HILLSBOROUGH - The exponential growth of technology leaves many spinning in the dust as they hopelessly try to keep up.
Even almost a decade since its inception, the new and emerging technology of cryptocurrency still perplexes many.
As business magnate Warren Buffet once said, “Never invest in a business you can’t understand.”
Not only that, but the volatile nature of the cryptocurrency market, as seen in the rise and fall of Bitcoin, scares away many investors.
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But in a quiet, small two-room office in Hillsborough, a newly, recently founded company, KryptaPurchase, wants to change that.
CEO Rohit Pasula sits behind his desk, determined to make his vision of breaking the barrier of entry to the world of cryptocurrency by making purchasing it safer and easier a reality.
Pasula, 19, a freshman at Syracuse University, studying information management and technology, said he always like the idea of owning a business and making it his own.
"I always liked implementing the future, trying to bring the world itself to the next level... and cryptocurrency is the next level of technology so I want to make it accessible for everyone," said Pasula. "What we want to do is redefine it, make it more economically friendly and have more customers buy into it."
"I know technology is hard — the older generations might want to get into technology but all these barriers (prevent them) — we remove all that, we make it direct to the customer," he said. "Buying cryptocurrency, currently, is a hassle, so, our business model is to reduce the effort needed to buy cryptocurrency."
KryptaPurchase is a small five-person company, consisting of CEO Rohith Pasula, marketing interns/managers Hima Kethu, a freshman at Boston University, and Eric Jiang, a freshman at Carnegie Melon University, and two offshore teams of one person each.
With KryptaPurchase, investors order online using Stripe or PayPal, by choosing one of three packages and from three different levels for each package.
Package one focuses on the most popular and steady coins such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Package two focuses on more volatile currencies that have high return potential such as Monero, Ripple, Dashcoin, and NXT. Package three uses an algorithm to pick assorted currencies with a positive market trend.
The levels for the packages are: silver, pay $100 for $70 worth of one cryptocurrency of your choice; gold, pay $200 for $150 worth split evenly between two cryptocurrencies of your choice; platinum, pay $300 for $230 worth split evenly between three cryptocurrencies of your choice; and diamond, pay $400 for $320 worth split evenly between all four cryptocurrencies.
They, customers receive a flash drive mini-wallet in the mail loaded with their currency and a certificate of purchase.
"The flash drive is highly encrypted, using AES-256 encryption — the highest you can get," said Pasula.
"I want to create a physical aspect to a digital currency because people believe in something they can hold. I can hold this (flash drive), you can't hold a Bitcoin," said Pasula.
The purchase also comes with a guide on how to buy things with your currency. The flash drive works like an ID that can be input into applications like Coinbase or CoinPay and you can use it like Apple Pay.
According to information on bitcoin.org, a growing number of businesses are accepting Bitcoin including Overstock.com, Reddit, as well as brick-and-mortar businesses.
Pasula added that KryptaPurchase will also hold your coin for 30 days as insurance in case you lose your flash drive wallet; customers can contact them to purchase another wallet, which will be loaded with the previous coins.
Not only that but KryptaPurchase will secure up to $10,000 of purchases — using Pasula's personal funds.
Pasula founded the company with help from his father and from his own personal savings.
Despite being such a new company, several early customers have shared nothing but positive words about KryptaPurchase.
Mickey Dionsio, an entrepreneur of more than five companies, said, "The technology you guys are implementing is impressive; I see a bright future for this startup."
Cryptocurrencies are also are immune to inflation and are secure because they are based on 'blockchains,' which are public transaction ledgers used to verify the validity of each transaction.
"Blockchain information is stored in multiple locations," Pasula explains. "To embed a virus, one person has to corrupt the link-way to the actual source where the information stored."
"If the information is stored in six places, three places can get corrupted but if it's stored in a 1,000 places — and corrupting 1,000 places is highly impossible — change that 1,000 to a million, change that million to a billion locations, it's highly impossible," he continued. "If there's a change (in one location) but there's no change in all the information it cancels out that chain — that's why it's highly secure."
There are other ways KryptaPurchase makes investing better for the consumer. Pasula said that after your purchase, you get your money before the exchange rate happens. Other exchanges take so long to get you your currency that by the time you receive it, you may be at a loss due to a market change.
"We basically get it to the customer as fast as possible — that's our goal," said Pasula.
Pasula said that they're also working on a cell phone application that will make understanding and managing your investments easier than other cryptocurrency exchanges, which use marketing tactics to get people to spend more.
"If they don't show you red, you buy more," said Pasula. "We're breaking this down and giving the customer exactly what they're getting."
He said after the application is live, the flash drives will come "with QR codes in the back of them and you just scan the QR code and it's going to know your information and give you amazing information."
"Our app will tell you exactly how much you have, how much you lost and what happened in the last few days," said Pasula.
Despite the current market volatility, Pasula is confident about the future of cryptocurrency.
"I think it's going to start leveling off and... once it settles down I see a static increase," said Pasula. "As more (people) get into it, that's going to increase the demand, therefore, increase the value."
For more information or to buy cryptocurrency from KryptaPurchase go to https://www.kryptapurchase.com/.