The Bitcoin community can take great pride in the fact that Bitcoin start-ups are making progress in leaps and bounds, which will only serve to enhance the reputation of the cryptocurrency in the long run.
A very good example of how advanced the Bitcoin start-ups was seen in the Boost VC’s Tribe 5 Demo Day, where companies in their initial stages showcased their potential in an attempt to attract the attention of influential investors.
Out of the 25 start-ups participating in that event, 22 of them were related to Bitcoin or its open ledger, the block chain.
This clearly indicates that entrepreneurs who are looking to pave a path into the big leagues of the business world are focusing their resources on Bitcoin and its development.
Adam Draper, the CEO of Boost VP, said that the demo featured more Bitcoin start-ups than ever in the history of the cryptocurrency.
Therefore, each and every single Bitcoin start-up was faced with the stern challenge of differentiating themselves from the crowd and appealing to the investors to meet their funding objectives.
The start-ups were allowed three minutes to illustrate the nature and growth of their business. A lot of these start-ups concentrated on informing the audience about the usefulness of the particular product they were pitching in bigger sized and better known markets.
Most of their products were billed as versatile commodities, which have the capacity to benefit those who are outside the Bitcoin community as well.
As far as the Bitcoin technology, block chain, is concerned, a great deal was spoken on how this technology can revolutionize existing services and give entrepreneurs innovative ways of lowering their costs.
Among all the start-ups that delivered their presentations at the event, three were clear stand outs.
The first company to hog the spotlight was BitQuick. Their aim is to penetrate into the cash-for-Bitcoin market that has been under the sole control of the Finland-based LocalBitcoins for quite some time.
Through the peer-to-peer marketplace of BitQuick, buyers will have the option of depositing cash a local bank branches and attaining Bitcoins in exchange of funds by dealing with sellers online.
Another start-up that was able to catch the attention of the crowd at the event was Reveal.
It is a one of a kind social networking company that will run on its private integrated cryptocurrency by the name of revealcoin.
The next company in the list of standout start-ups is Loanbase, which has made a name for itself in the Bitcoin lending market.
According to the CEO of the Loanbase, the company already has its hands on 40% of the Bitcoin market. In his words, Loanbase reserves the right of being called a “global lending market”.
Other honourable mentions Boost VC Tribe 5 Demo Day include BTCPoint, Lawnmower, BlinkTrade, Coin Jar and Fold. One thing is for sure, when these companies become mainstream, the Bitcoin community will have much to cheer about.