Fresh company Ivaja launches crowdfunding for Malta’s first Bitcoin ATM

Maltese company, Ivaja, has launched a crowdfunding campaign. Anyone can choose to support the campaign, which will cover the expenses of what will be the first itcoin ATM on the Maltese Islands. This is the first step of these young entrepreneurs’ strategy to make Malta as a itcoin Island.

Bitcoin is a digital, decentralised currency removed from the anatomy of the banking system and independent of the government. Bitcoin was the brainchild of a developer under the pseudonym ‘Satoshi Nakamoto’, and was a reaction to the 2008 financial crisis.

The idea in practice:

The Blockchain is Bitcoin’s underlying technology, a public and immutable ledger that records all transactions. It ensures that all transactions worldwide are consistent and no double-spending took place. Due to its decentralized nature the system cannot be hacked or corrupted

According to the techgrapevine, the currency has the potential to become comparable to the World Wide Web in terms of its positive repercussions, primarily due to its high level of security and transparency. To the preeminent, curious investors, the itcoin is a fresh opportunity to be among the few to take on this new, relatively unpopular, form of security free from any ancillary bureaucratic structures. The commercial worth of itcoin is now steep in monetary terms. At the time of this publication, one Bitcoin is worth 2350.35 Euro. This value comes through demand; people are interested because the benefits are very much worthwhile, at least in theory.

itcoin has secured it’s place as the best-performing currency over the last 8 years, with only one exception in 2014. It is predicted that this spot will be secured once again for 2017 attracting the attention of investors and wealth managers.

The challenges:

As you are reading, the exchange rate could have already varied significantly. This lack of stability creates some uncertainty around the currency, the value of which has, so far, only increased. The more users Bitcoin gains, the less volatile the fluctuations will be. This is why itcoin holders must really understand the reasons behind and extent of this fluctuation in the exchange rate. Legal uncertainty follows what cannot be clearly classified, and this carries a hefty cost considering that most Governments are stalling its regulation. Most governments are of the opinion that, given its lack of traceability, Bitcoin is a method by which taxpayers can bypass taxation, and criminals can perform illicit transactions.

Bitcoin and You

It might seem as though the Bicoin saga is limited to the techsavvy, finance circles and other stakeholders. This is actually not the case; the main idea behind Bitcoin is to have a decentralized currency, open for everyone to participate in. A token of direct democracy in the form of an open source software. It is however, not easy to grasp for anyone without an IT and/or banking background. Similarly to ‘the internet’, it will take some time for the new technology to be widespread. Alas, the bitcoin is already achieving this at a much faster in comparison to the world wide web.

Any negative connotations are born out of the reluctance of governments and the legislature to understand, and then cater for, a technology which has great potential. As outlined by top taxation and technology lawyers during the Bitmalta Inaugural Event held in Malta earlier this month, the law has always lagged behind ever-evolving tech advances. It is now a well-known fact that Malta has set a precedent for iGaming regulation; it started as a pioneer catering for what was a somewhat-grey industry. When the Maltese Islands were exposed to the mechanisms behind iGaming, together with the government’s support, an exemplary ecosystem was created

from which the general Maltese public and business sector benefits until this very day.

Ivaja’s initiative stems from the desire to make itcoin easy to understand and accessible to you, and to everyone.

“We believe in Bitcoin’s potential and decided to invest time and effort in bringing the first Bitcoin ATM to Malta in order to unleash these opportunities to individuals, and society as a whole. Eventually, it will enable generations to build up exceptional prosperity” explains the young entrepreneur Leon Siegmund.

He continues by stating that, “this opportunity should not be limited by whether the stakeholders decide whether it's good or bad for us. Free choice is essential for human beings to flourish and seeking personal financial freedom needs no justification.”

His partner Jonas Abrahamsson, an IT expert, suggests that this is “an open invitation for all who wish to learn about what it means to own Bitcoin.”

Once fully-funded, the ATM will be installed by Ivaja, who have done extensive research on security, functionality, and reliability by studying other countries which have already implemented this physical point of access to Bitcoin. The ATM gives any individual the power to purchase Bicoin and withdraw in cash; what has so far been an opportunity only to the persistent few.

Malta as a Bitcoin Island

Ivaja ‘s initiative promotes the establishment of an ecosystem for Bitcoin and its cousin, Blockchain technology. The aim is to form a favourable environment for innovative development which will, in turn, improve the investment climate in Malta by equipping it with the ability to support start-ups based on or utilising these popular technologies. In this way, Malta can attract more international business and continue to cater for the hundreds of iGaming companies which are showing a great interest in these technologies. Malta risks losing investment as it drags behind Estonia and Kazakhstan, both of which showing how fast a small country can implement regulations that enables free enterprise and startup-entrepreneurship. The entrepreneurs behind Ivaja Ivaja was founded in 2017 by Leon Siegmund, a German artist and entrepreneur, and Jonas Abrahamsson, a Swedish IT expert with the aim of making Bitcoin accessible to all. The duo loves Malta and strongly believes in the potential of Bitcoin; driven by the opportunities technology brings, they welcome everyone to get involved and get in touch with them at their events to learn more and exchange ideas.