Starting a cryptocurrency-based company in the Philippines is not an easy feat. Satoshi Citadel Industries may be one of the biggest success stories in the Bitcoin world to date, even though the company has gone through its ups and downs. The fluctuating Bitcoin price has not made things easy for this company by any means, but so far, SCI is still on track to achieve their goal.
The Story of Satoshi Citadel Industries To Date
Any startup in the cryptocurrency space will be facing plenty of hurdles along the way. When Satoshi Citadel Industries started, the Bitcoin price was US$1,200, and things have changed a lot ever since. Then again, entrepreneurs are known for facing challenges head-on and worry about most consequences at a later stage. Putting together the corporate administration and a business plan was one of the most boring tasks for SCI, but it a necessity.
One thing that made SCI rather successful in the beginning was how they were not be bogged down by any investors, as the company had not sought funding . The entire team built what they could for themselves, all the while exploring different product possibilities. In fact,, their first product was a Bitcoin payment processor, something that seems rather normal to use these days. But back then, things were very different, as the number of cryptocurrency payment processors was a lot smaller than right now.
Once things got underway properly, the development of an order book exchange had begun. Coinage was originally developed by a different team, but they eventually joined the Satoshi Citadel Industries group after a personal meeting. Other members were added to the team, which eventually warranted the first round of funding.
The primary objective from day one was to get Bitcoin into the hands of Filipinos. Finding the right product to achieve that goal has proven to be quite a challenge, as the Bitstars initiative was successful, but killed off relatively quickly. More worryingly, the tumbling Bitcoin price made cryptocurrency seem less appealing to consumers than ever before. While merchants saw the benefit of additional payment options, consumers were not bothered to spend Bitcoin just yet.
It took a little while, but a new cross-border payment solution using Bitcoin was created in the form of Rebit. Over time, this platform became so much more, as it can be used to pay bills as well. To this very day, Rebit is one of the more popular remittance solutions for the Philippines, due to its lower costs and better transfer rates using the Bitcoin network.
While Satoshi Citadel Industries has gone through several ups and downs – talent-wise, and related to the Bitcoin price – the company is still standing more than two years later. There is a battle plan for the future as well, and the company is determined to maximize their potential. Mistakes have been made in the past, and the team has learned from every single one of them. The story of Bitcoin in the Philippine sis far from over, that much is certain.
Written by JP Buntiunx in Altcoins | http://dashpaymagazine.com/index.php/2016/08/03/satoshi-citadel-industries-finds-groove-2-years-bitcoin-world/ (x-post from our blog dashpaymagazine.com)