Canada is privileged to have a wide variety of companies working in the blockchain and crypto industry. One of the most fascinating businesses that we have in our country is www.coincards.ca founded by Mike Olthoff.
CoinCards.ca is the best way in Canada to convert bitcoin to gift cards and spend your crypto. Some of the great gift cards available include: Skip the Dishes, Nintendo, PlayStation, Steam, Xbox, Amazon, Presidents Choice, Esso, Walmart and Tim Hortons. You can purchase almost anything between the stores available to buy gift cards on coincards.ca.
The site and the company are very reputable. They have so many happy customers because this site makes crypto MORE valuable. The options to liquidate your crypto for the things you want are easily accessible because of what CEO Mike Olthoff has provided.
1. When did you get into the industry and what sparked your interest in blockchain technology?
- I would say I was enlightened, originally learning about bitcoin in 2013. I am a strong supporter of an individual’s right to privacy and control over their own “money”, and bitcoin is completely in-line with my viewpoints. I believe that bitcoin has the capabilities to be the world’s digital currency, but in order for that to happen there needs simple, easy-to-understand, friendly, and easily accessible resources (education, wallets) available to everyone.
2. When you started your business, what did you have in mind for your typical customer?
- Our typical customers are individuals that invest in, and earn, cryptocurrency, and want to support the ecosystem by “spending” (exchanging) their coins for everyday products. At this time merchant adoption is very limited, and most crypto “spenders” rely on online & OTC exchanges, or BTM’s, to exchange their crypto to fiat, in order to fulfil their consumer needs. These methods are typically coupled with long wait times and exuberant fees. We offer Canadians the ability to convert their crypto to gift cards in a quick, easy-to-use, affordable platform.
3. Your business has provided a shortcut to customers with cryptocurrency to use so many companies. Have you ever had feedback or contact with these large corporations?
- We are always working towards new partnerships and relationships with retailers and large corporations, and we currently have many established partnerships with some of Canada’s largest brands in place. There do encounter hurdles and rejections, mostly due to bitcoin & cryptocurrency being such a new, misunderstood technology – a lot of people hear crypto and they think “dark web”, but that goes to show that there is nowhere near enough education available to the public. But we are now seeing increasing interest and excitement from retailers, who want to learn more about crypto & blockchain, and how they can service this new niche of customers.
4. Have you noticed adoption of crypto grow recently and what do you think effects adoption most?
- We saw a major insurgence of “adoption” in late 2017 when all of the newbies and speculators were jumping on-board to ride the next “money train”. After the price dropped, a lot of people were saying that “bitcoin was dead” and were selling their coins, and the adoption rate dropped off significantly. We are ok with this. We believe that bitcoin is here to stay and currently we are in a time for technical growth and innovation. Cryptocurrency is still so very new in the grand scheme of things, and we are so excited to see what the near, and far, future holds for it.
5. Blockchain and crypto have different industries helping them grow sometimes in different directions and applications; how do you see this evolving in the next 12 months?
- We see transferring of financial value as the main application of blockchain technology right now and are really focusing our own efforts on things such as the lightning network and implementing different coins that we feel might add utility to value transfer services. “Blockchain” has really been a buzzword for a lot of industries lately and has become a bit overplayed. Most companies do not actually need blockchains and I think in the next couple years we will see the most relevant projects emerge with actual use cases that make the world a better place, while many other projects will simply stick with databases.
6. What’s the best advice you would give to someone new to the crypto Industry?
- My best advice for anyone new to the crypto industry is to do your research and due diligence. Read as much as you can, watch video from industry experts, go to local meetup groups, ask questions, and formulate your own opinions based on your own values & beliefs.
7. What is your big fish or whale customer that you would like to work with?
- We currently have a working partnership with QuadrigaCX, where they offer gift cards as a method of withdrawal on their exchange. We are working towards implementing a program which would allow other exchanges to integrate this feature into their platforms.
8. What is your favourite cryptocurrency other than Bitcoin?
- Dogecoin! Such Currency, Much Value, Wow!
9. What is the newest gift card available on your website?
- We have added Skip the Dishes cards to our site recently, which is a huge seller and company that everyone uses. We are always adding new cards and companies to work with, so people should check in to our site frequently to see what is new.
10. Why should people use coincards.ca?
- We are a Canadian operated business and are true believers in bitcoin and cryptocurrency. We have a passionate and dedicated team of self-proclaimed crypto-nerds that work hard to give you the best possible customer experience. By using Coincards.ca you are fostering the Canadian crypto economy and helping us in our mission for mass merchant adoption.
Thanks for your time to interview with us Mike! We look forward to watching as your business develops along with our industry making many new happy customers along the way.