Bitcoin has plenty of barriers to entry. Even if you understand that it’s a secure cryptocurrency, the steps needed to acquire and keep track of Bitcoin can be daunting. Then finding people who you can use the digital currency with is another hurdle.
iPayYou aims to solve both of those problems. The new Bitcoin wallet service, launched this week, makes it easy to store Bitcoin and send it to friends, even if they don’t have a wallet set up yet.
The Seattle-based startup was founded in 2015 by Gene Kavner, who was previously the worldwide director of the Amazon Associates program and principal architect for display advertising at Microsoft.
“When the internet was just starting up, it was extremely complex,” Kavner said. “You’d go to a website and you’d say ‘Now what? What do I do next?’ There were very few things you could do. We’re in a very similar stage with Bitcoin and the blockchain.”
Kavner’s solution makes Bitcoin more transparent. Users see how much Bitcoin they have in dollars, so they can tell if it’s enough to buy a loaf of bread or a boat.