What factors make Texas an ideal state for Bitcoin mining and Blockchain marketing, despite the reluctant attitude among governments and central banks around the globe towards the Cryptocurrency phenomenon? How ideal is the Bitcoin environment for the residents of the state? Are there any new frontiers for the oil and gas industry that are being created by Bitcoin in Texas?
Cointelegraph decided to ask Robert Gonzalez about the problems of Bitcoin and the Blockchain in Texas. Mr. Gonzalez, the founder of UTXO, a Bitcoin mining company based in Houston Texas, says the goal of his company is in creating a way to provide clean bitcoins frictionlessly to people by linking miners to traders.
Cointelegraph: How would you rate the development of the Bitcoin and Blockchain market in Texas?
Robert Gonzalez: Texas is still in a prosperous growth with Bitcoin, and an ideal state in which to work with Bitcoin. The regulations for Bitcoin in Texas make it great for any future and existing Bitcoin enterprise in which to work. The blockchain market with the help of Bitcoin is creating a new frontier for different industries (oil and gas), that will provide significant avenues of financial ease in those industries’ business operations.
CT: Are there any peculiar problems encountered by Bitcoiners in Texas, and what could these problems be?
RG: As of now I have not encountered any hardships with businesses exploring Bitcoin business in Texas. Like I mentioned before, Texas is a prime state to work with in the Bitcoin/blockchain technology .
CT: Do you have any laws or license requirements in the state for Bitcoin and Blockchain?
RG: Yes, since we mine the bitcoins with our mining partners that help us, it requires a certain license to do so. As long as you mine Bitcoin you can sell Bitcoin without the option of requiring a money transmitter license, but only if you sell to Texas residents. That is where our company UTXO comes into place. Individuals and business can purchase coins in less than an hour that are brand new coins.
CT: How is the relationship between the banks and Bitcoin/Blockchain companies in Texas?
RG: Since banks work with federal guidelines and regulations, we tend to tell our regional banks exactly what we do, and they understand it and for now we are okay on those sides. Most of our business is cash, either meeting with our agents or depositing into our bank account.
CT: How many BTMs are there in Texas?
RG: The amount of Bitcoin atms in Texas is about less than 10 in total. The problem with using machines is maintaince, and that is something our company has solved by having agents or representatives in major cities willing to meet with customers to assist them. We put a face on our company. Bitcoin was built for the people and we like to keep it that way, face to face transactions are what is keeping our traction up.
CT: How many outfits accept bitcoin in Texas that you know of?
RG: That's a good question, in Houston I know of a hand full of cafes that accept Bitcoin. Most of our customers seem to purchase Bitcoin to hold as an investment, others purchase things online like on Overstock etc. the others resell our coin which we don't mind. Our terms of service specifically require intensive checks on our customers to make sure they are who they say they are, and to make sure they aren't using anything for illegal or illicit activities.
CT: How easy is it to exchange Bitcoin with fiat currencies in Texas?
RG: I would say it is pretty easy, almost as easy as purchasing coins through us. Typically when someone purchases coins through us, they don't ask “Where can I cash out?”. If so I would suggest one of my friends, Sheldon Weisfeld’s Bitcoin ATMs, called CoinVault ATM which he has in the Houston George R Brown Convention Center and other places around Texas.