Notwithstanding the Federal Government’s advice against Nigerians’ involvement in bitcoin/cryptocurrency transactions over perceived link with Ponzi schemes, Thomas Jack Williams, Co-founder, B4U Global, in this interview with Egufe Yafugborhi, says with innovations, bitcoin is redefining ease of foreign money transfer and the push for a global currency.
Can any meaningful value be attached to bitcoin or crypto currency’ given recent concerns raised by the National Assembly?
We acknowledge the concerns but the truth remains that no matter how good intentioned, they are borne out of the fears of past, unrelated experiences. Convincingly, far-reaching values can now be derived from bitcoin/cryptocurrency, particularly with the emergent support platform. Global payments and money transfer have traditionally been complicated, with currency exchange rates to negotiate bank fees and time required to move funds.
In today’s global economy, people share businesses all over the world, compelling the need for secure, quick and easy payments for goods or services across borders and in broader range of currencies. The gaps have been bridged with B4U GlobalTM, a platform which facilitates movement of funds from your bitcoin direct to a financial transaction, shrinking cost and time required for a transfer.
But bitcoins are difficult to deal in? It is a common fear.
To allay this common fear, you find there are many virtual currency wallets available such as CoinBase, bitcoin core and Circle, all able to obtain and hold bitcoin for you. Today, we support all known bitcoin wallets, yet this is the dilemma bitcoin traders face, that only other bitcoin wallets can accept payment via bitcoin. In reality, few merchant locations or ATMs available that accept bitcoin as legal tender are usually not available when you need cash.
For bitcoin to reach mainstream acceptance, you need liquidity. That is what B4UTM provides – global liquidity for bitcoin owners to access most network branded cards and bank accounts. By combining our unique processing platform, with our payment card, you are able to add value using your card wherever it is accepted, or deposit to a bank account of your own. B4U Global aims to be a single source for depositing Bitcoins and converting them to payment card, or an account you own. Regardless of where you want to deposit funds from your bitcoin, B4U Global presents that provider for all your financial needs.
Where can one deposit money relying on the channel?
Using B4U Global platform and virtual wallet, you can pay any personal bank or card, and even create and transfer funds to a prepaid card. Currently, the platform offers Pay-Out options for bitcoin in MasterCard or Visa, Credit or Debits Cards, Visa branded prepaid card for residents of the Euro-Zone, all IBAN financial institutions who are members of the SWIFT network, Automated Clearing House (ACH) in the United States and returning funds to an existing bitcoin wallet.
So how speedy does a transfer push through practically speaking?
From the time you transfer your bitcoin in, to the time funds are available to spend from your card, is a 2-3 business days process, which B4U Global does not control. Credit and debit card companies and financial institutions control the timeline to complete and properly process your deposit. To speed the process, B4U Global offers full platform integration via API to facilitate transactions into your cashier for pay-in and pay-out platforms for speed and security. Of course, nothing is paid without approval of your finance department to prevent any overpayments.
How much does it cost to engage your platform?
Fee is based on value of bitcoin sent for them to process and deposit. The value of the bitcoin is provided as well as the commission, and nothing is done until you click the ‘submit button. Since the player pays most of the fees, the actual cost to the business is near zero. Low cost, combined with zero chargeback and almost real time authentication of the QR make B4U the perfect payments provider.
Looking into the future?
We believe the future of payments will include multiple virtual currencies. Most payments will be open loop, traded globally. Some will be closed loop, traded only in specific merchant locations or payment portals. Our payments expertise will be to contribute to bitcoin being universally accepted as a viable payment option for many individual and corporate applications. One thing is certain, B4U Global will be in the forefront of these virtual currencies, and provide enhanced utility and acceptance around the world.
We plan further expansions in the future, to launch B4U Global Africa division early next year. In Q1 2018, we opened global divisions in Costa Rica and Cyprus. We are in discussions to open operating divisions in Dubai, and Hong Kong; our sights set on being a global bridge between fiat and cryptocurrency liquidity.
How do target end users try out your platform?
Individuals and businesses can get started with bitcoin purchases and payments by signing up with the platform at www.bitload4u.com, Complete Our KYC or KYB documentations and account is approved. Businesses interested in our bitcoin pay –in and pay- out solution, bitcoin remittances, ATM, bitcoin point of sale (POS) merchant solutions can reach us at firstname.lastname@example.org.
Rapid transformation of Nigerian and African economy is heavily dependent on technologies that will support critical sectors like finance, payments etc. We can’t be left behind. Bitcoin traders, African businesses, be they shopping malls, companies churches and individuals, should join the partnership by incorporating this new window of transmitting value globally in far cheaper, faster and more convenient appeal above traditional payment and remittance channels as we pioneer this effort. We are confident that bitcoin and cryptocurrency are the future of payments.