving villages in Sri Lanka: Bamboo is an international organisation, with an Australian influence, taking care of people on the ground floor level of crypto-acquisition, all over the world… Bamboo’s system is based on how to make it easy for everyday people. Firstly you download an app on your smart phone, which connects to your bank account and credit card. Within 46 seconds you could have used $1 from rounding up your purchase of a coffee for example, towards a high-performance cryptocurrency. You get to choose which cryptocurrency you prefer to acquire – from a menu that includes Bitcoin, Ethereum, Monero and more. You end up with a collection of micropayments, like spare change you get to save in the form of crypto. These mini-spends hardly break budget as you’re not having to acquire thousands or even hundreds of dollars in contributions towards crypto, you’re just literally getting some crypto, albeit small amounts, every time you make a purchase with your card. You choose how much you want to round the amount up to. For example, say you buy a coffee for $4.50. You decide how much extra from that purchase you want to allocate – like 50c, in which case the transaction would result in you spending a total of $5.00, or more if you wish. You can switch currency so instead of buying Ether you can buy Bitcoin, you can sell your crypto back into cash and see that reflected back into your bank account, and you can even switch your Ether into Bitcoin for example, if you wished. So in that sense Nesh says the Bamboo app reflects some functions of an exchange. This system makes it easy for everyday people to ‘get in’ to crypto, without having to learn all the information you need to know in order to understand what’s going on and how to stay safe in the hacker-rich crypto online environment. There appears to be a strong humanitarian drive to empower people on the street to be part of this massive wealth exchange, based on an individual’s appetite for risk while at the same time ensuring that your purchases are kept safe.