BitAngels began as a small idea – sort of a side bar during the technology conference – that somehow turned into the Project X of startup investment organizations. “Mike Turpin came up with the name BitAngles and we invited like five people out to lunch, and like 25 people showed up.” Of course, unlike Project X nothing was set on fire and I assume there weren’t that many scantily clad women in attendance (or maybe there were, perhaps I should have asked), but the numbers did keep growing. At the time of this writing BitAngels has over 100 Bitcoin alumni in their group made up of business owners, lawyers, programmers, and more waiting to fund up to six or seven startups in just the next few months. Early Bitcoin startups are set to receive anywhere from $25,000 to a quarter million dollars in funding at the higher levels. Party time dudes and dudettes, the Bitcoin revolution truly is upon us.
David talked in length about some of the interesting startup applications BitAngels has already received and may be announcing funding for shortly.
Bitcoin Transfers Through Social Media – One BTC-based application wants to make it possible for people to send Bitcoin through Facebook, Twitter, and other social media avenues. David says this will likely be one of the first companies they announce funding for, and the idea is incredibly exciting. The easier Bitcoin is to use and transfer, the more legitimate it will become, and the marketplace as a whole will become more stable and steadily profitable. Imagine being able to send BTC to someone as easily as you would a tweet or FB message, that would trump even PayPal transfers.
Better Wallets – One thing about wallets is, if you haven’t put in the research, they’re kind of confusing. You have web wallets, mobile wallets, software wallets, and paper wallets. Of course, the safest wallet is paper or “cold storage,” which can be a hassle. Software wallets can be hacked, even if they’re encrypted – not only that, if your computer crashes, it’s the equivalent of your safe disappearing into the proverbial ether (money go bye-bye). Web wallets and mobile wallets are definitely more convenient, but are at a much higher risk of theft and hacking. Any startups that can achieve funding for the development of easier, more secure wallets with a greater mass appeal will definitely help change the landscape and make Bitcoin more accessible to – let’s say – your grandmother, or your friend who still doesn’t understand what Twitter is. David says he’s gotten a lot of applications in this area. View Full Story