Blockchain Blog

Blockchain API Profile: CoinTap

cointapThe Blockchain API is used by many in the bitcoin world, to create innovative and practical applications that make it easier to interact with the bitcoin protocol. Our API is free to use and offers developers the perfect platform to put their creativity to work. This article will be the first of several, to feature products and services created using the Blockchain API in some way, that we feel stand out from the rest.

This week, we had the opportunity to speak with CoinTap’s CTO, Mark Rajpal. Continue reading to see how our conversation went, learn about Canadian-based company, CoinTap, and how the Blockchain API provides CoinTap with tools essential to its operation.

Alyson: Explain to us what CoinTap is all about!

Mark: CoinTap is the Original Bitcoin Gift Card produced by Bitcoin Ventures Incorporated. CoinTap works exactly like any other pre-paid gift card that you are likely very familiar with already. Gift cards are a mature payment instrument, used by hundreds of millions of consumers worldwide, typically being sold at brick and mortar merchants. Pre-paid gift card transactions are growing substantially faster than transactions on debit and credit cards.

A: What was the driving inspiration to launch or become a part of CoinTap?

M: Until now, bitcoins have been rather difficult to obtain by the average person. Traditional methods of obtaining bitcoins are technically challenging, divulge private consumer information, and have an unreasonably long turnaround time. Purchasing bitcoins through a bitcoin exchange has been the more popular method for obtaining bitcoins.

The consumer must first open an exchange account, provide proof of address, deposit money into [their account] and finally place a bid. Once the bid is filled, the consumer must then wait for verification before they can spend the bitcoins. All of these complex steps combined usually takes several days which hampers mainstream adoption.

The CoinTap method changes days into just a few minutes.

cointap2

A: Can you tell us what makes CoinTap stand out from other similar Services? How Does CoinTap work?

M: The CoinTap method is unique and exciting in that it makes [buying] bitcoins easy and instant for anyone with its Three Simple Steps.

  1. Buy a CoinTap card online or in store
  2. Redeem your card at CoinTap.com
  3. Spend your Bitcoins online from CoinTap.com

A: What role does the Blockchain API fulfill for CoinTap?

M: First and foremost, the Blockchain API allows CoinTap users to transfer their newly acquired bitcoins to any bitcoin address of their choice. Secondly, the Blockchain API provides CoinTap users with up-to-date information, such as the # of transaction confirmations.

A: Why did you choose to use our API over another?

M: After scouring the Internet, Blockchain was the obvious choice. It was the only API that provided all the tools CoinTap required.  Also, when it comes to bitcoin, security is a must and Blockchain goes to great lengths to enforce it.

If you’re interesting in buying bitcoins, we recommend giving CoinTap a try! Retailers interested in selling CoinTap cards are also welcome to contact them.

*Want to be featured in a Blockchain API profile? Send us a note here. *

The Money20/20 Hackathon begins November 1st, where $125K in prizes are up for grabs! Join us for this event in Las Vegas, where developers will compete to win! Are you up for the challenge?