Interview with Czech Cryptocurrency Pioneer Ladislav Faith

Here at Bitcorati, we recently interviewed Ladislav Faith of the Czech Republic. Ladislav is one of the cryptocurrency pioneers in that area of the world and was kind enough to speak with Bitcorati about the Czech Republic, Bitcoin, CzechCrownCoin, and the future.

What is your favorite quote?

“Historia est Magistra Vitae” – Cicero, De Oratore, II, 36

When and how did you first hear about Bitcoin?

I first heard about cryptocurrencies from my brother who read it somewhere in a magazine, and I thought it was so incredible that I had to find out more about it and it almost immediately impressed me immensely.

How has digital currency and the blockchain personally changed your life?

Cryptocurrencies got me very excited and I see in them a huge opportunity that I do not want to miss. With my friends, we became the pioneers in our country. We launched a national cryptocurrency and were the first in the world who tested the demand for cryptocurrency and our results convinced us that people are interested in it and our work makes sense. We opened the first real-time currency exchange in the country and are starting a payment gateway soon. We try to do our best to move cryptocurrency in the Czech Republic farther.

When did you first decide to dedicate time to digital currencies; how much of your time do you dedicate? Is this your full-time job?

UC-logo-noflags_00000 (1)I have been interested in the currency for over two years. At first I just traded with them and gave it an average of 5-8 hours a day. Later, when I saw how quickly it was developing and that at that time the population was just mainly enthusiasts and programmers who did not understand so much about the mass media and marketing, I realized that I as a professional in this field could work with friends who are programming and IT professionals to create a team of people who would could bring something to the Czechs and the cryptocurrency world.

Cryptocurrencies and CzechCrownCoin are at a crucial moment, especially since our largest project UnitedCoins that we do together with Deutsche eMMark is now my full-time job. I left work in television and ventured into something that many people just do not understand. But, there is nothing better than doing what you love and what you live. I believe it was the best decision that I made when I connected my future with cryptocurrencies.

What are your impressions of the average person who uses Bitcoins ?

The profile of the average user of Bitcoin could be described fairly accurately by statistics that we currently have available. Most often they are men aged 18 to 34 years old, with slightly fewer in the range of 35-54 years old. While the younger ones see Bitcoin as a great future and are quite excited by cryptocurrencies, the older generation is often skeptical. As I understand it, they feel that it is hard to imagine that something which cannot be seen can exist and function for intermediary value exchange.

What about the women in Bitcoin?

In America, women are more emancipated than in many European countries, and this is also reflected by a significantly greater proportion of women among the users of cryptocurrencies and also in the number of women working directly in this new “crypto” industry.

Who are average person who uses Bitcoins in the Czech Republic?

CZCcisteOK (1)Czechs in cryptocurrency have made us among the pioneering countries in many areas. Not many people know that those who developed the system of mining in a pool were Czechs. Czechs also invented the first bitcoin safe. And the one who performed the first test of demand for cryptocurrency were, again, Czechs. In the Czech Republic, the crypto industry is developing very well and it is of extraordinary interest among people. Czechs produce their own bitcoin ATMs and export it. In Prague, there are many of them that function to serve people.

What is the average CzechCrownCoin user like?

Users of our cryptocurrency are divided into two distinct types. The first type are mainly university students and young people who share our enthusiasm. Many of them even offer their help. Our best programmer is also one of our supporters and we are happy to have him on the team.
The second type are older, wealthier people who previously traded shares and, in CzechCrownCoin, see potential opportunity for speculation and future profits. Those are the ones who are trading on our exchange,, and also are the main attraction for shops, which we want to offer a payment gateway to. However, those who will be our currency users in the future mostly are the first type.

Do you think that those living outside of the “first world” have different motivations for pursuing further adoption and use of digital currencies and decentralization?

For many people in developing countries, cryptocurrencies are a great chance to start something. Events in Ecuador are proof that in these countries there is great interest and cryptocurrencies could expand and be used much faster than in developed countries like in Europe or the USA.

What is one piece of advice that you have for those around the world that might be aspiring to do what you do?

It is easy to think of something new. But to make it succeed, it must need a lot of work, and only those who are willing to work hard and honestly can succeed. You also need to know that the man himself can not do much, only a strong and reliable team of people can be the power to create and build something. Also, the motivation for great things must be more than just “you want to make money,” or it’s something new that will improve the world, because only higher goals can unite people together to build together a better society and world.

How has the world been changed by this new technology?

Bitcoin joined many people together, creating a whole new community and has created probably the fastest developing sector humans have ever been involved in.

How do you see the world changing further and transforming … ?

I think that we are at the beginning of a whole new age that will soon affect the lives of many millions of people and shift the evolution of human society further. Cryptocurrencies are only the vanguard of the profound changes that lie ahead. Until the World Wars most everyone used the “gold standard” by which currencies were covered with gold. This system replaced the Bretton Woods monetary system and later in Europe came the “currency snake.” However, none of the later systems gave people confidence that they had in our grandfather’s century years ago when their money had actual value. Current developments in the value of the EURO in Europe as well as the Czech Crowns’ fiat currency confirms what economist already know: that deep crisis is ahead. Cryptocurrencies are at the moment the only option that could lead us out of this coming crisis. It is the only path that has been successfully developed and I believe that it will be, one day, the hope for people to live a decent life and use exchangeable value, which knows no inflation. At that time, today’s fragile market turns to a strong market that will give confidence to people that their savings will not disappeared in inflation and be devoured in another crisis.

We should also realize that bitcoin alone can not exist, it must always be traded with something and will always have alternatives. Current developments suggest that the direction of the development is the use of peoples’ own national and regional currencies, in crypto form. Bitcoin become a universal currency and each region will then have its own favorite national and regional currency. Only in recent months has there been created a number of national currencies, which quickly succeeded. All of them will be Bitcoin suitable alternatives in the future. The world of tomorrow may be based on new principles and values which scale primarily on energy. Our energy dependence will deepen and those who, in the future, manage the world will also control the large energy resources. Cryptocurrencies foreshadow the great passing that awaits humanity. We face the changes and the future is spectacular with cryptocurrencies closely bonded to the transition. It is high time to invest in this sector and it is a great opportunity for many that comes along only once every hundred years, so do not hesitate to use your chance to participate and get involved.

Images from Ladislav Faith.

About The Author

Profile photo of Caleb Chen

Digital Currency Advocate

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