#HCPP17 - Interview with Martijn Wismeijer and Theo Goodman

## Podcast Episode Summary: #HCPP17 - Interview with Martijn Wismeijer and Theo Goodman of General Bytes

This episode of the Human Capital Crypto Podcast features an in-depth interview with Martijn Wismeijer and Theo Goodman, the founders of General Bytes, a company bridging the gap between blockchain technology and the real world. General Bytes specializes in creating hardware solutions that facilitate cryptocurrency transactions, ranging from Bitcoin and Litecoin ATMs to point-of-sale terminals and even innovative applications like a Bitcoin-accepting Red Bull vending machine. The conversation explores their unique approach to integrating cryptocurrency into everyday life, the challenges of scaling production, and the importance of user education within the rapidly evolving crypto landscape. They emphasize a commitment to practical solutions and rigorous internal testing, ensuring their products are reliable and avoid becoming "vaporware."

Main Topics Discussed:

• General Bytes' Core Business: Creating hardware solutions for cryptocurrency transactions, including ATMs, point-of-sale terminals, and vending machine integrations.
• BATM3 ATM Functionality: Detailed discussion of their flagship two-way Bitcoin and Litecoin ATM, including user customization options and the ability to add new coins.
• Production & Scaling: Addressing the exponential growth in demand for their ATMs and the steps taken to expand production capacity.
• Volatility Mitigation: Explaining how their ATM software utilizes exchanges like Coinbase to manage price volatility and facilitate arbitrage.
• Diverse Applications: Exploring potential use cases for blockchain and cryptocurrency integration, including theme park ticketing, localized cryptocurrencies, popcorn ATMs in Amsterdam, and solutions for the cash-flow challenges faced by the marijuana industry in the US.
• Technical Requirements for Coin Integration: Outlining the necessary components for integrating new cryptocurrencies into their ATM hardware.
• Bitcoin Forks & User Education: Discussing the complexities of Bitcoin forks like Bitcoin Cash and the potential for user error due to similar addresses and logos.
• Open Source Philosophy: Highlighting their commitment to community contributions and a neutral stance on cryptocurrency forks.
• Product Development & Testing: Emphasizing a "eat your own dog food" policy of rigorous internal testing before product releases.

Key Quotes:

• Martijn Wismeijer: "We wanted to give, like, make it more, more real. So bridge the blockchain technology with objects in the real world."
• Theo Goodman: "Coinbase is not a wallet. People should realize that it’s an exchange.”
• Theo Goodman: "We have to sort of eat your own dog food policy, if you don't like to use it ourselves, or you're not selling it either.”
• Theo Goodman: "The marijuana industry really has a cash flow problem in the US...the risks are quite serious, the chances of robberies increase because this huge amount of cash stored in warehouses all over the US."

People Mentioned:

• Martijn Wismeijer (Founder, General Bytes)
• Theo Goodman (Founder, General Bytes)
• Podcast Host (Unspecified Role)
• Nindy (Audience member, nindy.co.uk)

Bitcoin/Cryptocurrency Prices Mentioned:

• $5,000 (Bitcoin - a trigger for someone to shave their beard)
• $1 - $5 (Potential discounts offered by exchanges)

Website Mentioned:

• www.generalbytes1word.com