btc_oldenburg

Bitcoin.com co-founder sells all of his ‘good as useless’ BTC

By Jasmine Solana

December 20, 2017

Emil Oldenburg has taken a leaf out of Roger Ver’s book and cashed in on Bitcoin Cash (BCH).

In an interview with Swedish tech site Breakit, the Bitcoin.com co-founder and technical director revealed that he has already divested all of his “good as useless” SegWit1X (BTC) coins and switched to BCH, the real Bitcoin as envisioned in the original Satoshi whitepaper.

Oldenburg’s decision to migrate to BCH was triggered by BTC’s high costs and long waiting times for transaction approval. No surprises there, given that the average fee for BTC transactions is already at $32.07, while the average BCH transaction fee clocks in at $0.27, according to BitInfoCharts data.

In Oldenburg’s case, he said that he not only had to pay $50 when he sold his BTCs, but he also had to wait 12 hours for the transaction to go through.

“It costs a lot to transfer [BTC] to and from the stock exchanges… It’s completely unreasonable,” Oldenburg said, according to the news outlet. “An investment in [BTC] right now I would say is the most risky investment you can make. It is extremely high risk. I’ve actually sold all my [BTCs] recently and switched to Bitcoin Cash.”

Oldenburg, who also co-founded Swedish exchange Safello, follows in the footsteps of his Bitcoin.com co-founder, Roger Ver, who had “slowly been” moving his funds into BCH. Last week, Ver tweeted that Bitcoin.com will soon offer a VISA-backed Bitcoin Cash debit card.

“We have actually stopped developing new services for the old Bitcoin network now and focus mostly on Bitcoin Cash,” Oldenburg said. “The old Bitcoin network is virtually unusable.”

Oldenburg’s decision to dump BTC in favor of BCH couldn’t have come at a better time. At the time of writing, BCH is already above $3,600 per coin following the news that San Francisco company Coinbase will start allowing users to buy, sell, and receive BCH on the platform as soon as there is “sufficient liquidity” on GDAX.

Btc oldenburg

BTC AG - Menschen beraten

Die BTC Business Technology Consulting AG ist eines der führenden IT-Consulting-Unternehmen in Deutschland mit Niederlassungen in China, Japan, Polen, Rumänien, der Schweiz und der Türkei. Das Unternehmen mit mehr als 1.700 Mitarbeitern und Hauptsitz in Oldenburg ist Partner von SAP und Microsoft. BTC erzielte in 2017 einen Umsatz von 184,3 Mio. Euro.

BTC hat ein ganzheitliches, auf Branchen ausgerichtetes IT-Beratungsangebot und damit eine führende Position in den Bereichen Energie, Telekommunikation, Öffentlicher Sektor, Industrie und Dienstleistungen. Das Angebot umfasst Beratung, Systemintegration sowie Applikations- und Systemmanagement. Ein weiterer Fokus liegt auf energienahen Softwareprodukten.

Seit der Gründung im Jahre 2000 hat die BTC AG ein dichtes Netz an Geschäftsstellen aufgebaut, um IT-Consulting kundennah erbringen zu können (Oldenburg, Berlin, Bremen, Hamburg, Leipzig, Münster, Neckarsulm, Neu-Isenburg, Ankara, Istanbul, Poznań, Shanghai, Timișoara, Tokio, Zürich).

Kunden verstehen, Prozesse neu denken, IT weiterentwickeln

Bei der BTC AG steht der Mensch im Mittelpunkt – als Kunde, Partner und Mitarbeiter. „Menschen beraten“ ist die Basis der partnerschaftlich geprägten Unternehmenskultur, die sich in vielen langfristigen Kundenbeziehungen ausdrückt.

Als wachsendes Unternehmen nimmt die BTC AG eine soziale Verantwortung wahr und trägt durch ihr Engagement im Bildungsbereich zu einer nachhaltigen Entwicklung ihres gesellschaftlichen Umfeldes bei. Dabei setzt das Unternehmen an der Basis des Nachwuchses – bei der Förderung von Kindern – an und begleitet Jugendliche auf ihrem beruflichen Weg. Ebenso wird in dem Unternehmen seit seiner Unternehmensgründung Vielfalt gelebt, das unter anderem durch die Unterzeichnung der Charta der Vielfalt zum Ausdruck kommt. Die Unternehmenskultur basiert bei BTC auf Fairness, Wertschätzung und Gleichbehandlung.

BTC Business Technology Consulting AG

BTC Business Technology Consulting AG (BTC) is an international IT consulting company with locations in Germany, Switzerland, Poland, Turkey and Japan. The company's main business areas are consulting, system integration, system management and software products. BTC also implements projects in the areas of SAP, network control technology, geographical information systems, software development and outsourcing.

The BTC group's customers include EWE Group companies, other companies in the energy sector, clients in the automotive, furniture, retail, logistics, manufacturing and consumer goods sectors, and the public sector.

BTC Business Technology Consulting AG, based in Oldenburg, Germany, is a wholly owned subsidiary of EWE AG. It owns 100 per cent shares in BTC IT Services GmbH and PRO CONSULT Management- und Systemberatung GmbH.

• BTC IT Services GmbH, based in Oldenburg, Germany, provides data centre and IT services for SMEs and corporations. Its range of services includes outsourcing, desktop services and project-oriented services for systems.
• PRO CONSULT Management- und Systemberatung GmbH is based in Mainz, Germany and provides user support, servicing and process outsourcing for the utilities industry.

The BTC group also owns 100 per cent shares in its Turkish subsidiary BTC Bilişim Hizmetleri A.Ş. and its Polish subsidiary BTC Sp. z o.o. BTC AG has a 62.9 per cent shareholding in BTC (Schweiz) AG and a 92 per cent shareholding in BTC Embedded Systems AG.

Key data (subgroup)

• Board of Management: Dr. Jörg Ritter, Dirk Thole

Contact information:
BTC Business Technology Consulting AG
Escherweg 5
26121 Oldenburg, Germany

BTC AG
Escherweg 5
26121 Oldenburg

Tel: (FreeCall) 0800 366 22 82

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Bitcoin.com co-founder sells all of his ‘good as useless’ BTC

By Jasmine Solana

December 20, 2017

Emil Oldenburg has taken a leaf out of Roger Ver’s book and cashed in on Bitcoin Cash (BCH).

In an interview with Swedish tech site Breakit, the Bitcoin.com co-founder and technical director revealed that he has already divested all of his “good as useless” SegWit1X (BTC) coins and switched to BCH, the real Bitcoin as envisioned in the original Satoshi whitepaper.

Oldenburg’s decision to migrate to BCH was triggered by BTC’s high costs and long waiting times for transaction approval. No surprises there, given that the average fee for BTC transactions is already at $32.07, while the average BCH transaction fee clocks in at $0.27, according to BitInfoCharts data.

In Oldenburg’s case, he said that he not only had to pay $50 when he sold his BTCs, but he also had to wait 12 hours for the transaction to go through.

“It costs a lot to transfer [BTC] to and from the stock exchanges… It’s completely unreasonable,” Oldenburg said, according to the news outlet. “An investment in [BTC] right now I would say is the most risky investment you can make. It is extremely high risk. I’ve actually sold all my [BTCs] recently and switched to Bitcoin Cash.”

Oldenburg, who also co-founded Swedish exchange Safello, follows in the footsteps of his Bitcoin.com co-founder, Roger Ver, who had “slowly been” moving his funds into BCH. Last week, Ver tweeted that Bitcoin.com will soon offer a VISA-backed Bitcoin Cash debit card.

“We have actually stopped developing new services for the old Bitcoin network now and focus mostly on Bitcoin Cash,” Oldenburg said. “The old Bitcoin network is virtually unusable.”

Oldenburg’s decision to dump BTC in favor of BCH couldn’t have come at a better time. At the time of writing, BCH is already above $3,600 per coin following the news that San Francisco company Coinbase will start allowing users to buy, sell, and receive BCH on the platform as soon as there is “sufficient liquidity” on GDAX.

Btc oldenburg

We are the top listed crypto trading company across the world. We mainly trade with bitcoin and bitcoin cash. This is the major trading targetted point for BTC Universe. Apart from this we also deal in currency trading, stock market and so on.

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BTC Business Technology Consulting Oldenburg (Oldenburg) Reviews

Oldenburg (Oldenburg) (Germany)

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5 Employee Reviews

"Insights as a working student"

I worked at BTC Business Technology Consulting part-time (More than a year)

very nice colleagues and a good work life balance
canteen and super market near by
Good Business perspective in the field of renewable energies

- In Overall the salary is low and is very demotivating for all employees there.
- no real career perspective in company

Advice to Management

increase compensation and benefits. worthshipping of employees might be a real good solution
try to create some career opportunities.

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BTC Business Technology Consulting Response

"Sehr gut, wenn das Gehalt nicht oberste Priorität hat"

I have been working at BTC Business Technology Consulting full-time (Less than a year)

Flexible Arbeitszeiten durch ein gutes Gleitzeitmodell, Home-Office Möglichkeiten, Kollegenzusammenhalt, Weiterbildungsmöglichkeiten

Häufige Umstrukturierungen, kein Tarifvertrag, relativ schlechte Vergütung im Vergleich zu anderen Unternehmen in dieser Branche, kein Weihnachtsgeld, umständliche IT-Strukturen

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BTC Business Technology Consulting Response

"Wichtiger regionaler Arbeitgeber mit hohem Potenzial"

I have been working at BTC Business Technology Consulting full-time (Less than a year)

Interessante Aufgaben rund um das Thema Energiewende. Gute Urlaubsregelung, Betriebskrankenkasse, Vermögenswirksame Leistungen und viele weitere Arbeitnehmer-Benefits. Entspannte Arbeitsatmosphäre und nette Kollegen. Duz-Kultur und offene Türen beim Vorstand. Viele Weiterbildungs- und Feedback-Veranstaltungen.

Großes und manchmal undynamisches Unternehmen. Bewegt sich in der Konzernhierarchie und kann manchmal keine autarken Entscheidungen treffen.Entscheidungsprozesse können daher sehr langwierig und träge sein.
Vergütung könnte höher ausfallen. Für die Größe des Unternehmens und die Branche, meines Erachtens zu niedrig. In der Region aber quasi unangefochten.

Advice to Management

Schnellere und schlankere Prozesse gestalten. Vergütung anheben und Attraktivität steigern, um fähige Spezialisten zu locken.

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BTC Business Technology Consulting Response

"Hier macht das Arbeiten Spass!"

I have been working at BTC Business Technology Consulting full-time (More than 5 years)

Hier darf ich sein, wie ich bin!

Es gibt noch einige Gestrige, die noch an dem Wandel zweifeln und noch nicht begriffen haben, dass jeder Mitarbeiter sich aktiv einzubringen hat, um BTC erfolgreich zu machen!

Advice to Management

Betrachtet jeden Mitarbeiter als Individuum und lasst ihm seine Freiheiten, dass er sich motiviert in sein Team einbringen kann, um gemeinsam den Erfolg sicherzustellen.

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BTC Business Technology Consulting Response

"Bis aufs Gehalt, ein toller Arbeitgeber!"

In vielen Bereichen herrscht eine hohe Kollegialität und Offenheit gegenüber Ideen. Die BTC richtig sich agil aus und das bietet viele Möglichkeiten und ein spannendes Umfeld, in dem man sich gut entwickeln und ausprobieren kann.
In meinem Bereich gibt es gute, Mitarbeiter-nahe Führungskräfte und auf allen Ebenen sind Feedback und Beteiligung gewünscht, bzw. sogar gefordert.
Zum Beispiel hat man nach 6 Monaten die Möglichkeit, den Vorstand persönlich kennen zu lernen und ihm Feedback zur bisherigen Zeit zu geben und Potenziale aufzuzeigen.
Es gibt die Freiheit, sich innerhalb der BTC noch mal umzuorientieren und an Weiterbildungen etc. teilzunehmen.
=> Sehr gut für Berufseinstieg geeignet.
Es gibt eine Du'z-Kultur im kompletten Unternehmen (inkl. Vorstand) und ein interessantes Karrieremodell, in dem man neuerdings auch außerhalb des Managements "aufsteigen" kann.(kein Zwang in die Linie, wenn man "Karriere" machen möchte und eher fachlich veranlagt ist)

Das Gehalt ist in einigen Bereichen unterdurchschnittlich. Zudem ist der BTC das Thema "Fakturierung" manchmal wichtiger, als den Mitarbeiter zu schützen. Mitarbeiter müssen zu kleinen Prozenten auf verschiedenen Projekten arbeiten und der "Schutz" bestehender Teams liegt weiter hinter dem Kundenwunsch. So kann es vorkommen, dass auf Kundenwunsch "permanent" Mitarbeiter ausgetauscht werden.

Advice to Management

Seid weiterhin offen für Veränderungen und schaut, dass ihr den agilen Bereich weiter ausbaut und wie dieser zukunftssicher gestaltet werden kann.
Stellt den Menschen über die Fakturierungsquote und tut was ihr könnt, um die Gehälter auf ein besseres Niveau zu bringen - das kostet uns sonst weiterhin zu viele der sehr guten Mitarbeiter.

BTC Business Technology Consulting Reviews

Your trust is our top concern, so companies can't alter or remove reviews.

12 Employee Reviews

"BTC-AG Turkey"

I have been working at BTC Business Technology Consulting (More than 3 years)

You get your salary in time
Lovely company branch event per a year

No balanced work and life
Project Management issues

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BTC Business Technology Consulting Response

"About technologies on the BTC"

I have been working at BTC Business Technology Consulting full-time

If you are interesting with SAP, ABAP and related technologies you are work ever day with the.

If you are not want to increment pay they don't think that :) as like many company.

Advice to Management

You should try to keep the staff in your hands

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BTC Business Technology Consulting Response

"Really enjoyed working here"

I worked at BTC Business Technology Consulting (More than a year)

Best working environment, great management, good people/team.

Unfortunately business wasn't too goOD. hence delay in salaries.

Advice to Management

I hope business picks up.

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BTC Business Technology Consulting Response

"Insights as a working student"

I worked at BTC Business Technology Consulting part-time (More than a year)

very nice colleagues and a good work life balance
canteen and super market near by
Good Business perspective in the field of renewable energies

- In Overall the salary is low and is very demotivating for all employees there.
- no real career perspective in company

Advice to Management

increase compensation and benefits. worthshipping of employees might be a real good solution
try to create some career opportunities.

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• Link Copied!

BTC Business Technology Consulting Response

"Sehr gut, wenn das Gehalt nicht oberste Priorität hat"

I have been working at BTC Business Technology Consulting full-time (Less than a year)

Flexible Arbeitszeiten durch ein gutes Gleitzeitmodell, Home-Office Möglichkeiten, Kollegenzusammenhalt, Weiterbildungsmöglichkeiten

Häufige Umstrukturierungen, kein Tarifvertrag, relativ schlechte Vergütung im Vergleich zu anderen Unternehmen in dieser Branche, kein Weihnachtsgeld, umständliche IT-Strukturen

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BTC Business Technology Consulting Response

"Mehr Wertschätzung"

I have been working at BTC Business Technology Consulting full-time (More than 10 years)

Angenehme Arbeitsatmosphäre, flexible Arbeitszeiten, faires Vorgesetztenverhalten, Work-Life- Balance ganz o.k, gute Betriebsvereinbarungen, gute Sozialleistungen, meistens gutes Arbeitsklima unter den Arbeitskollegen

Es sollte den Mitarbeitern, die viel unterwegs sind und Projektarbeit verrichten, viel mehr Wertschätzung entgegengebracht werden, nicht nur mit Worten sondern auch mit Taten.

Advice to Management

Die Wertschätzung für Mitarbeiter, die viel unterwegs sind und Projektarbeit leisten, könnte verbessert werden.

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BTC Business Technology Consulting Response

"Wichtiger regionaler Arbeitgeber mit hohem Potenzial"

I have been working at BTC Business Technology Consulting full-time (Less than a year)

Interessante Aufgaben rund um das Thema Energiewende. Gute Urlaubsregelung, Betriebskrankenkasse, Vermögenswirksame Leistungen und viele weitere Arbeitnehmer-Benefits. Entspannte Arbeitsatmosphäre und nette Kollegen. Duz-Kultur und offene Türen beim Vorstand. Viele Weiterbildungs- und Feedback-Veranstaltungen.

Großes und manchmal undynamisches Unternehmen. Bewegt sich in der Konzernhierarchie und kann manchmal keine autarken Entscheidungen treffen.Entscheidungsprozesse können daher sehr langwierig und träge sein.
Vergütung könnte höher ausfallen. Für die Größe des Unternehmens und die Branche, meines Erachtens zu niedrig. In der Region aber quasi unangefochten.

Advice to Management

Schnellere und schlankere Prozesse gestalten. Vergütung anheben und Attraktivität steigern, um fähige Spezialisten zu locken.

Emil Oldenburg, Bitcoin.com co-founder, moves to Bitcoin Cash

One of the main arguments of Bitcoin Cash supporters is that transactions in this currency (arrived due to hard fork in summer this year) are faster than in Bitcoin. Emil Oldenburg from Bitcoin.com joins the ranks of critics of the original BTC, moving all his funds to BCH instead and telling how people don’t understand the basic problems of the old Bitcoin.

According to the reports which cite the Swedish website, Emil Oldenburg did not call Bitcoin Cash a real Bitcoin, but rather, he suggests that Bitcoin is the past and Bitcoin Cash is the future, and Bitcoin, in which he received his salary for three years, is too risky. “As good as useless”, says the co-founder of one of the most popular website about cryptocurrency.

His decision will undoubtedly influence the behavior of some investors, but we have yet to see if it really becomes a reason for the price reduction. Judging by the past year, some events can influence the price, and some cannot, even though the market sometimes awaits it. For example, there were fears that Bitcoin futures would reduce the price — and it did not happen. At the press time, Bitcoin costs $18,983, and Bitcoin Cash is $2,267 (Coinmarketcap data).

The Swedish co-founder of Bitcoin.com has sold all his bitcoins

Bitcoin is “virtually useless” and has no future as a tradeable currency says Emil Oldenburg, the co-founder and CTO of bitcoin.com, one of the world’s largest bitcoin websites.

Oldenburg has sold his bitcoins and believes others will do the same when they realize how illiquid the market is.

He says bitcoin's drawbacks are high fees and transaction lead times - a heated topic of discussion in the community today - and resistance to change from people running the old bitcoin network.

Oldenburg believes there's a brighter future for Bitcoin Cash, a spinoff currency of bitcoin that is now being actively promoted by bitcoin.com.

Bitcoin.com is one of the world’s largest bitcoin sites, having grown its profile this year thanks to the remarkable price surge of the cryptocurrency. But its cofounder and CTO, Emil Oldenburg, a Swedish native, is extremely skeptical when it comes to bitcoin's future.

”I would say an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk,” he says in an interview with Swedish tech site Breakit.

Although Oldenburg is far from the first to criticize bitcoin's viability as an investment, his position as an insider does stand out – even as he migrates to its spin-out, bitcoin cash (BCH), a so called "hard fork" of bitcoin, which was launched in August and is currently the world's third-largest cryptocurrency.

“I have in fact sold all my bitcoins recently and switched to bitcoin cash,” Oldenburg says. Bitcoin Cash has also gained the strong support of Oldenburg's co-founder, Roger Ver.

Oldenburg's big problem with bitcoin is high transaction costs and lead times. Indeed, by some counts, bitcoin transaction fees are doubling every three months, and it now takes on average 4,5 hours to confirm a bitcoin transaction. Ars Technica reported that fees reached $26 per trade recently.

"When people realize how bitcoin works, they will start to sell”

While buying, selling or trading bitcoin is not an issue today, Oldenburg says, problems surface when bitcoin transactions are recorded on the blockchain, the digital ledger that records each transaction.

There's only a limited amount of transactions per second you can make in the bitcoin network, which largely depends on the “block size” memory units - 1Mb in bitcoin's case - that store the transactions on the blockchain. This bottleneck makes for a highly risky and illiquid cryptocurrency, Oldenburg says, adding that "t he old bitcoin network is virtually useless."

Oldenburg goes on to say t hat many bitcoin investors haven't understood these risks because they have only been buying the cryptocurrency – but never sold or traded them.

“As soon as people realize that this is how it works, they will start to sell,” he says to Breakit.

Read More: Bitcoin's illiquidity is going to be a huge problem when the bubble bursts

As the chart below shows, t he lead times and fees associated with bitcoin transactions seem only to be increasing as new investors crowd the market in chase of quick returns.

Even though these "up to 12-hour transaction lead times" (when moving bitcoin to and from exchanges) could be adressed, Oldenburg sees no signs of change, because the currency is purportedly being run by the ”old" bitcoin network, the members of which he calls "fanatical bitcoin talibans".

”[They] want things this way. They see bitcoin as a digital gold and a technical experiment, as opposed to something you can actually use.”

"Bitcoin Cash is the future"

In a move that could be considered ironic, Oldenburg says bitcoin.com is distancing itself from bitcoin (BTC) and has even stopped developing services around it – to mostly focus on bitcoin cash (BCH).

“It only costs $0,012 [BI Nordic: 10 Swedish “öre”, the centesimal subdivision of krona] to send a [Bitcoin Cash transaction] and there are no lead times. The only drawback is that you need larger hard drives, but that’s not a problem for most people,” Oldenburg says to Breakit.

Oldenburg says the bigger "block size" limit of Bitcoin Cash, currently at 8Mb – as opposed to bitcoin’s 1Mb – leads to lower transaction fees and a safer, more liquid investment.

All in all, he doesn’t believe bitcoin will be the currency for everyday use the world has been hoping for.

“Not as long as the network is run by this group of people [in the old bitcoin network]. The solutions will be found in bitcoin cash, that’s where I see a future.”

Why the Co-Founder of a Major Bitcoin Site Has Given Up on the Cryptocurrency

Bitcoin price can change greatly as you wait for the transaction to go through. Freddie Collins/Unsplash

Emil Oldenburg, co-founder and chief technology officer of Bitcoin.com , one of the largest “one-stop shop” sites for Bitcoin, said that Bitcoin is “the riskiest investment you can make” at the moment.

Instead, Oldenburg had traded all of his Bitcoin for Bitcoin Cash, a derivative of Bitcoin recently created by blockchain developers, he told Swedish tech news site Breakit, Business Insider reported. He is also shifting Bitcoin.com ’s service, which includes trading, currency storage and education, from Bitcoin to Bitcoin Cash. (He probably will keep the domain, though.)

Odenburg’s main concern is that Bitcoin’s transaction infrastructure, called blockchain, which was created in 2010 by the digital currency’s mysterious inventor Satoshi Nakamoto, is out of date for today’s market demand.

Marc Andreessen, a famous venture capitalist and an early investor in blockchain technology, said in a 2014 column that the success of Bitcoin depends on how widely the digital currency is adopted. As Bitcoin’s dollar value surged to a stratospheric level in the past 12 months, a large crowd of average investors rushed into the space, making Bitcoin’s decentralized ledger—a feature that Bitcoin believers tout most proudly—the worst enemy of its own.

Every time you trade Bitcoin, the transaction is recorded on the blockchain and needs to be confirmed by six Bitcoin miners in the network. Depending on the “block size,” which was set at 1Mb in 2010, there is only a limited number of transactions that can be recorded per second.

As more people use Bitcoin, it takes longer for each transaction to go through. As of late, a Bitcoin transaction takes from hours to days. On average, a Bitcoin transaction takes four to five hours to be confirmed, according to Business Insider.

This causes a huge risk for users, given Bitcoin’s extreme volatility right now. Say you want to trade a Bitcoin at a price point of $15,000 and not any lower. As you wait for the transaction to go through, price can drop (or rise) greatly.

A side effect of long transaction time is rising fees. “As a result of those scaling issues, transaction fees are relatively high right now and cause much for debate in the Bitcoin community,” Arieh Levi, an analyst at tech research firm CB Insights, said at a blockchain webinar Tuesday.

Since blockchain is not centrally managed by anyone, but owned by a decentralized network of developers, there is no easy and fast way to edit the codes and change the block size all at once.

An an alternative, developers have attempted to build separate blockchain ledgers using new standards, creating somewhat a “knock-off” version of Bitcoin. Bitcoin Cash, launched in August, is by far the most widely adopted, and therefore successful, one.

Bitcoin Cash runs on 8Mb blocks instead of Bitcoin’s 1Mb blocks, allowing more transactions to be processed per second.

Oldenburg predicted in a Tweet Saturday that Bitcoin Cash or other types of cryptocurrency will largely replace Bitcoin in commercial use by January 2018. To be fair, Andreessen did point out that developers who build new products and services on top of Bitcoin will also determine its success.

My prediction: After January 2018, BTC will seldom be used for commerce and most will adopt BCH or other cryptos.

— Emil Oldenburg (@emilolden) December 16, 2017