Startup Nation – Coinjar (Ep.03)

03/03/2015 - Isaac

Can you imagine sending money overseas and only paying 1% in transaction fees? Instantly?

No, it’s not a dream. It’s bitcoin. Have you ever used bitcoins? Probably not. In part, this is because of a certain ‘fame’ attributed to this crypto-currency. Mainly, because it’s a new thing. And as with all the new stuff, people seem to be scared at the beginning (I still remember my mum forbidding from buying a mobile phone! Now she’s got an iPhone too). Well, this is why Coinjar exists: to break a few myths by making bitcoin more safe and accessible to everyone.

In essence, bitcoin improves the current financial systems. It’s only a matter of time, I believe, until the bitcoin value stabilizes and becomes a currency of choice for many people. (, for example, is already accepting payments in the currency). Be it to send money overseas or for everyday transactions, Coinjar is definitely doing the right things to make bitcoin a currency of choice.

This video was shot in March 2014. Since then, Coinjar has expanded to the United Kingdom. As well as releasing several new products including Australia’s first bitcoin debit card, they’ve processed over $50 million in transactions. With over 40,000 customers worldwide, Coinjar anticipates to continue offering their global service worldwide by connecting Bitcoin’s blockchain technology and existing financial infrastructure.

Hopefully this insight into Coinjar will help a few people clear their skepticism. We, at funproject, believe that crypto-currencies like bitcoin are a truly leap forward, making transactions simpler, more secure and cutting drastically the current (and exorbitant) transaction fees.

Plus, can you imagine a colour coded currency? For instance, sending money to your children with the feature of only being accepted in certain shops, like their university bookstore, or in a supermarket chain. Wouldn’t that be great? No longer they could use the excuse of needing more books to buy beers instead… This is an example of the potential of a crypto-currency like bitcoin. And the growth of Coinjar in the last couple of years stands as proof that is already making an impact.



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