The North American Bitcoin Conference (TNABC) in Miami has come and gone, and various Bitcoin startups presented their new ideas and concept to the attendees. This is one of the main goals of these types of events is to bring more innovation to the digital currency ecosystem, and a hackathon is a perfect solution to achieve that goal. This year, BitMine became the winner of Bitcoin Miami’s hackathon, as the app allows consumers to go to an eligible store and acquire bitcoins.
BitMine: BTC Miami Hackathon Winner
A hackathon can bring more innovation to the financial world for all parties involved. The Bitcoin ecosystem is no different in that regard, as people are looking for additional use cases when it comes to spending the popular digital currency. Or in some cases, obtaining bitcoin can be as equally as hard.
During the recent Bitcoin Miami Hackathon, various groups of developers took it upon themselves to cobble together a concept to boost Bitcoin adoption throughout the world. As is the case with any of these hackathon efforts, some of the most innovative designs start to come to fruition, without losing track of the convenience factor associated with bringing a new financial solution to the masses.
The two runner ups were Berlyn – focusing on micropayments for the Bitcoin world – and TXR.io, a startup working on making Bitcoin invoicing more convenient for businesses. Both of these companies received a cash price of $3,000 and $1,500 USD, respectively.
But the big winner was BitMine, the application that wants to solve the problem of novice users who struggle to make a connection with Bitcoin. While the popular digital currency offers multiple advantages to consumers all over the world, not everyone can relate this concept from the start. BitMine wants to tackle that issue head-on by spreading their app to people who can go to select stores and collect bitcoins.
Not only would such an application help established a human connection in the Bitcoin ecosystem – something that tends to get overlooked at certain times – but it would also make things a lot more convenient. By winning the $10,000 USD prize, the startup can focus all of their attention on further developing the application itself.
Addressing Future Market Problems
Most of the development efforts in the digital currency ecosystem are on the financial side of Bitcoin, which is only normal. But without plenty of users and companies willing to accept this type of payment, there is no direct need for billing or invoicing services. This is also part of the reason efforts such as the one by BitMine are of great value.
The Bitcoin Miami Hackathon showed another notable trend, though, as various competing startups were looking for ways to make Bitcoin more appealing in an offline capacity. While e-commerce and m-commerce are booming around the world right now, there are plenty of consumers who prefer the offline shopping experience. Bitcoin could play a big role in this regard as well.
Efforts like these can not be solved by the Bitcoin community alone, though. Shop owners will have to come up with creative ways to get consumers back into their stores, and more importantly, to get them spending money. This is an area worth exploring further.
What are your thoughts on BitMine winning the Bitcoin Miami Hackathon this year? How will they bring more positive attention to Bitcoin? Let us know in the comments below!
Images courtesy of Bitcoin Miami, Shutterstock, Fast Colabs