Tag Archives: bitcoin

Interview With Sergey Nikitin of xcoins.io

xcoins logo

Sergey Nikitin has about twenty years of information technology experience. He holds a BS, Computer Science degree from UCSB and an MBA degree from UCLA. After graduating, Sergey was recruited to work at Microsoft. He later formed a software development outsourcing business. Sergey is passionate about cryptocurrencies and believes that they are the future of money. He wants xCoins to ultimately become a one stop shop for all cryptocurrency needs.

BitcoinDood: So what exactly is xcoins.io? I get the impression that it’s an exchange, but you guys are doing things a little differently. Could you explain a little about how xcoins.io works, and what separates you from other exchanges like say Coinbase or Gemini?

Sergey Nikitin:  xCoins is the leading destination for instant access to bitcoin . XCoins is one of the qucikest and easiest ways to get bitcoin and has one of the highest paying affiliate  programs in the world that pays in bitcoin.

We are different in two ways:

  •  From the client’s perspective, we are quicker and we accept payment methods such as credit cards and even PayPal.
  • From the business model perspective, we are a marketplace as opposed to an exchange. In other words, we do not sell bitcoin. Instead, we have users, who provide bitcoin to other users.

BitcoinDood:  Getting set up on an exchange in the U.S. can be a daunting task. Do customers have to get verified before they can use the service? How does your verification process work, and after signing up, how fast can a user begin buying and selling?

Sergey Nikitin: It takes about 30 minutes for first-time users. The subsequent transactions are instant. If you’re signing up for the first time at xCoins, you will need to upload an ID and a selfie while holding your ID with xCoins and the date written on a piece of paper.   This is then sent to our approval team that does a detailed yet rapid cross-check of necessary information.  While the speediness of our verification system is a huge advantage for new users and something very valued at xCoins, we do take security very seriously, and make sure we only approve individuals that have passed our verification criteria.

BitcoinDood: Reading over your faq, your company accepts major credit cards, as well as ACH and PayPal. Many bitcoin exchanges are leery about dealing  with credit card companies and PayPal out of fear of chargebacks where the customer disputes the charge and the credit card company refunds their money. Does xcoins.io protect its users from the chargeback problem? Also, are there any benefits the customer might receive by using their credit card?

Sergey Nikitin: The main benefit of using a credit card or PayPal is that it is possible to get bitcoin instantly, as opposed to waiting a few days for ACH (bank transfer).

The core competency of our company is mitigating the chargeback risks. In fact, we are so confident that our users, who provide bitcoin, will be protected from them that we even have a profit margin guarantee, which means that we will reimburse a user out of our pocket, if his/her profit margin falls below 50% with us. No one else in our industry or anywhere else for that matter offers anything similar.

BitcoinDood: OK, lets say I’m a first time user. I sign up on xcoins.io, go through the verification process and decide to buy some bitcoin. Could you give us a brief summary of the process?

Sergey Nikitin: That’s the great thing about xCoins!  It’s super easy and convenient.  You enter the amount of bitcoin you would like to receive and then our alogrithm does its magic.  The bitcoin instantly appears in the user’s wallet, after he makes the payment.  Simple as that.  The ease and convenience of getting bitcoin is what xCoins is known for.

BitcoinDood: From what I read, the selling process seems a little different than the average exchange as well. I logged into the site and didn’t find an order book with buy and sell walls like most exchanges offer. Could you explain a little about how the selling process works and might differ from other exchanges?

Sergey Nikitin: That is correct.  xCoins is not an exchange, we are a Peer to Peer Marketplace.  Users can give their bitcoin to other users and receive a high premium of 15% for each transaction.

BitcoinDood: I see your exchange also  offers a referral program. My readers and
I are always interested in ways to earn extra bitcoin. How exactly
does the referral program work? Do you payout in bitcoin?

Sergey Nikitin:  You can earn money in three different ways. They can refer borrowers, lenders, or other affiliates (also called sub-affiliates) to the site. The commission is calculated as percentage of the xCoins loan origination fee, which can be 5% or higher of the transaction amount. Commissions are paid instantly in bitcoin to the xCoins wallet, and all affiliate commissions are paid for the lifetime of the customer. All you have to do is  sign up for an xCoins account to start referring clients. It only takes a few minutes. No approval needed.  Then you just refer users, and once they place a transaction, you receive the commission!

BitcoinDood: Well that covers just about all my questions. Thanks for being the
first exchange to be interviewed by The Dood. I really appreciate your time. Do you have anything you want to add that wasn’t already addressed in the interview? Any company news, promo offers or special features we haven’t talked about already?

Sergey Nikitin: Glad you asked!  Now we have an ACH Payment method in select states, which allows getting bitcoin for only 1.5% fee. User can also instantly add their bank account payment method!

BitcoinDood: I always end my interviews with pretty much the exact same question. Cryptocurrency is a fairly new industry that seems to be growing by leaps and bounds every day. If you had a crystal ball in front of you, what do you think we would see in the future for
cryptocurrency in general? Any thoughts, predictions, or trends you could share about the future of cryptocurrency and the direction the industry may be heading in?

Sergey Nikitin: Sure. We will see significant changes in many aspects of our lives because of cryptocurrency and blockchain technology in general. Banks will lose the monopoly on financial services. The financial services will become peer-to-peer, such as lending for example. There will be less financial fraud! Bitcoin is irreversible, plus there will be smart contracts. There will be less other type of fraud, as important information, title deeds for example, can be stored on blockchain. Finally, all goods and services will be cheaper in the future because of cryptocurrency, as it has smaller processing fees and there are no chargebacks. So, the technology will profoundly benefit everybody.  We are living in an exciting time.

Thanks to Sergey Nikitin for taking the time to answer The Dood’s questoins. The Dood wishes him and the entire xcoins.io team the best of luck on this project and all their future endeavors.

If you’re interested in finding out more about xcoins.io you can check out their website here.



The Dood is currently not affiliated with xcoins.io in any way. I may become involved in the affiliate program sometime in the future.  Please do your own due diligence before sending money or bitcoin to any company. The Dood has never used this service. I met the xcoins team on twitter, we got to talking and they agreed to do an interview  If you currently use xcoins.io or have in the past, please feel free to comment and tell us about your experience. Thanks for reading and happy trading everyone!

Interview With Luiz Antonio CEO & Founder Of Tuapoma.com

BD: Hello, and thank you for taking the time to do this interview. Could you tell the readers who you are and what your relationship is to Tuapoma?

LA: First of all I want to thank you for your generosity on sharing your website with my project. I am also grateful for all your attention and continued support throughout this week.

I do not like to talk about myself, I think better to talk about ideas instead of talking about people. That must be why I like the anonymity of Satoshi Nakamoto. However I would like to introduce myself briefly. My name is Luiz Antonio, I live in Brazil and I’m the CEO & Founder of tuapoma.com; my professional skill would be, experience of over ten years in software programming PHP, MySql, C++, and graphic design too. I also really like to study the philosophy of Aristotle and history of economic thought, especially authors of the Austrian School of economics, such as Ludwig von Mises and Friedrich Hayek.

BD: What is Tuapoma and how did you come up with the idea for this project?

LA: Tuapoma is an online classifieds system especially made for buyers and sellers deal directly. The name “tuapoma” was inspired by Roman culture: “Carpent tua poma nepotes” phrase by Virgil roughly 40 before Christ. It is a Latin expression meaning “your descendants will reap your fruit”, and suggests a “plan for the future”.

I started the tuapoma project in September 2011 working on my free time. A year later I had about 15 advertisers in 3 language versions: English, Spanish and Portuguese. The first advertisers were invited from a list of select friends.

The development work continued slow until May 2013 when I heard of Bitcoin for the first time, but I do not remember in what circumstances, maybe by visiting github or reddit. In December 2013 I was struck by the sudden rise of Bitcoin prices, but at that time there was no way to integrate my project to the Bitcoin system.

I was very excited about this new idea, the encrypted coin, so I decided to restart the tuapoma project and expand the languages for the six most widely spoken languages in Western civilization: English, Spanish, Portuguese, French, German and Italian.

In May 2014 I have managed to integrate Bitcoin to my project, but only in April 2016 I have managed to complete the six languages versions of tuapoma system. Of course, I still have a lot to do, because we still need to improve some details in French, German and Italian. However, the tuapoma system is fully functional in six languages.

BD:The site is available in 6 different languages and various countries. I’m sure the fact that cryptocurrency can be used globally was a huge factor in accepting cryptocurrency on your site. Am I right in assuming this, and were there any other reasons you chose to use cryptocurrency as a payment option on the site?

LA: Yes, you’re right! But I can supplement with other reasons: privacy, independence and security. The fundamental purpose of the cryptocurrency technology has been to offer privacy and independence from the traditional financial services. In addition, payments by Bitcoin are irreversible; in this case there is no chargeback.

I must point out another factor: the ability to run micropayments is a very important feature of the cryptocurrencies. Thus I can charge small fees, e.g. US$ 0.25 with a very low cost.

BD: “The Dood’s” a huge fan of any business that accepts cryptocurrency. I try to support cryptocurrency accepting businesses over other businesses that don’t accept cryptocurrency. If two companies have the same product and the prices are close to the same, I’ll almost always pick the one that accepts cryptocurrency over the one that doesn’t. Do you feel accepting cryptocurrency has helped in your companies growth? If so how?

LA: I can say yes, the universe of people interested in cryptocurrency is very large, I have seen a significant increase in page views since when I started to integrate my website to the world of cryptocurrencies and share pages on cryptocurrencies and blockchain technology. However, a minority of users are using cryptocurrencies on tuapoma platform. I hope to change this situation soon.

BD: Your site offers over 21 different categories ranging from automobiles, to clothing, to gardening supplies. Are there any restrictions on what can or can’t be sold on Tuapoma?

LA: Yes, there are some restrictions, the tuapoma classified system does not allow pornography and drugs; and a few more things… the tuapoma rules are in accordance with Google Adsense terms, as example.

To post an ad with us the advertiser must agree to the following guidelines:
– do not violate third party rights;
– do not advertise stolen items;
– do not advertise counterfeit items;
– do not advertise lists of e-mails;
– do not advertise government documents;
– do not advertise pornographic items;
– do not advertise drugs;
– do not advertise controlled medicines;
– do not advertise tobacco and alcoholic beverages, except wines and sparkling wines;
– do not advertise memorabilia and literature for Nazi propaganda;
– do not advertise tickets to events;
– do not advertise human body parts as taxidermy items;
– do not advertise firearms and ammunitions for firearms; however our system allows ads for the hunting and shooting sport, as well as archery weapons and airsoft weapons.

BD: You currently accept paypal, and Bitcoin and Dash for payment through GoUrl. Are there any plans to add aditional cryptocurrencies?

LA: Yes, it’s perfectly possible to add more coins. I’m following the development of other cryptocurrencies, such as Peercoin, Monero, Lisk, Steem, Synereo, MaidSafeCoin and others… but so far I have a predilection for Bitcoin and DASH. Bitcoin has the largest number of users, and the DASH has some very interesting features, such as InstantX and Darksend.

BD:  I’m always interested in learning about other cryptocurrency companies people are using. Care to comment on your user experience with GoUrl?

LA: GoUrl is an excellent system, I recommend to everyone. In my opinion the GoUrl team was able to develop a perfect payment system for cryptocoins. From the developer’s point of view, the plugin is adaptable to multiple platforms; on the other hand, under the user’s point of view the payment system is easy to use.

BD:  Now sellers currently negotiate their own form of payment at sale and you take zero commision. Do you have any plans to incorporate a payment system for sellers and buyers using cryptocurrency? Maybe something like a crypto version of AliPay?

LA: I do not intend to do this, however I know that sellers are looking for financial independence, and buyers are looking for security in online shopping. In my opinion, a escrow service would be better operated by companies specializing in payment systems and cryptocurrency wallets, such as GoUrl, Spectrocoin, Exmo, Xapo, Coinbase, PayPal, and others… Perhaps in the near future these companies are able to develop a reliable escrow system.

BD:  Anything you want to tell the readers about your site that hasn’t been covered in the interview?

LA: The tuapoma system is a project still young and improving, as well as anything involving cryptocurrencies, and we have a lot to improve, so I want to invite all readers to collaborate with us and send us any questions, opinions, and even complaints to our support. We are here to listen our users and to improve always.

BD: OK, I ask everyone the same last question. Where do you see cryptocurrency going in the future? Any thoughts, visions, or predictions you might want to share about the future of cryptocurrency in general and where this is all heading?

LA: We are witnessing the birth of a new era in international finance. A few years ago there was a wall between the nations, this wall is called Society for Worldwide Interbank Financial Telecommunication (SWIFT) which is controlled by about 9000 financial institutions around the world, a kind of socialism for the rich; which is the only kind of socialism that exists. After all, the socialism does exist in world – but only for the rich. They have all the power; banks control our financial transactions, charge expensive fees, and often receive state aid on an giant scale. After the advent of the blockchain tecnology the world has changed. Today we have the power to choose, we have the blockchain technology on our hands.

Like all cryptocurrencies enthusiasts, I wish I had a crystal ball to predict the future. But I do not need a crystal ball to predict the future in this case; I can say with conviction, the natural tendency is that people always look for financial systems that offer privacy, independence and high speed in data processing. In my opinion, the blockchain technology has these features and has won a place in the financial world, with special emphasis on Bitcoin and DASH. So, in this scenario, the Swift network will have to charge very low fees or be completely replaced by blockchain tecnology. But this will not be the end of the banks, and will not be the end of history.

Thank you to Luiz Antonio CEO & Founder of tuapoma.com for taking the time for this interview. The Dood really appreciates your time and candor in answering these questions. You can check out tuapoma.com here, just select your language and check all the great listing found in the tuapoma directory.

And The Winner Is….

I entered a contest on twitter last month hosted by The Merkle. It was for a chance to win  a Ledger Wallet. In real life I rarely enter contests, but for some reason I always do the RT contests on twitter. The ones where they ask you to follow and retweet a link for a chance to win something.

So I enter this contest and I swear to God; “The Dood” thinks to himself; ‘ You enter a ton of these, and never win anything. Probably fixed!” I kid you not, that was my exact thought as I hit the retweet button. A few days later I’m going through my twitter private messages and come across a message from “The Merkle” stating that I won the contest. YaY me!!! Triple exclamation marks because I’m super excited. So I can tell you now, these contests are real, or at least The Merkle abides!

PM notifying the dood of his winnings.

The PM on twitter notifying me of my winnings! Address changed.

So a few weeks later a priority mail box shows up in The Dood’s mailbox, and The Merkle sent The Dood some Bitcoin socks, a Bitcoin coin from runbitcoinrun.com and … Drum roll please… A new Ledger Wallet! How fricken cool is that? Shouts out to The Merkle ,  now The Dood’s favorite place for bitcoin and fintech news! Here’s an image of the great prizes I won.

Merkle Prizes.

Many thanks to The Merkle for these really great prizes.

So the bitcoin socks are only for special occasions, I’ll probably rub the finish off the gold plated bitcoin coin as I watch the markets going up and down, and I can’t wait to find some time to setup the Ledger Wallet. I’ll be doing that sometime this week.

In the next couple weeks we can expect a review of the Ledger Wallet. Again I’d like to thank the great folks over at The Merkle for the awesome prizes! The Dood really appreciates it.

Check out The Merkle for all the latest bitcoin and fintech news.

Follow The Merkle on Twitter

For information on the gold plated Bitcoin coin checkout:

I have no information on the bitcoin socks, but if I find out anything I’ll post a link here.