MoneyPolo on the field of cryptocurrency – a lecture for Czech bitcoin community
MoneyPolo has recently started to focus on services related to a bitcoin industry development. Its portfolio now includes financial transfers that make it possible to use bitcoin wallets in cryptocurrency exchanges and recharge your account at Money Polo. A fast transfer of funds to bitcoin exchanges, a service that will be used primarily by cryptocurrency traders, works in the same way. MoneyPolo entry into the field of cryptocurrency has aroused the interest of a bitcoin community in the Czech Republic which is very active and among the most progressive not only in Europe; it is known throughout the world thanks to its innovative projects.
MoneyPolo’s CEO speaking
Nikolay Rozhok, a MoneyPolo CEO, has recently accepted an invitation from bitcoin community representatives, who gather in Prague in Paralelní Polis, to introduce the company and its intentions. Paralelní Polis includes several projects aimed primarily at making the tools for unlimited spreading of information on the Internet available and supporting parallel decentralized economy, cryptocurrencies and other prerequisites for the development of a free society in the 21st century. Thus, you can find both a bitcoin café and a centre for 3D printing together with Paper Hub co-working centre in a three-story building in Holešovice, Prague. All payments are currently processed strictly only in bitcoins. There is so called Hacker Space on the top floor, where a bitcoin meetup is held every Tuesday among many other lectures. Meetup topics are not only about bitcoins and their use, the community is interested in any information relating to the decentralized technologies, free economy and finance.
One of the last lectures was thus focused on the payment methods, money transfers and credit cards.
The October meetup guests were Karel Fillner, a bitcoin enthusiast and promoter of cryptocurrency via Cointelegraph.cz online magazine, and Mr Nikolay Rozhok, the MoneyPolo CEO.
In his presentation, Karel Fillner focused on commonly used payment methods introduced in contrast to transaction options in the bitcoin world. According to him, the main differences lie especially in a payment security on the Internet. Users of conventional payment cards are a frequent target of sophisticated frauds (skimming, identity and information theft, which are then sold to dark markets); however, neither traders stay aloof from it, suffering from the chargebacks created just after the abuse of poorly secured information.
Bitcoin payment cards and chargebacks
When accepting bitcoin payments, chargebacks are not created, transactions are irreversible. Traders need not to fear the high volatility of cryptocurrency; when connected to a bitcoin payment gateway, the transactions are processed at the online time and the current exchange rate, traders then receive money for their goods on a current account within a few days.
Recently, however, bitcoin credit cards have started to expand – the user has an account with a ‘bitcoin bank’ where he recharges a prepaid card from his BTC address. Some companies allow also for subtraction of bitcoins from an address in real time – e.g. BIT-X or XAPO.
MoneyPolo’s CEO about Bitcoin implementation
Mr Nikolay Rozhok made his presentation ‘MoneyPolo on the field of cryptocurrency’ in the second part of the lecture.
He spoke briefly about MoneyPolo basic vision and service offer, from cash transfers, issuing prepaid credit cards to the possibility of multicurrency accounts and foreign exchange trading. It includes the current focus on transfers related to bitcoins and cryptocurrencies.
Great interest was aroused by part of the lecture regarding partners working with MoneyPolo and experience in dealing with conventional banks and other participants in financial transfers. A significant number of inquiries from the audience concerned this; the audience did not wait for a final discussion, but responded directly to individual topics. Some of the audience are e.g. btc-e.com bitcoin exchange clients with which MoneyPolo also works.
Likewise, the attention of debaters was logically focused on payment anonymity and procedures which MoneyPolo uses to verify the identity of its customers.
Nikolay Rozhok explained that although MP issues prepaid credit cards, it is not a completely anonymous solution, each client must have his identity and other verification data verified (KYC) in accordance with the strict requirements on compliance procedures at the company.
However, this is one of the MoneyPolo principles that make it work on our market. Customer identification and preventing the possibility of money laundering or financing criminal activities is therefore a very strictly monitored part of business processes.
The visitors of the lecture focused on financial transfers had eventually a number of other questions, mainly related to the MoneyPolo fee policy, differences between various accounts and credit cards. They had also questions on a cryptocurrency functioning in Russia and other interesting facts, so the end of the official part of the presentation was followed by a long discussion in Bitcoin Coffee.
The whole event received a very favourable response and the Czech bitcoin community gain an interesting partner in MoneyPolo that will continue to develop the idea of linking the classical financial world with innovative cryptocurrency technologies.