Colangelo also claimed to be a user of Bitcoin products and that he has a broad interest in the technology. For example, he could imagine receiving part of his salary from payroll providers like BitWage in Bitcoin.
This would also affect the editorial direction of the company, Colangelo said, after expressing his desire to establish a Bitcoin-related part of Consumers’ Research to take care of hardware reviews for products such as Case, KeepKey and Ledger.
Bitcoin and Blockchain technology as potentially beneficial for the Bitcoin trader
As a co-owner of California metro Bitcoin trader manufacturer Golden Coast Mead, Colangelo sees the review about Bitcoin trader and Blockchain technology as potentially beneficial to technology-savvy small businesses.
Colangelo says he has investigated colored coins and digital resources on the blockchain. These could be used to contract his company’s products in the future. This, in turn, could enable pre-order purchases that would reduce Golden Coast’s liability if products were produced that did not meet sales expectations.
Alluding to the debate about private and public blockchains, he introduces Bitcoin as an internet-like tool. He says Bitcoin is especially interesting for those who don’t have the resources to perhaps develop better distributed account alternatives.
“With today’s technology, it’s easier for me to create a colored coin for 500 bottles of mead than using the blockchain technology from someone like Eris,” he said. “I logged in to create a blockchain and find some other computers [to secure the network]. I could do this through some cloud vendors, but eventually I can do it for free.”
This capability, he said, will expand the financial industry and make it easier for smaller banks to offer better services at lower cost. He added:
“JPMorgan will probably use private blockchains, but an open source alternative like Bitcoin will allow a small bank to keep up at the same level given the efficiency.
Marketing innovation for the crypto trader
In his comments, Colangelo enthusiastically emphasizes that all those currently involved in the Bitcoin and Blockchain crypto trader ecosystems come together at some point in history. This point in time will be looked back at similarly to the birth of the Internet.
“In 1994, we thought we had already tickled all the skills out of the Internet,” he continued. “We could not foresee about [the driving service] at that time. Some of these third party services could be replaced by a teenager developing an open source platform over the weekend simply because the economy gives it away.
However, he believes that it will become increasingly important for organizations like Consumers’ Research to inform the public about these new offerings. Ultimately, he said, Bitcoin companies cannot expect working families to invest time and energy in understanding how a new wave of financial products can be beneficial.
Finally, he stressed that this determination has encouraged him to bring this technology into line with his brand:
“Even if Consumers’ Research does not come first at CNBC, the Bitcoin price will explode. Even when we’re not there, we can say we did this important thing when Bitcoin was only known to a fraction of humanity.”