Using Coinffeine with real money: first experiences

Early users
Photo: Supratik Chakraborty, CC BY 2.0, (Not changes made)

The P2P nature of Bitcoin is changing the way users operate on the Internet and it is allowing the creation of more scalable businesses. However, few people can benefit today from P2P services to buy or sell bitcoins globally, in real time and with an automatic experience without resorting to forums as LocalBitcoins.

In many cases, the lack of P2P models limits users to perform operations on traditional exchanges, accepting costly validation processes due to AML legislations in each country. But even more unfortunate is that these services are available only in a few countries in the world, and excludes many of the markets with the greatest potential. This is because it is expensive for a traditional exchange to move into new markets, and because in many markets such as China, it is simply impossible. In most places in the world Bitcoin exchanges doesn´t exist beyond rudimentary forums that connect users through web pages. We intend to change this scenario, creating a global exchange with a model which, taking advantage of the P2P model, allows us to take our product to the whole world in an easy way.


The experience from an early user

For now, only a privileged few are those who have had the opportunity to test the Coinffeine Beta version with real money that Coinffeine plans to launch in the coming days. One of these users is Jorge Ordovás, Director of Innovation in Payment Systems in the business school in the Foro de Economía Digital and possibly one of the most experienced people in Spain in new means of payment such as Bitcoin. Jorge is one of the early users of the Coinffeine Beta version, and we wanted to talk to him about his experience with the application in the early trading with real money.

“To use Coinffeine has been a groundbreaking experience and a qualitative leap that allowed me, for the first time, to buy and sell bitcoins in real time without forcing me to take a “leap of faith” entrusting third parties to control my virtual coins”, says Jorge, and continues that “for several years I have been a customer of multiple exchanges, which allowed me to have a very broad view of the complexity, limitations and risks involved in buying and selling virtual currencies (Bitcoin, Litecoin, Nextcoin, Dogecoin …), due to the paradox of having to rely on third parties in an ecosystem that is essentially based on decentralization. And I’ve been in situations like the bankruptcy of MtGox, or thefts in Bter and Bitstamp, among others”.

Jorge has followed the evolution of Coinffeine closely and is one of the users who have tried all the versions of the application this far. At first he could experiment with the different versions of the Trial and the Technical Preview which, for security reasons, only allowed operations with no real money. Jorge has been testing our application with real money for several days, making operations and recording in the blockchain the first P2P exchange operations.

The evolution of Coinffeine has been spectacular in many ways. The performance has improved considerably, as well as ease for installation and configuration, and many aspects of overall performance has been further refined”, Jorge explains about the work behind the user interface, “but where it really has been a before and after is in the complete redesign of the user interface, changing from an environment very oriented to the technical level of the solution to a much more attractive, intuitive and simple application aimed at the end user, which also includes custom functions for users of exchanges (as orders at market price), he adds.

The technical aspects that enable real bitcoins exchanges involves a change in the user experience of the application and Jorge says he has noticed “a difference in higher processing times, which is actually a feature of the real Bitcoin network against the testnet, which also affects the use of traditional exchanges”, he explains before concluding that, from his point of view “the experience is still much more satisfactory in general terms than these alternatives. The feeling of simplicity and the control over your bitcoins are stronger than these details”.


From Spain to the Blockchain!

To Coinffeine the experiences of users such as Jorge has been essential. Jorge, along with many more of those who have been testing the application and giving us your feedback and suggestions during the last few months, have made a better Coinffeine. The next to test the application will be all you users in the more than 70 countries around the world where Coinffeine will be present.

We are within days of the launch of something big: from Spain to the Blockchain!

Using Coinffeine with real money: first experiences

Coinffeine attends the Digital Currency Summit in Madrid, Spain

Photo: Roberto Taddeo, CC BY 2.0, (Not changes made)

Madrid, our home city, will host the Digital Currency Summit (DCS) tomorrow, an event that the organizers describe as “the gathering point for banks, governments and investors to debate about Cryptocurrencies”. Coinffeine does not want to miss it!

DCS is a unique event organized by banks and for banks, which it is not a precedent but a symptom. Spain is home to some of the world’s largest banks and financial institutions that have greater interest in developing new products with Bitcoin. The B2B in Spain is possible, and the DCS conference is one of the best places to meet the protagonists of this ecosystem.

The event will be attended by banks and companies from Spain like BBVA, Banco Santander and Banco Sabadell and international names such as UBS, Lloyds Banking Group, Fidor Bank, Accenture, Rabobank, Osborne & Clarke and Rakuten, to mention a few. In addition the event will also be attended by leading Bitcoin companies such as Blockchain, Circle, KncMiner and MeXBT.

A lot of news to share

The one-day event will analyse the Bitcoin´s legislative and legal framework, its overall impact and its integration in the banking system, a framework in which Coinffeine has a lot to say. We are one of the few Bitcoin startups with a product that fits the banks’ business models and that has managed to gain their trust and confidence. After closing our private Trial program and finalizing the details of the next launch of our Technical Preview version, we have a lot of news to share.

It is expected that many of the conversations revolve around the recently published binding response of the Spanish Tax Agency which states that Bitcoin is not encumbered with the Value Added Tax (VAT) when used as means of payment or donation.

Coinffeine will attend as audience to listen and share experiences with speakers and attendees about our work with Spanish banks; what products and services are being created around our protocol, our experienes meeting with regulators in New York and the progress with the Spanish politicians after attending the debates in the Spanish Congress on the process of Bitcoin regulation in Spain.

Coinffeine wants to congratulate Alex Puig, executive director of the event, which has successfully transformed charisma and talent into a unique event of its kind.

In addition, Puig is also the organizer of Blockchain and Digital Currencies Workshop at the European Commission, where Coinffeine has been invited as a speaker. So our CEO Alberto will be in Brussels on Monday April 27th to participate in this important event. He will, along with Fidor Bank, discuss emerging partnerships being developed between the Bitcoin ecosystem and banking in a panel entitled ” Why Banks Should (not) be afraid by cryptocurrencies – experience from an early adopter bank”.

Coinffeine attends the Digital Currency Summit in Madrid, Spain

Hello World!

Trial Demostration
Photo: David Cid

The last 18th. of December was a great day for Coinffeine. No doubt about it! Our meetup in Madrid was supported by an exclusive and dedicated audience. For us this alone is a great success.

The event looked promising, as it was fully booked one day in advance. But you never know with these things… Luckily it materialized, and the venue at Impact Hub was packed full, something of which Coinffeine are infinitely grateful. Again we felt that support from the Bitcoin community which have followed us since the very beginning of this adventure.

Alberto, our CEO, remarked many times during his speech, that the fact that we were “at home” made the day even more special. And Madrid became the perfect place to emphasize what has marked Coinffeine’s personality as a company and as software, and that it is all about the people behind it.

Alberto, Ximo, Álvaro y Sebastián worked together in a high performance team in a previous professional adventure, and since then they have been sure that their teamwork was a safe bet. The implementation of the mathematic problem of Game Theory, which Alberto had sketched out earlier in an international publication, became the perfect excuse to get back together and create Coinffeine.

To manage the seed capital in less than 6 months, or milestones such as being the first company in the Bitcoin ecosystem with an investment from a bank, or being selected by the Spanish Institute for Foreign Trade (ICEX) as one of twelve Spanish startups with the greatest growth potential, confirm the intuitions of the founders of Coinffeine.

“This is not a here it is, this is a Hello World, soon we will be ready!” Alberto assured before Álvaro took over the demonstration. He showed the application publicly for the first time, not without some technical problems due to the internet connection, but the time was used to clear all the doubts from the audience.

Then Sebastián gave a brief but inspiring talk about Game Theory, which is the theoretical and technical base behind the Coinffeine’s protocol. The dazzling presentation was praised by many in the audience.

The ten first participants to post a tweet with the hashtag #coinffeineuser got the valued voucher that has allowed them to be the first to install the application and participate in the private testing. The experiences from this testing stage will help Coinffeine’s team of developers to make the application more efficient, fast and fun to use.

And this has been our main focus for the last days.


P.S. We share a few photos of the event and a short video.

Hello World!

Come and see the BitTorrent for your Bitcoins!

Photo: Patricia M, CC BY-SA 2.0 (Not changes made)

Christmas is just around the corner, and the agendas are filled up with social events for the holiday season. We are meeting up with friends and family, having dinners with colleagues and ex-colleagues… any excuse for a celebration is warmly welcomed. This year Coinffeine add another excuse for bitcoiners and developers; the launch of the Trial version. And since a next generation exchange platform for Bitcoin is not an everyday event, we hope that you can clear space in your already busy pre-holiday agendas.

We will celebrate our meetup Thursday 18th December at the very heart of the Letras neighborhood in Madrid. Those who come to the Impact Hub at 19.30, will see how the BitTorrent for your bitcoins actually work. And if you are interested in participating in our private testing, this is the place to be. We will give you the chance to try it for yourselves! The more of you that participate in this the better it is. The ten first advanced users that sign-up will leave the event with our software installed on their laptops, and we will gradually include more users as we advance in the process.

For us it is important that you play with the application, that you explore it, try it, leave it for a while, only to return to buy some more bitcoins. At this stage all your experiences, opinions and comments are valuable to us. It will help us to polish the application down to the very last line of code. Any thought or suggestion is useful. Do not worry about insisting on details, because patience has been one our trusted companions on this adventure…

We want to remark that it does not cost a penny to participate in the testing. We have been mining “bitcoins” from our own net for months, and the euros we give you are just mock-ups. So there are no excuses! Come and trade bitcoins for euros and vice versa with no strings attached! And for the ones of you that put in the most effort, we have prepared a small reward.

On top of this, we will share some pizzas, talk about our trip to Silicon Valley, network and clear out any doubts about Coinffeine…

Enough said, update your agendas:

Topic: Meetup Coinffeine.

Date: Thursday 18th December, 7:30 p.m.

Place: Impact Hub (C/ Alameda, 22, 28014 Madrid).

Sign-up is very easy!


Join: Yes!

Perfect, see you there!

Come and see the BitTorrent for your Bitcoins!

Our small but powerful protocol meets the world

Photo: Divya Thakur, CC BY-SA 2.0 (not changes made)

Until now our software has been an idea that we have worked on around the clock, but now it is a reality. Line by line the code has taken shape to be a real desktop application. It is ready to be used, and more importantly, it works!

This represents an important step, and is something we want to share with all of you that have followed us throughout this long process. It has been many hours of work, many lines of code typed and corrected, many ideas exchanged, and a lot of trial and error… Basically a lot of effort that has without a doubt been worthwhile!

We are launching the Trial version. The Beta version is still some months away. We are aware that there is still a lot of work to be done, but Coinffeine enters the next stage: the time for our small but powerful protocol to meet the world has arrived. We want to celebrate this important milestone in style.

The last weeks have been full of good news. The international Bitcoin community has welcomed the announcement of Bankinter’s investment in Coinffeine with open arms, and the news got worldwide media attention. Our recent trip to Silicon Valley has, among many other events, helped us to further strengthen our business vision. With Coinffeine we have established a framework where both banks and Bitcoin users feel comfortable.

We think all these are good reasons for Coinffeine to organize a meetup. There we can talk face-to-face between bitcoiners about Coinffeine’s latest experiences, and more importantly, let the public know our product.

And of course we will do it Silicon Valley-style!

You are all invited, and we will provide details in a few days. But we can disclose some of them; we will give the first public demonstration on how our platform works, there will be pizzas and more surprises. Some of you can as well leave with our software installed on your computers.

Coinffeine is launching a phase of private testing. With this as an aim, we have been mining “monopoly money” for months. Testing our application will not cost you a penny, but it will require effort. We have a modest plan to reward the ones of you that puts in the greatest efforts. All your experiences using our application are valuable to us. We want to polish the code right down to the last detail, so don’t be shy.

We are ready. Are you?

Our small but powerful protocol meets the world