Last updated on September 17th, 2013 at 03:57 pm
The entrepreneur Tom Meredith, founder of P2P Cash, was recently at the Finovate conference, in New York, to present his new product, something that can be described as the missing link between Bitcoin and money transfer services. The name of this creation is BitMinutes and Meredith claims it’s “better than Bitcoin”, at least in this field.
Upstart Business Journal approached Tom Meredith at Finovate to talk about BitMinutes and found out that the innovation uses P2P Cash’s cloud-based interchange, allowing the service customers to send phone minutes to a friend, exchange them for services or even cash them in for traditional currency.
“There’s kind of a hybrid opportunity here between money transfer, which is heavily regulated, and Bitcoin — not regulated at all — and something in the middle that is prepaid minutes that could be tracked. People are buying and selling minutes on the street corner because in the rest of the world, except the United States, you have to prepay your [phone]minutes”, Meredith explained.
Working in a similar way to Bitcoin, BitMinutes is the kind of alternative payment option that can ignore borders, mainly because there’s no country backing it. However, BitMinutes’ base depends on traditional currencies, but that can work as a guarantee for the users.
According to Donald Chapman, P2P’s vice-president of business development who also talked with Upstart Business Journal, we have been seeing “a lot of regulatory news about Bitcoin in the US and internationally. We want to make it legitimate, bring it above board, and recognize that alternative payments are exactly what people need, what businesses need, and see what we can do to sort of circumvent the more established payment methods that cost businesses money, and cost consumers money”.
Although the innovation is not ready to hit the market yet, as stated by Tom Meredith, it should be ready to launch in about four months.