February 2015

Lessons Learned from a Botched Bitcoin Startup: How eCash became eCrash

Submitted by Mathijs Koenraadt on Fri, 02/20/2015 - 21:29

Late 2013 I founded a Bitcoin payments company, eCash BV, based in Amsterdam, The Netherlands. Admitting defeat, we dissolved the company early 2015. What went wrong, why and what did we learn? To counter survivorship bias, I wish to share and document lessons learned.

Bitcoin as a Payment System?

From years of experience working in the online payments industry, I knew that transaction fees are merchants’ number one frustration. Bitcoin could potentially disrupt the pay-to-pay paradigm, or at the very least eliminate variable fees.